66% HealthTech Leaders Say Their Organizations Generating Business Value From Several Ai Use Cases :KPMG Report

KPMG has unveiled a new report titled “KPMG Global Tech Report: Healthcare Insights” to better understand how healthcare organizations are navigating the complexities of digital transformation, targeting their technology investments, and deriving value.

By examining the perspectives of 122 healthcare technology leaders from around the world (based on a comprehensive survey of 2,450 global technology leaders including chief digital officers, CIOs, CTOs, CISOs, chief AI officers and other executives) the report provides valuable insights into how healthcare systems and organizations are on the precipice of a technology revolution, and are leveraging advanced technologies and tools to streamline operations, reduce costs and, above all, enhance patient experiences.

“Today healthcare technology leaders believe robust regulatory frameworks are a must to ensure the safety and privacy of data in cloud-hosted solutions. They believe this assurance enables them to advance technological innovation with confidence. Prioritizing comprehensive data interoperability frameworks is critical for seamless communication between systems across organizations and jurisdictions. Such connectivity can drive accurate patient care, promote global collaboration in medical research, and strengthen AI model training through access to diverse datasets.” said Lalit Mistry Partner and Co-head, Healthcare Sector, KPMG in India.

Key Findings from the Report:

• 70 per cent of healthcare respondents are satisfied with the amount of value they are getting from their technology investments.
• Compared with a year ago, more healthcare organizations are developing and testing data and analytics strategies or already have a strategic vision for their capabilities
• 70 per cent say cyber security teams are typically involved in the earliest planning stages and have a high degree of influence when it comes to tech investment decision-making
• 66 per cent of healthcare technology leaders say their organizations are generating business value from several AI use cases
• 61 per cent of healthcare technology leaders are currently prioritising AI and Automation as they consider how to invest in technology to support their ambitions.
• 57 per cent admit that flaws in their organizations’ enterprise IT systems disrupt business as usual on a weekly basis.
• Top 3 factors slowing down digital transformation in healthcare includes – Cyber security and privacy concerns, transformation fatigue and immature data management strategies. 
• Healthcare leads all other sectors when it comes to prioritizing and investing in Web3 technology including blockchain and tokenization.

India’s Seaweed Sector Estimated ₹200 Cr in 2022, Could Surge to ₹3,277 Cr Within the Next 10 Years: Report

• Seaweed farming could yield up to ₹13.28 lakh per hectare annually for farmers.
• Urgent development of seed banks, processing units, and streamlined policies is recommended to support industry growth.
• Industry experts highlight the vast potential of regions like Lakshadweep for high seaweed production efficiency.
• Initiatives like the Pradhan Mantri Matsya Sampada Yojana are in place to promote seaweed farming, aiding over 4,00,000 families.

Primus Partners has released a comprehensive report titled “Seaweed Farming can touch a million lives”, highlighting the immense potential of seaweed farming to transform India’s coastal economy. The report projects that India’s seaweed sector, currently valued at ₹200 crore, could surge to ₹3,277 crore within the next decade, positively impacting 1.6 million lives and creating sustainable livelihoods for 4,00,000 families.

India’s vast coastline, spanning states like Maharashtra, Tamil Nadu, Gujarat, and regions such as Lakshadweep and the Andaman & Nicobar Islands, offers untapped opportunities for large-scale seaweed farming. With rising demand across industries such as food, pharmaceuticals, cosmetics, and agriculture, seaweed farming is poised to become a key driver of India’s blue economy.

However, despite its potential, India currently contributes less than 1% to global seaweed production. The report identifies key challenges, including inconsistent seed quality, logistical bottlenecks, and limited market linkages, which hinder the sector’s growth.

Key Insights from the Report:

Economic Impact: Seaweed farming could generate significant revenue, with farmers earning up to ₹13.28 lakh per hectare annually from high-value species like Kappaphycus alvarezii.

Challenges for Buyers: Buyers face issues such as inconsistent supply, poor logistics, and lack of contract farming policies, leading to a reliance on imported seaweed.

Farmer Challenges: Coastal farmers struggle with low awareness of farming techniques, environmental risks, and weak market linkages, limiting their adoption of seaweed farming.

Government Initiatives

The Indian government has taken several steps to promote seaweed farming, including budget allocations under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and initiatives to provide Kisan Credit Cards (KCC) and Mudra Loans to farmers. However, the report emphasizes the need for a concrete roadmap focusing on:

• Infrastructure Development: Establishing onshore and offshore seed banks, micropropagation facilities, and processing units near cultivation hubs.
• Policy Support: Streamlining land leasing and contract farming policies to ensure stable incomes for farmers and reliable supply chains for buyers.
• Market Access: Encouraging private investments through fiscal incentives and Public-Private Partnerships (PPPs) to strengthen the seaweed value chain.

