Google and Amazon’s data power has resulted in KPMG investing £40m into accounting services for small and start-up businesses.
Ian Moffatt, Head of Enterprise at KPMG, said: "Today, our profession is all about data. The more data you have, the more powerful you are. With big data you can create more-effective KPIs, better benchmarking, and more accurate insights. That’s the secret. That’s what the future holds."
"When we talked about [our mid market business], we considered our competition. Obviously, we thought about firms like PwC and EY. But then we paused and asked ourselves, is that really our competition? In the next five years, are big accountancy firms going to be our competition, or is it actually going to be Google, or Amazon, or somebody else?"
He went on to say that: "Fundamentally [Google is] a data organisation. That’s what it sells. And what’s stopping Google becoming a provider of advice based on data analysis in the future? The only thing stopping it is that it doesn’t currently have a recognised or trusted brand in that field. But in five years’ time, that might be different."
"If you’re a new company, are you bothered about whether you deal with KPMG, Google, ABC, or XYZ? No, you care about what that company can do for you."