Many businesses are focused on examining historical data, at the expense of current data, according to Anthony Coops, head of data and analytics for KPMG in Australia.
“The key to success in today’s fast-paced environment is seeing and understanding what is happening in the present, in order to influence the direction of the future as it happens,” Coops said.
To help businesses address this gap, KPMG Capital, KPMG’s data and analytics investment fund, has taken a substantial equity stake in Los Angeles-based real-time trend intelligence company, Bottlenose Inc.
Bottlenose’s cloud-based trend intelligence solution analyses real-time streaming data for social and broadcast media, helping organisations to identify trends as they emerge. Bottlenose can analyse over three billion messages and 290 million data points per hour, identifies the emerging influencers, topics and content, and simplifies ‘trend discovery’.
Coops said, “Businesses should not underestimate the sheer volume, velocity, and variety of real-time data streams. Real-time streaming data of all types is putting huge pressure on decision-makers to be able to appropriately and effectively address trends that could materially affect their organisations now or in the very near future.”
Coops said the applications for Bottlenose range from risk and threat intelligence, forensic investigations, cyber threat detection, and competitive intelligence, to generating insight into growth opportunities such as improvements to products and services, and customer engagement.
The investment follows the acquisition of social media risk consulting firm, SR7, by KPMG earlier this year.
James Griffin, a director with the firm, believes the combination of Bottlenose’s quantitative capabilities and KPMG SR7’s qualitative skills creates the deepest social media intelligence and risk consulting platform in Australia.
“From benchmarking competitor activity to tracking crises, real-time data and the insights derived from social media analysis are playing an increasingly important role in business strategy and decision making,” Mr Griffin.
“Given Australians are some of the biggest users of social media in the world corporates and the public sector are looking for solutions for understanding the conversations, managing risk and capitalising on the new opportunities.”