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business in Nigeria

KPMG Business Services (KBS) meets the increasing needs of our clients for outsourcing their non-core business functions.

KPMG Business Services in Nigeria (KBS) meets the increasing needs of our clients for outsourcing their non-core business functions. KBS relieves our clients of the burden of dealing with regulatory agencies to enable them to focus on their core business. KBS’s suite of services includes:

Immigration

We advise our clients on their immigration compliance requirements and assist them to obtain appropriate visas to visit, live and work in Nigeria.

Our service offerings include:

• Obtaining Business Permit and all Expatriate Quota facilities

• Relevant Entry Visas and Work Permits

• Filing of relevant Statutory Returns

• Resolution of Immigration Queries

• Immigration Compliance Audit

Administrative Staff Recruitment and Management of Contract Personnel

This involves recruitment of administrative staff and managing our clients’ temporary staff and non-core staff employed on contract basis. We also provide training, payroll administration service and remittance of all statutory deductions and contributions.

Country Briefing

This service is specifically designed to inform expatriate personnel and their families on the realities of living and working in Nigeria and how to enjoy their stay in the country in spite of the challenges. Some of the topics covered during our country briefing sessions are:

• Culture and Communication

• Economic and Business Environment

• Security Issues and Social Services

• Recreational Facilities

• Entry and Exit Interviews

• Pre-assignment Visits

Home and Office Space Rental

To help our clients manage their time efficiently during start-up, we liaise on their behalf with reputable estate agents to inspect and evaluate available residential and commercial properties that meet their specifications and requirements, prepare a shortlist for their review and final selection.

Meet and Greet

We make our clients feel truly welcome through immigration clearance and airport transfer during their visit to Nigeria.

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent,

Asokoro Abuja. FCT.

Tel: +2349062278732

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audit firms in Nigeria

Discover the top audit firms in Nigeria with our comprehensive guide. Financial statement audits give assurance over information used by investors and the capital markets.

Independent, quality financial statement audits

Financial statement audits give assurance over information used by investors and the capital markets – a responsibility to the public interest KPMG Audit professionals take very seriously, applying powerful D&A routines to create better audit evidence and gain deeper insights, and exploring the role auditors can and should play by engaging stakeholders to better understand their views through KPMG’s ‘Value of Audit’ forum. KPMG professionals – innovating to better serve the capital markets and society as a whole

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent,

Asokoro Abuja. FCT.

Tel: +2349062278732

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tax - KPMG

Attitudes to tax are changing. Organizations of all sizes are ever more exposed to new trends in tax regulation, not just locally but globally.

KPMG is at the forefront of an evolving tax landscape As a leading tax network, we believe that we – as individual tax professionals have a duty to engage in the discussion and debate surrounding Tax Transparency and Responsibility. As the tax strategies of multinationals and domestic companies continue to be examined by both tax authorities and the public alike, we work with our clients to develop tax strategies that are fit for purpose in the tax system of tomorrow.  

Working with clients to define the tax department of tomorrow. To keep pace with the reporting changes, multinational corporations will need to evaluate their in-house resources to determine if they will be able to manage additional requirements and responsibilities. They will also need to assess their systems to ensure that they can meet new requirements for multijurisdictional reporting. 

Our tax professionals are also bound by our Principles for a Responsible Tax Practice, which set out additional fundamental ethical principles and behaviours.

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Infrastructure in Nigeria

Tax Incentive Scheme for Road Infrastructure Development and RefurbishmentOn the 25th of January 2019, President Muhammadu Buhari, GCFR, authorized the Executive Order №007, introducing the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (referred to as “the Scheme”). This initiative has a duration of 10 years, starting from its commencement date.

The Scheme represents a collaborative effort between the Federal Government of Nigeria (FGN) and the private sector, aiming to harness private sector resources and efficiency for the construction, renovation, and upkeep of crucial road infrastructure in strategic economic zones across Nigeria.

Participation in this Scheme is open to all Nigerian companies, either individually or in partnership with other Nigerian firms, as well as institutional investors (referred to as “Participants”). These Participants are interested in contributing to the construction or refurbishment of roads designated by the FGN as “eligible roads” under the Scheme.

Participants will be entitled to offset their future Companies Income Tax (CIT) liability by the total expenses incurred in constructing or refurbishing an eligible road, referred to as the “Project Cost.” This tax credit will remain applicable until the entire Project Cost has been recovered.

Contact Information

Lagos KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329

Abuja 84, Kwame Nkrumah Crescent, Asokoro, Abuja, FCT. Tel: +234 9062278732

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Fintech companies are emerging as pivotal players in the economic landscape of developing markets, offering opportunities for both customers and service providers to enhance financial inclusivity, foster innovation, and introduce disruptive business models for increased profitability, growth, and overall value creation. Nevertheless, alongside advanced technology and evolving business models, there are associated risks that must be addressed for long-term sustainability.

KPMG's Fintech Assurance Service is dedicated to identifying, managing, and mitigating the risks inherent in the Fintech technology environment. Our seasoned, multidisciplinary team possesses deep industry knowledge, regulatory expertise, and functional insights, as well as the necessary technical proficiency to assist you in devising and implementing appropriate controls to mitigate risks in your business.

