In a statement, KPMG explained that cognitive systems such as IBM Watson can analyse “immense volumes of structured and unstructured data related to a company’s financial and non-financial information”.
This analytic power will improve KPMG’s capacity to “analyse and act on core financial and operational data”, the statement said.
KPMG’s national managing partner of audit, Duncan McLennan, said the new technology will enable “analysis of much bigger populations of data than traditional sampling methods”, greatly impacting how decisions are made.
“Cognitive technology will allow us to build on the data and analytics advantages. They will be a game changer,” he said.
Speaking with InvestorDaily, KPMG Australia’s national managing partner for innovation, Ken Reid, said the technology is “very important to professional services” and that the company is excited to partner with IBM.
“This technology is here now, and it’s here to stay,” he added.
