By Steffen Müller
KPMG UK will invest £20m in a partnership with Imperial College London (ICL) to create a centre of advanced business analytics.
The KPMG Centre for Advanced Business Analytics will develop new approaches, analytical methods and tools for using big data to help UK businesses solve issues such as fraud or understanding consumer behaviour. The centre will focus on five areas: analysis of business capital, growth opportunities, people, operations and resilience.
Dean of ICL business school professor Anand Anandalingam said that for businesses to compete in a globalised economy they need a full understanding of markets, customers, products, regulations, competitors, employees and much more.
"The KPMG Centre for Advanced Business Analytics aims to address these challenges by looking at how we can translate complicated information and turn it into potential solutions," he explained.
The partnership between KPMG UK and ICL has been agreed for an initial period of 8 years and aims at delivering 15 to 20 projects per year.
"More data has been created in the last two years than in the rest of history. Our collaboration with Imperial is about developing the people and skills to use that data to drive new industries and new services." KPMG UK chairman and senior partner Simon Collins said.
He continued: "This is immensely exciting for the UK economy and we are very proud to be leading in this crucial area."