Dr. Stefan Kraan, Chief Scientific Officer of TSC-Purple Pvt. Ltd., Tuticorin, Tamil Nadu, highlighted the extraordinary potential of Lakshadweep, where seaweed production per unit of seeds has reached up to 15X in some regions.

Mr. Abhiram Seth, Managing Director of Aquaagri Processing Pvt. Ltd., emphasized the need to resolve concerns around Kappaphycus, stating, “If the perception issue of Kappaphycus can be solved, seaweed farming can provide livelihood to a million lives.”

Ramakrishnan M, MD, Primus Partners, Author of this report, commented, "Seaweed farming represents a tidal shift in sustainable agriculture, promising not only to bolster India's blue economy but to fundamentally transform coastal livelihoods. By embracing this untapped resource, we are paving a path towards economic resilience and environmental stewardship for millions.”

The report calls for collaborative efforts between the government, private sector, and coastal communities to unlock the full potential of seaweed farming. By addressing challenges and implementing the recommended strategies, India can position itself as a global leader in the seaweed industry, driving sustainable economic growth and empowering coastal communities.

About Primus Partners Pvt Ltd

Primus Partners Pvt Ltd is a leading management consulting firm based in New Delhi, with offices across India and a growing presence in the UAE. Specializing in sectors such as technology, public policy, and impact advisory, Primus Partners provides innovative solutions to drive sustainable growth for both public and private sector clients. With its expertise in Idea Realisation and sectoral leadership, the firm is at the forefront of consulting in India’s rapidly evolving economy.

KPMG Invests $100 Mn in Its Alliance With Google Cloud

KPMG has announced a $100 million investment in its alliance with Google Cloud to accelerate the adoption of generative Al, data analytics, and cybersecurity among Fortune 500 companies and global enterprises.

This expanded partnership is expected to drive $1 billion in incremental growth for KPMG.

The investment will focus on developing new solutions to help clients solve complex business challenges, with an initial emphasis on data modernization and responsible Al adoption in sectors like consumer and retail, healthcare, and financial services.

KPMG and Google Cloud announced their alliance in April 2024 when KPMG established a Google Cloud Center of Excellence (CoE) to align its product development, industry expertise, and technical resources for enterprises. 

KPMG said that bookings for KPMG's Google Cloud practice have increased tenfold over the past two years, reflecting the growing demand for cloud and AI solutions.

The expanded alliance will focus on data modernization and responsible AI adoption across various industries, with an initial emphasis on consumer and retail, healthcare, and financial services.

The alliance will bring Vertex AI and Gemini models to financial services clients, helping automate processes like fraud detection, financial crime detection, and commercial lending.

Besides this alliance with Google, KPMG has also formed alliances with other major cloud service providers to enhance its Al and digital solutions offerings. For instance, in July 2023, KPMG announced a $2 billion commitment over five years to expand its Al and cloud services through a partnership with Microsoft. This collaboration aims to integrate Microsoft's Al tools, such as OpenAl Service and Azure Al Search, into KPMG's proprietary generative Al tool.

Additionally, other Big Four accounting firms like PwC, Deloitte, and EY have also built partnerships with various tech giants, including Google Cloud, Microsoft, and Amazon Web Services (AWS), to leverage Al and other digital solutions for their clients.

KPMG and Its Former Boss Fined Over Cheating on Internal Exams in Netherlands

KPMG Accountants NV, the Netherlands-based arm of the global professional services firm, has been fined $25 million (€23 million, £20 million) by the Netherlands' Public Company Accounting Oversight Board (PCAOB) for failing to prevent its financial auditors from cheating on exams, reported The Register.

This penalty comes after the firm's US subsidiary agreed to pay a similar fine in 2019 to settle cheating charges brought by the US Securities and Exchange Commission (SEC).

The cheating at KPMG Netherlands involved hundreds of professionals and stretched from October 2017 through December 2022. During this period, personnel were allowed to take internal training tests required for maintaining professional accounting certification without adequate oversight or controls. The violations occurred despite KPMG's awareness of its $50 million settlement in the US. The misconduct primarily happened through email messages containing test contents or answers.

The PCAOB also imposed a $150,000 fine on KPMG Netherlands' former audit boss Marc Hogeboom and banned him for life from working for a firm that audits US public companies.

The findings are the latest ethics scandal to hit a Big Four accountancy firm.

KPMG Netherlands employees used various means to share test answers and took tests together. Most of the professionals involved were from the firm's Assurance practice.

