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What the Big Data Revolution Means for Finance


KPMG assists companies in capitalizing on big data to drive strategy.


August 2014

Long recognized as a tax, audit, risk, and advisory firm, KPMG is now a leader in helping companies use big data to plan, budget, and forecast using Oracle’s solutions. Xena Ugrinsky, principal at KPMG Enterprise Solutions and national lead for Performance Management and Analytics, discusses what big data actually means and why enterprises need to make it a top priority.

What are some of the opportunities big data can provide? 

Up until recently, most of the data in our world has been created by human beings. Now, we’re entering a time when perhaps 20 percent of data we have at our disposal for analysis is created by humans, and the rest is generated automatically by sensors and monitoring. Couple this exponential increase in how much data is available with the advancements in complex analytical methods, open source programming, and huge improvements to storage and processing techniques that exploit existing hardware, and we are in the position to use entire data sets at our disposal—not just samples—to inform analysis, decision-making, and strategy. This means access to sophisticated analytical techniques and statistical analyses, applied to whole data sets, are available to most organizations today, which is really exciting.

What should organizations do to handle the demands and repercussions of big data?

Chief financial officers (CFOs) and businesses need to understand how to get started in the big data space and what the business value is to them. Organizations need to learn how to use information they have within the walls of their own companies, and how to leverage that for better insight at the management and executive level—never mind using external information in those analyses as well. Meanwhile, people in information technology overall need to figure out what the business needs in terms of information and what their options for delivering it are. Every organization is unique in terms of its technology portfolio, business challenges, and skills. Leaders need help in understanding how big data affects all of that, and what exactly they need to do to capitalize on it.

Companies also need to understand that when applied to financial planning, budgeting, and forecasting, big data and analytics technologies will initially disrupt the office of the CFO but position it for the future. The role of the CFO has to change in order to leverage big data, and new skills are needed in that function so that they can make smarter decisions, protect and/or monetize their data assets, and exploit any and all advantages new insights can give them. Advanced, predictive analytics are going to be the name of the game and will drive forecasting and future accountability across organizations.

KPMG can take Oracle’s suite of solutions and assemble the right combination for a given client, taking into account the many dimensions that make that client unique.

Why has KPMG chosen to partner with Oracle in the big data space?

Oracle has historically done a great job creating total platforms that are flexible and agnostic, and the company’s approach to big data is no exception. With Oracle products, you can apply emerging techniques and add infrastructure as you need to, depending on where you are in the maturity curve. For example, the cloud options that Oracle provides around either a public cloud consumption model or a private cloud—or even a managed cloud—allow organizations to implement a big data solution in whatever way is appropriate for their IT strategy, incrementally adding it to their technology portfolio as needed. For those clients who are looking for more of a bundled approach, Oracle’s big data platforms also offer preconfigured, pretuned solutions to help reduce the costs of implementation, integration, and scalability.

How does KPMG add value to Oracle’s big data solutions for customers?

KPMG can take Oracle’s suite of solutions and assemble the right combination for a given client, taking into account the many dimensions that make that client unique. Technology is an enabler, and if you take an existing business process and enable it with applications without fundamentally transforming it, you’re missing the opportunity to eliminate inefficiencies while transitioning to a more modern architecture. KPMG identifies what drives value for a given client, and within that value framework, transforms the processes that underpin it. The goal is to fully understand the value a technology implementation will yield, and measure that from process definition through go-live. This sets up an environment of continual improvement rather than putting in new technology where there is no meaningful value derived. We excel at helping clients exploit what they have already, and add to it, while focusing on value creation as a significant end state objective.


KPMG Big Data Solutions for Healthcare

Healthcare is one of the fastest-changing industries today, and KPMG has worked with a number of clients in the field to leverage Oracle’s big data solutions to their advantage. For example, on the provider side of the market, KPMG has developed a Patient Safety and Quality Offering, powered by Oracle, that provides dashboards for 140 inpatient key performance indicators (KPIs) that together can assess their effectiveness in patient health overall. Importantly, this big data solution can be deployed by communities of hospitals that may be unrelated organizationally, but all serve a general community that is required to report to the US government. In this way, the overall health of that community can be tracked and reported. In today’s complex and rapidly changing regulations, hospitals must balance between focusing on patient care while managing risk and compliance. 

KPMG and Oracle are working together to help hospitals reduce the time to conduct the assessment and build the associated plan of action to address community needs. The KPMG and Oracle Tax Transformation Offering combines KPMG’s healthcare and analytics expertise with the Oracle Endeca enterprise data discovery platform. KPMG utilizes Oracle Endeca to explore and analyze diverse data sources and applies our methodologies and tools to help hospitals:

  • Adequately assess, plan, and conduct a community health needs assessment
  • Access and analyze necessary data and develop the appropriate population health models
  • Achieve insights from a single version of the truth
  • Attain a hospital-wide view of timely and accurate reports
  • Implement a strong governance process and actionable program

KPMG can help hospitals identify the needs and assets of their communities and plan for ways to improve community health and well-being. KPMG can also help hospitals leverage more value from the Oracle Endeca tool and use it for the facilitation of reporting quality measures, performing trend analysis across hospitals, and designing population and disease management programs. 

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.

This advertorial was originally published in the August 2014 edition of Profit.

 
 
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For more information please visit www.kpmg.com

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