In a bid to help clients harness the power of cognitive and artificial intelligence (AI), KPMG Australia has launched a new consultancy practice, Solution 49x.
The practice brings together expertise in cognitive computing, big data, analytics, digital business design and anthropology. An initial local team of 13 specialists will work closely with the firm’s 1000 cognitive AI, digital insight and robotics experts in the United States, UK and Germany.
“Businesses are grappling with the pace of change in today’s digital and data driven economy – and it’s only going to get faster. Solution 49x helps clients to achieve competitive advantage by assisting them to find smarter new ways to grow revenue, manage cost and reimagine business opportunities,” said KPMG Australia CEO Gary Wingrove.
The advantage of using cognitive technologies, according to Wingrove, is that they parallel human thinking capabilities including processing, sensing, responding and the ability to make decisions based on rationale.
“It means we are able to draw far more insightful conclusions and provide far more robust advice to go into decision making processes in areas ranging from healthcare to consumer products and financial services. There are tremendous opportunities for all industries to initiate strategies and use of these fast developing cognitive technologies – both today and well into the future,” said Wingrove.
“Many businesses are making large investments in analytical or digital capability,” said Ian Hancock, head of management consulting, KPMG Australia. “However, often these are used for discrete decision making or process automation rather than the integration of multiple processes that are designed to evolve over time. Solution 49x are working with our clients to ensure they can explore the full power of cognitive to generate the best business outcomes designed to support ongoing change.”
Some of the types of projects Solution 49x will deliver for clients include optimisation of maintenance scheduling for plant and equipment; design and implementation of the next evolution of personalised and contextualised omni-channel and multistep marketing and sales data driven campaigns; and simulation modelling across products, customers and channels, to show the margin impact of internal decisions of external events.
“In this new world, it will be the organisations that sift through the ever increasing amount of data, and build agile systems and processes that consumers recognise as highly personal and relevant to them, that will survive and thrive,” said Hancock.