The PCAOB's censure and the $25 million penalty highlight the importance of maintaining integrity in professional services. KPMG Netherlands has committed to addressing the failures, and the Dutch Authority for the Financial Markets (AFM) has placed the firm under "enhanced supervision" to prevent further ethical lapses. This case serves as a reminder that maintaining high ethical standards is crucial in the accounting and auditing industry.

In the past too, KPMG has faced several scandals over the years. In the UK, KPMG audited Carillion's books between 2014 and 2016. Despite stating that the financial statements were true and fair, Carillion collapsed in 2018 with £7 billion in debts. The Financial Reporting Council (FRC) found that KPMG had failed to adhere to basic audit concepts and uncovered an "unusually large number of breaches." KPMG was fined a record £21 million for its audit failures. 

The collapse of Carillion resulted in significant job losses and affected numerous government contracts.

In an another, KPMG faced scrutiny over its audit of Rolls-Royce, the British jet engine manufacturer. Rolls-Royce had paid a £500 million settlement after bribery allegations. The FRC found that KPMG failed to report payments to Indian intermediaries during its audit. KPMG received a fine of £3.4 million, and the lead partner faced additional penalties. This case highlighted the need for auditors to exercise professional skepticism and question clients' assertions.

In 2019, the U.S. Securities and Exchange Commission (SEC) charged KPMG with illegally obtaining sneak peeks at regulators' plans to review its work. The SEC also accused KPMG auditors of cheating on training exams, calling the ethical failures "simply unacceptable. The SEC imposed a $50 million fine on KPMG for these violations.

Last year, KPMG faced allegations of overcharging taxpayers while contracted by the Australian Department of Defence. Whistleblowers claimed that the firm submitted inflated invoices and billed for hours never worked. This scandal raised concerns about transparency and accountability in government contracts.

These scandals underscore the importance of maintaining ethical standards and rigorous auditing practices in the professional services industry. KPMG has taken steps to address these issues, but they serve as cautionary tales for auditors worldwide.

Other Big Fours

Cheating on internal exams has been a repeated problem across the Big Four accounting firms. The PCAOB also took action against Deloitte entities. Imelda & Raken (Deloitte Indonesia) was found guilty of widespread answer sharing on internal training tests.

Navarro Amper & Co. (Deloitte Philippines) was implicated in answer sharing practices dating back to 2017. Deloitte's answer sharing was similar to the KPMG case, involving internal training exams.

In 2022, EY paid a $100mn fine for cheating by hundreds of its staff in the US and failing to quickly admit the matter to its regulator.

PCAOB Chair Erica Y. Williams condemned the unethical behavior and emphasized the importance of enforcing a culture of honesty and integrity.

The growth and breadth of exam cheating revealed an inappropriate tone at the top and a failure by firm leadership to promote an ethical culture worthy of investors' trust⁴.

These actions demonstrate the regulatory bodies' commitment to maintaining integrity and accountability within the audit industry. It's essential for firms to uphold ethical standards and prevent such misconduct in the future.

The Big-4 Accounting Firms Admitted to Violating Rules on Audit Independence Hundreds of Times

The so called "Big Four" accounting firms —Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst & Young), and KPMG — have admitted hundreds of violations of regulations designed to protect the independence of their audit work, reported the Financial Times (FT).

This information comes after the introduction of new disclosure rules in the US by the Public Company Accounting Oversight Board (PCAOB), an audit inspector of the US established by Congress to oversee the audits of public companies.

The FT report said that confessions by the Big-4s come as the PCAOB urges companies and investors to pay greater attention to the findings of its annual inspections of audit firms, the latest round of which are expected to be released in the coming weeks.

US regulators require audit firm staff and their immediate family to make thorough financial disclosures, for example of their investments, and they ban employment and financial relationships with audit clients that could impair the firm's independence.

Under the disclosure, PwC said that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC's audit quality report, published on its website.

Citing a person familiar with the situation at PwC, the FT report said, "one example was the spouse of a staffer (PwC) holding a cash balance on payments app Venmo while PwC was auditing Venmo's parent company PayPal.

Notably, PwC affiliates served as independent auditors of Satyam Computer Services when the report of scandal in the account books of Satyam Computer Services broke. Satyam was an IT services company that once had Fortune-500 clientele, which later merged with Tech Mahindra.

Deloitte had told PCAOB inspectors of 129 breaches across 78 clients in 2022 affecting approximately 3% of its US audits and 107 across 53 clients in the 2023 inspection cycle.

According to the Deloitte, the most common instances of non-compliance were "related to financial relationships and employment relationships of approximately 145,000 professionals monitored".

