Luxembourg, Luxembourg – 3 October –
KPMG Luxembourg has announced a strategic collaboration with “Lighthouse Germany”, KPMG Germany’s Center of Excellence for Data and Analytics. KPMG, Germany acquired in February 2018 KIANA Systems, a German start-up and one of the leading providers of data science, artificial intelligence, and machine learning based in Saarbrücken, Germany, and integrated it into Lighthouse Germany. It is now enabling KPMG Luxembourg to leverage its expertise towards the goal of accelerating the Luxembourg financial centre’s adoption of artificial intelligence as a tool to increase revenue, reduce costs, and minimise risk.
KPMG member firms have invested in numerous collaborations, including Almax Analytics, IBM Watson, Microsoft, Alibaba Cloud and Governance.com, and help clients solve complex business challenges by generating qualitative analytics. The network of audit and consulting firms not only invests in emerging tech companies, but also develops its own solutions through relationships with such innovators as KIANA Systems.
KIANA Systems was founded as a spin-off of the renowned German Research Center for Artificial Intelligence (DFKI). Composed of top scientists passionate about connecting technology to business, the former KIANA team, now part of KPMG's Lighthouse, helps companies worldwide implement data-driven strategies and leverage the potential of data analytics to make faster and smarter decisions.
Dr Mathias Bauer, Partner at Lighthouse Germany and former Managing Director and Chief Scientific Officer of KIANA Systems, comments:
“Founded in 2001 in Europe's leading IT hubs in Europe, Saarbrücken, KIANA has unlocked the potential of data for clients using the full spectrum of possibilities within data science, big data analytics, statistics and mathematics, and machine learning for renowned large corporations, hidden champions, and innovative startups across all industries. Luxembourg being one the largest European fund hubs, we see potential to reach a market that is at the forefront in terms of regtech and fintech through the collaboration with the Luxembourg KPMG member firm. Innovation and creativity thrive at KPMG-network and we are proud to partner with KPMG’s industry expertise, global network, and business transformation acumen.”
KPMG Luxembourg Head of Markets, Frauke Oddone, explains:
“In collaborating with a renowned player on the market, we really feel that we’re in the right place for innovation and quality—that we’re working with the right people. New scenarios, new skills, new challenges call for new solutions and thinking. Innovation is not an option in today's rapidly changing business landscape, but a top strategic priority essential for growth. As the EU has announced the creation of a major artificial intelligence hub in Europe, and more recently as the Luxembourg government announced in July its collaboration with NVIDIA (the leader in AI computing) as part of the government’s ‘Digital Luxembourg’ initiative, we feel it is the right time to encourage and embrace these types of initiatives.”
KPMG Luxembourg Head of Management Consulting, Vincent Koller, shares Ms Oddone’s enthusiasm:
“We’ve started investing in technology, and we’re building on the existing longstanding strategic alliances between various firms in the KPMG network and numerous players. It is exciting to see this vibrant potential of technology, and to see, as its impact on our lives grows, that our firm has taken a lead in this field for the benefit of our clients. By proactively planning for disruption, and by exploring fresh insights, new business models, and breakthrough solutions, we feel we are prepared for the challenges ahead.”
Following this new collaboration, KPMG Luxembourg expects to develop a range of services and offerings spanning from fast and precise data-based valuation of products and services to customer-centric approaches. Done right, analytics has the power to increase revenue, reduce costs, and minimise risk throughout a company. With its wide experience, KPMG Luxembourg understands the needs of the whole business community—not just its technical requirements—as well as the role data and analytics can play in optimising and transforming business.
Businesses need to rely on data and analytics to make better, faster, and more confident decisions. CEOs have seen the insights that data analysis and computer-driven models can provide, and have now begun to understand that they cannot face today’s business challenges without them. Some companies have reacted by hiring data scientists, while the majority have sought trusted and confident partners to help them navigate this new environment.