"I would characterise them as technical violations," said Dennis McGowan, vice-president of the Center for Audit Quality, Deloitte.

In June 2023, Deloitte resigned from India's Byju's statutory auditor midway saying that the financial statement of the edtech company for FY22 was long delayed.

EY disclosed that it had found independence violations affecting 3% of its audits in 2022.

KPMG is the only Big-Four firm not to have disclosed its figures, which will become public in the PCAOB's forthcoming inspection reports for 2022. The PCAOB decided last year to begin routinely including data on independence violations.

Big Four audit clients are what arguably make the largest audit companies in the world worth working for. A staggering 100% of the Fortune 500 are audited by one of the Big Four accounting firms.

Early this month, India's National Financial Reporting Authority (NFRA) has also started investigating audit and non-audit services provided by the Big Four and other firms to clients. NFRA had raised concerns about conflict of interest and independence issues, leading to disciplinary actions. Violations include exceeding the revenue limit for non-audit services and breaching the cap on revenue from a single client.

KPMG in India and Vianai Systems Announce Alliance to Bring AI-based Conversational Finance to CFOs with Vianai's hila™ Enterprise

Alliance Introduces Reliable AI for Finance Users to Ask Any Question of Enterprise Systems in Real-Time, in Natural Language

Finance Users Can Leverage AI to Ask Questions and Get Accurate Answers in Dashboards, Charts or Text, On-the-Fly, without Intermediaries or Specialized Visualization Tools

KPMG in India, one of the leading professional services firms, and Vianai Systems, a leading Human-Centered AI (H+AI™) platform and products company, today announced a transformational alliance to put reliable, conversational AI directly into the hands of finance users with Vianai's hila Enterprise.

The innovative joint offering by KPMG in India and Vianai Systems will leverage Vianai's hila Enterprise fine-tuning and optimization capabilities, with enterprise systems of record. Targeted specifically at finance professionals, Conversational Finance will allow finance users to ask any question against their systems of record, internal documents, public data, and other data in natural language, with a view to get immediate responses by way of text, dashboards, charts and more.

Today the adoption of Artificial Intelligence (AI), and the use of Large Language Models (LLMs) in enterprises has largely been a non-starter for business users that require an extremely high degree of accuracy and reliability, in particular those in finance roles. Issues of LLM hallucinations and inaccuracies are simply too risky for business-critical functions such as finance to adopt AI.

As a result, finance teams have not been able to take advantage of the latest AI advancements and instead many still rely heavily on Information Technology (IT), analysts, visualization tools, experts, and others to find answers to their questions.

The alliance would see both KPMG in India and Vianai Systems leveraging their respective expertise and resources together to provide this innovative Conversational Finance offering to enterprises looking to transform their finance function.

"Finance functions in enterprises today have an unparalleled need for accuracy, privacy, and security as well as relevance to the context of business. Leveraging the power of LLMs with internal data sources, transaction systems, documents, and other data, as well as public information, would allow enterprises to paint a transparent and accurate picture of their business, and industry. These LLMs can also help finance functions play a critical role in ensuring resilience towards a challenging risk and regulatory environment.

Moreover, while independent SaaS (ERP, CRM, HRMS) companies are geared to launch their own co-pilots, they will fall short in desired value creation, specifically when cross functional insights are required. Large generic models are not able to deliver this today, and we are excited for Vianai Systems and KPMG in India to finally unlock this value for the finance functions of enterprises today," said Sachin Arora, Partner and Head, KPMG Lighthouse (Analytics, AI and Data), KPMG in India.

"Delivering the power of AI into the hands of finance users is a foundational step toward making AI available to all business-critical functions. Finance departments and teams must have transparency in their work, and deliver transparency to the outside world – with speed. We are thrilled to be working closely with KPMG to make this a reality for every organization in every industry," said Dr. Sanjay Rajagopalan, Chief Design & Strategy Officer, Vianai Systems.

How hila Enterprise works: business-relevant generative AI, in context, for enterprise CFOs:

• hila Enterprise leverages a full suite of AI tools, techniques and technologies including Vianai's Zero Hallucination™ technology, veryLLM verification capabilities, fine-tuning and optimization techniques, and more, making LLMs safer, more reliable and context-relevant for business users.
• The system leverages large public models, open-source language models, Vianai-built models as well as the customer's own models to enable querying of large amounts of data in the context of the business.
• Customers can query any transactional system within their enterprise landscape to get maximum insights via natural language interaction with systems in real-time.
• Business users get a response generated from public and private business data, in real-time, in the form of the user's choosing, whether as a dashboard, chart, text or other response format.

About KPMG in India

KPMG entities in India are professional services firm(s). These Indian member firms are affiliated with KPMG International Limited. KPMG was established in India in August 1993. Our professionals leverage the global network of firms, and are conversant with local laws, regulations, markets and competition. KPMG has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, Noida, Pune, Vadodara and Vijayawada.

KPMG entities in India offer services to national and international clients in India across sectors. We strive to provide rapid, performance-based, industry-focused and technology-enabled services, which reflect a shared knowledge of global and local industries and our experience of the Indian business environment.

About Vianai Systems, Inc.

Vianai Systems, Inc. is a human-centered AI (H+AI™) platform and products company focused on bringing trustworthy, responsible and transformative AI systems to enterprises worldwide. The company's hila™ Enterprise platform enables enterprises to safely and reliably deploy large language enterprise solutions, leveraging its Zero Hallucination™ technologies, veryLLM open-source code, breakthrough fine-tuning and optimization techniques as well as its LLM monitoring capabilities – to analyze, discover and explore data within systems of record, in natural language. The hila Enterprise platform helps enterprises minimize the risks of AI, while taking full advantage of the transformation potential of reliable AI systems. A showcase of the underlying capabilities of hila Enterprise can be accessed for free by anyone to ask any financial question about publicly traded companies at www.hila.ai. Follow @VianaiSystems on Vianai Twitter and Vianai LinkedIn.

 

KPMG Using Generative AI for Its Clients To Pick High Growth Startups for Investment and Acquisition

One of the Big Four accountant & advisory firms KPMG is among those using the latest Artificial Intelligence (AI) tools to advise clients and help guide their dealmaking, said a report by Financial Times (FT) . 

With investors under pressure to identify the next high-growth start-up, Venture capital funds, private equity groups and accountancy firms are reportedly using generative Al for tasks such as assessing a company's growth potential based on financial analysis.

KPMG has used generative AI to create a system based on its own data to help advise its staff. According to the FT report, KPMG said the AI tool had seen high take-up over the course of the month it was in use, adding that recent advances in AI had made it “practically useful . . . particularly in M&A".

Venture Capital firms are using the latest artificial intelligence to pick acquisition targets and start-ups for investment.

In early of last month, KPMG announced in a press release that it is deploying a series of generative AI investments and alliances to empower its workforce, further advance cutting-edge client solutions. The 125-years-old company further said that in the coming months, virtually all client service delivery models will have built-in, generative AI and machine learning capabilities combined with enhanced analytics integrated with firm data sets and solutions – all within the firm's secure cloud environment to protect client and firm data.

New York-based Hedge fund Coatue and venture capital firm Headline are also among list of those using the technology behind ChatGPT to help advice its clients.

PitchBook's AI-driven "VC exit predictor" evaluates how likely a company is to go public or get acquired. The data provider has claimed that the two-month-old tool had a 75% accuracy rate.

Another VC firm Moonfire used AI to review about 50,000 companies. London-based Moonfire Ventures, launched in 2020 by former Atomico co-founder Mattias Ljungman, have used generative AI to assess and compare investment targets.

The increased use of AI in investment is a growing concern raising questions of depleting the participation of human in the sector. Industry analyst group Gartner has estimated that AI and data analytics will inform more than three-quarters of venture capital and early-stage investments by 2025.

KPMG To Acquire 50% Stake in VC Advisor Acceleris To Enter Tech Fundraising Space

One of the Big-Four accounting organizations, KPMG, is all set to foray in venture capital fundraising & advisory business through its reportedly new joint venture (JV) company - KPMG Acceleris, which the company will form by acquiring 50% stake in Acceleris Capital, a UK-based venture capital advisory specialist, reported Sky News and other UK-based news outlets.

The move from KPMG into the venture capital fundraising space comes amid far-reaching changes to the structure of the big four auditors in Britain.

KPMG Acceleris, the formation of which is subjected to to Financial Conduct Authority approvals, will offer fundraising and advisory services in the UK and elsewhere, and will focus on fast-growing companies in the technology and life sciences sectors, as well as on entrepreneurs involved in the environmental, social and governance (ESG) sphere.

Post this new venture formation, Jonathan Boyers, a KPMG UK partner and head of its corporate finance division, and Warren Middleton, senior partner of KPMG’s Manchester office, will join the board of the yet-to-launch KPMG Acceleris and will be led by Acceleris founder Norman Molyneux, Simon Thorn and Patrick Molyneux.

KPMG Acceleris will initially operate from Manchester and London.

In a media statement, Jon Holt, KPMG UK chief executive, said -

This joint venture also marks a significant milestone for our firm and is the first in a series of innovative investments we’re making to transform our business and develop new services to help our clients grow.

Notably, in last couple of years accounting firm KPMG was seen more inclined towards technology space, especially Artificial Intelligence. To recall, in September last year, KPMG in India released its talent lifecycle management platform, the AI platform, which was developed in collaboration with Ahmedabad-based dotin Inc. This AI platform provides visibility into the various stages of sourcing, screening, engaging and upskilling talent.

Prior to that in March 2020, KPMG, along with ANAROCK, partnered with HiringPlug, an AI-enabled curated marketplace of recruiters and employers, to fast track hiring and helped cut down the time to hire to 14 days from about two months.

About Acceleris, it is a capital raising advisor, angel investment syndicate and venture services agency, founded by Norman Molyneux in 2000. The company arrange new capital for SME's and have direct investment in several technology based companies.

Acceleris serve funding, investment and advisory needs from our office in central Manchester. Acceleris says that its USP is taking companies from startup through to exit, not only adding comfort to our introduced investors, but also providing ongoing mentoring and support at the most crucial time of an SMEs lifecycle.

Acceleris has introduced more than £150m to innovative impact technologies across health & wellbeing, software and renewable technologies.

KPMG in India and AI Service Platform dotin Inc Join Hands to Create a Unique Talent Management Solution

KPMG in India has partnered with dotin, to create an AI driven platform to enable talent lifecycle management for enterprise organizations.

Ahmedabad, September 8, 2021: KPMG in India today announced the release of its talent lifecycle management, the AI platform. Created in collaboration with dotin Inc. This AI platform provides visibility into the various stages of sourcing, screening, engaging and upskilling talent. It also enhances diversity, equity, and inclusion for any enterprise workforce. The platform is aligned to the “Future of Work” theme.

The AI platform from KPMG in India is leveraging dotin Inc.’s AI engine to oversee end-to-end talent lifecycle management. The AI platform is intended to assist recruiters, hiring managers, talent development leaders, and company decision-makers with nurturing and growing talent, assessing their resilience, and determining their future readiness.

This platform uses machine learning and natural language processing to objectively evaluate technical skills, personality traits, strengths, culture compatibility, workplace values, and learning styles of individuals. This aids management in identifying traits related to skill alignment, leadership and performance development, career management, and team constitution - thus quickly determining overall talent alignment per opportunity. The technology also utilizes dotin Inc.’s capabilities to gather insights related to employee makeup, thereby easily determining the gender and ethnic diversity and equity within a given workforce.

Ganesh Iyer, Founder and CEO, dotin Inc, said, “This collaboration with KPMG in India will enable our technology to capture the true personality, evolving technical skills, and resilience of every talent within an organization. Best of all, it’s done without introducing bias or subjectivity, at scale, to enable seamless talent management.”

The technology spans a wide range, providing insights into how effectively one can engage potential hires, giving managers data to build more synergistic teams, and recommending potential training tailored to the individual’s needs. It even allows the management to analyze potential advancement opportunities for talent based on their performance and projected readiness.

“We designed the AI platform to scale beyond hiring and management to cover all dimensions of the workforce, helping our customers be better aligned to the future of work” said Sachin Arora, Partner and Head, Digital Lighthouse (Analytics, AI and Data), KPMG in India. “Closely monitoring the entire talent lifecycle has become a critical component to ensure the enterprise stays profitable and productive.” he added.

Vishalli Dongrie, Partner and Head, People and Change, KPMG in India, said, "Every enterprise is successful only due to the talent they hire and retain as it has a direct financial impact. Post COVID-19, managing candidates and employee experience virtually has become far more critical than we ever thought. KPMG AI platform solves this very problem seamlessly across the talent life cycle at scale. Organizations now can improve their top and bottom line leveraging such platforms."

About KPMG in India

KPMG entities in India are professional services firm(s). These Indian member firms are affiliated with KPMG International Limited. KPMG was established in India in August 1993. Our professionals leverage the global network of firms, and are conversant with local laws, regulations, markets and competition. KPMG has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, Noida, Pune, Vadodara and Vijayawada.

KPMG entities in India offer services to national and international clients in India across sectors. We strive to provide rapid, performance-based, industry-focused and technology-enabled services, which reflect a shared knowledge of global and local industries and our experience of the Indian business environment.

About dotin Inc.

dotin Inc. is a personality DNA company that uses artificial intelligence to improve matches between employers and employees and enhance workforce development. Recognized for their real-time ability to leverage cognitive and skill insights in the workplace and across markets, dotin is making a tangible impact on the way HR professionals find talent, engage teams, and manage business growth. For more information visit https://dotin.us.

AI-based Recruiters' Marketplace Hiringplug Ties with KPMG, ANAROCK to Fast Track Hiring

AI-enabled curated marketplace of recruiters and employers, Hiringplug, on Tuesday said it has joined hands with KPMG and ANAROCK to fast track their hiring and helped cut down the time to hire to 14 days from about two months.

"Our core vision is to cut down the 'time to hire' substantially and create a pleasant hiring experience. When it comes to hiring mid-senior levels, it is still a high-touch service and we aim to create a fine balance between human and artificial intelligence to source, committed quality professionals,” HiringPlug founder and CEO Vikramjit Singh Sahaye said.

Over 500 recruitment firms on Hiringplug platform have enabled this vision, by working on over 1,000 job mandates from over 150 employers in India, across industries, he mentioned.

“We have recruitment agencies which provide screened and relevant profiles with AI-based matching tools to employers, saving hours of their productive time and reducing 'Time to fill' by nearly 70 per cent. The estimated 65,000 recruitment service providers in India are pegged to grow by 15 per cent, in line with the future of work and the expected global talent shortage,” Sahaye added.
 
“Being a large firm, our talent acquisition requirements are diverse and targeting the best of the talent in the industry. Hiringplug comes across as a reliable aggregator platform that easily aligns to our depth and scale of hiring with quick turnaround time,” Apurva Pundir, Associate Director at KPMG said.

The platform is providing an extended arm for startups, short on recruitment bandwidth and in a hurry to build teams. PTI SM

India, China Rank 2nd Globally as Hubs for Tech Innovation: KPMG

India and China rank second globally as hubs for technology innovation, according to a survey conducted by consultancy firm KPMG.

US has topped the global chart, it added.

"India's climb to the second position in the survey rankings lends credence to how we as a country are committed towards setting up strong innovation ecosystems.

"Bengaluru's entry in the top 10 rankings, is another sign that the city is doing well in the areas of modern infrastructure, attracting skilled talent, investment fundings etc," Satya Easwaran, Head - Markets Enablement & Technology, Media and Telecom, KPMG in India said in a statement.

KPMG surveyed 810 technology industry leaders globally for the study.

"With the potential innovation headwinds China is now facing, and US policies encouraging more tech professionals to return to or remain in India, the future bodes well for Indian innovation.

This is bolstered further by the urbanisation and younger demographic trends that are moving in the right direction, along with the increase in venture capital that India has seen in the last two years," the report said.

The ranking was decided on the basis of scores given for availability of modern infrastructure, including high speed bandwidth, urban locale that attracts young professionals, at least one research intensive university, availability of investment funding, and pipeline of skilled talent.

FlexiLoans.com Emerges among Top 100 Global FinTech Innovators' List by KPMG and H2 Ventures

FlexiLoans has been ranked amongst ‘Emerging 50’ FinTechs, according to a report released by KPMG in collaboration with H2 Ventures. The ‘2019 Fintech100’ list features the 'Top 50' FinTech firms around the globe, and the 'Emerging 50' companies that are at the forefront of innovative technologies and practices. The list of 100 FinTechs features 8 Indian companies, including FlexiLoans.

FlexiLoans is a market leader in ecosystem-based digital lending for small businesses in India. To date, we have disbursed loans worth over Rs 550 crs to small businesses across 1,150+ cities without having a single branch!

FlexiLoans was started with an endeavor to solve the problems that small businesses face in accessing Quick, Flexible and Adequate funds for growing their businesses. Our vision is to give "Loans at a click". We are the leaders in using technology and risk models that focus on alternate/surrogate methods for scoring customers.

FlexiLoans has been founded by 4 ISB/IIT alumni with combined financial services experience of 45+ years. The founding team includes Manish Lunia (previously associated with Chairman’s Office at Aditya Birla Group), Deepak Jain (former investment banker with Axis Capital & Enam), Ritesh Jain (ex-CFO, Housing.com) & Abhishek Kothari (ex-VP, Fractal Analytics-London).

FlexiLoans has raised Rs 100 crs in equity commitment from marquee bankers such as Sanjay Nayar (CEO, KKR and Ex- CEO, Citibank South Asia), Gunit Chadha (Ex. CEO Deutsche Bank, Asia Pac), Anil Jaggia (Ex- CIO - HDFC Bank), Vikram Sud (Ex-COO - Kotak Mahindra Bank), Narayan Seshadri (Ex Managing Partner, KPMG), Gopal Srinivasan (Chairman, TVS Capital) and Siddharth Parekh (Co-Founder, Paragon Partners) to name a few. FlexiLoans has also raised ~Rs 200 crs in Debt from 5 Banks and 4 NBFCs.

India's Namaste Credit Among KPMG’s Top 100 Fintechs Globally

AI-enabled SME Lending platform, Namaste Credit, announced that it’s been featured in KPMG’s Top 100 Fintechs 2019 Global list.

The 2019 Fintech100-Leading Global Fintech Innovators report is a collaborative effort between H2 Ventures and KPMG and analyses the fintech space globally. The Fintech100 comprises a ‘Top 50’ and an ‘Emerging 50’ list and highlights those companies globally that are taking advantage of technology and driving disruption within the financial services industry.

Namaste Credit is featured among Emerging Top 50 fintech list. The ‘Emerging 50’ firms are newer companies that are at the forefront of innovative technologies and practices.
8 Indian fintechs made it to this year’s list, which is complied by H2 Ventures and KPMG.

“Namaste Credit’s presence in the ‘The Fintech 100’ 2019 is a testimony to our hard work, which has been noted by global leaders like KPMG and H2 Ventures. We are extremely proud of this achievement as it cements our conviction that our business is heading in the right direction. We believe that technology can significantly reform the SME lending industry and we will continue to scale it to bring more innovation in the space”, says Gaurav Anand, co-founder of Namaste Credit.

“We dedicate this achievement to our employees, who have been our pillars of strength; our customers, channel partners, and our investors for their confidence and support in working with us”, adds Lucas Bianchi, co-founder, Namaste Credit.

KPMG Acquires Mumbai-based Recommender Labs that Uses AI to Identify Defaulters

Global Accounting firm KPMG in India on Friday announced the acqui-hire of Mumbai-based startup, Recommender Labs, an artificial intelligence (AI)-led decision-science services company that operates to cut through the complexities of decision making.

In one of it multi-channel AI-led offerings, Recommender Labs' personalized recommendations uses machine learning to identify potential defaulters from applicants for lending products.

KPMG aims to combine its own capabilities with those of Recommender Labs to build unique assets, enable quick go-to-market and build the ability to respond with sharp AI led offerings. The acquisition will also reinforce KPMG’s efforts to build superior technology products in order to resolve specific client needs, KPMG said in a statement.

As per the deal, KPMG will acquire Recommender Labs’ all of trademark branda, software products and other IP rights. Founder/directors and four employees of Recommender will join KPMG in India.

AI in India offers a massive opportunity as the market is expected to grow at a CAGR of 45 per cent between 2019 and 2025. The acquisition will enable KPMG to leverage Recommender Labs’ ready pre-built AI models and working solutions for its clients.

Established in 2016, Recommender Labs utilises its AI capabilities to support users during decision-making processes by generating meaningful recommendations. The company offers custom implementation of machine learning applications; its products are ready frameworks, which are customized for each client. Its product offerings include a Universal Recommender Engine that helps identify and recommend best-fit products to customers in a retail scenario, Chatbot Authoring Framework which is a Natural language processing chatbot offering decision-tree based conversations and FAQ bank, Credit Risk Engine that helps identify potential defaulters from customers that have applied for lending products specifically catering to SMEs, Recruitment Application that helps augment profiling through interactive mechanisms & offers insights on best-fit candidates and a Gamification Template that offers mechanisms and engaging UX elements to capture and engage customers.

Akhilesh Tuteja, Partner and Head, Risk Consulting, KPMG in India said, “Recommender Labs is known for its AI-led decision science services for clients across a range of industries and client requirements and have proven case studies across domains such as Customer Experience Technology, eCommerce, FinTech and EdTech. The acqui-hire will help us unlock the value of AI for our spectrum of clients and their varied business needs that we address on a daily basis. We also aim to build KPMG’s Centre of Excellence in AI-led decision making to develop solutions for our customers.”

Sanjaya Sharma, Founder and CEO of RLPL will be joining KPMG as a Senior Advisor. His role will include building IPs and platforms in the area of advanced analytics, providing inputs to the firm’s Advisory practice on setting up of new services, and conducting trainings for staff and client personnel.

Sharma said, “AI in India offers massive opportunity ranging from combination of superior hardware, cloud-based computing, to proliferation of big data technology. KPMG’s acquisition of RLPL is aptly timed as AI has started advancing positive push from the government to utilize technological advancements in order to reduce financial losses and increase output efficiency. The existing and in-pipeline AI-based products and services will enable KPMG take its technology offerings to the next level."

The team of Recommender Labs including Sharma was formerly working at Tata Interactive Systems (TIS), an e-learning solutions unit of Tata Group, which got acquired last year, by MPS Limited, a global publishing and content and platform developer. TIS is known for developing India’s first Computer-based Training (CBT) product.

Source - Business Line