Our Fintech (IT) Assurance Services are custom-tailored for FinTechs, encompassing the following key IT domains:

Technology Gap Assessment

IT Internal Audit Services

Revenue Assurance

Data Analytics & Big Data

IT Governance, Risk & Compliance Review

IT Performance and Change Management Review

IT Due Diligence (IT Deals Audit)

Who Benefits from Our Services:

Our services are highly advantageous for FinTech enterprises engaged in the following areas:

Savings and Investment

Lending and Credit

Payments

Enterprise Financial Software

AgriTech, RegTech, and other FinTech players

Businesses that typically gain value from our services include:

Firms seeking independent IT risk assessments and/or compliance reviews, coupled with recommendations for risk mitigation.

Companies in need of thorough revenue assurance reviews to ensure the accuracy and completeness of reported revenue.

Teams involved in information technology, information security, risk management, internal audit, legal and compliance, and application development, looking to evaluate (a) development and deployment procedures, (b) secure coding practices and policies, and/or (c) governance and operational processes.

Contact Us:

Lagos: KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329

Abuja: 84, Kwame Nkrumah Crescent, Asokoro, Abuja. FCT. Tel: +234 9062278732

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forensics - KPMG

 Assisting clients in achieving the highest levels of business integrity through the prevention, detection, and investigation of fraud and misconduct.

The prevention, detection, and investigation of fraud and misconduct

How KPMG Forensic can help

KPMG Forensic’s over 3000-strong global network of experienced professionals use accounting, investigation, intelligence, technology, economics and deep industry skills alongside consistent global methodologies to help reduce reputational risk and commercial loss, and to improve the value obtained from existing contracts.

The changing nature of business has created new opportunities, but also new risks and potential threats including:

the increasing sophistication of fraud, organized crime and terrorism more complex legislation and regulations, some with increasing extra-territorial reach

developing challenges around technology

complex cross-border disputes

pitfalls from expanding into emerging markets

dependencies on unfamiliar business partners more complex supply and distribution channels

theft and misuse of intellectual property.

Organizations that effectively monitor and swiftly respond to potentially damaging situations such as these are better placed to deal with them quickly and successfully, while reducing adverse financial, reputational or operational impact.

KPMG Forensic offers robust, practical advice, helping our firms' clients deal with:

fraud, misconduct and corruption investigations

tracing funds, assets, companies and individuals

commercial disputes

regulatory compliance

managing risk on buying or selling a business

intellectual property and contract governance

preventing and detecting fraud or financial crime.

We can also deploy technology tools to help clients deal effectively with large amounts of data and documentation, to manage and disclose important material or highlight fraud, weaknesses and business opportunities from within corporate data.

KPMG Forensic aims to provide our firms' clients with the tools and services they need to keep on top of the major risks they face.

Our network of over 3000 forensic professionals work in 39 accredited practices within KPMG member firms around the world. The network brings a consistent global approach, combined with a tailored local focus, to sensitive and complicated cross-border engagements.

KPMG Forensic is a trusted adviser to some of the world's leading enterprises. Our teams are located in the major developed markets as well as the key emerging economies in Central and Eastern Europe, Russia, South America, Africa, The Middle East and Asia.

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent, 

Asokoro Abuja. FCT.

Tel: +2349062278732

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Fintech Services - KPMG

Fintechs are the new economic currency in the emerging markets providing the opportunity for customers and service providers to realize increased financial inclusion, innovation and disruptive business models for profitability, growth and overall value creation. However, with advanced technology and changing business models comes associated risks which need to be mitigated for survival.

KPMG‘s Fintech Assurance Service focuses on identifying, managing, and mitigating the risks associated with Fintechs Technology environment. Our experienced cross-functional team possesses industry, regulatory and functional knowledge, as well as the requisite technical skills to help you design and implement appropriate risk mitigating controls for your business.

Our Fintech (IT) Assurance Services are specially tailored for FinTechs and covers the following core IT areas:

•        Technology Gap Assesment 

•        IT Internal Audit Services

•        Revenue Assurance 

•        Data Analytics & Big Data

•        IT Governance, Risk & Compliance Review

•        IT Performance and Change Managements Review

•        IT Due Diligence (IT Deals Audit)

Who We Help

Our services are benficial to FinTechs involved in the following areas:

•        Savings and Invetsment

•        Lending and Credit

•        Payments

•        Enterprise Financial Software

•        AgriTech, RegTech, other FinTech players

Business that typically benefit from our services include:

•        Firms that require independent IT risk assessments and and/or compliance reviews, along with recommendations for risk mitigation.

•        Companies that require in-depth revenue assurance reviews to ascertain completeness and accuracy of reported revenue.

•        Information technology, Information security, risk management, internal audit, legal and compliance and application development teams looking to assess (a) development and deployment procedures, (b) secure coding practices and policies, and/or (c) governance and operational processes. 

Contact Us

Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja 84, Kwame Nkrumah Crescent, Asokoro Abuja. FCT.

Tel: +2349062278732

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Data analytics - KPMG

Data & Analytics unlocks the data in your business and delivers insight to help enhance audit quality.

Adding value to audit and confidence in assurance

KPMG’s audit – powered by D&A – is raising the bar on audit quality by enabling us to test complete data populations and understand the business reasons behind outliers and anomalies. Automated audit capabilities let our people focus on the higher risk areas of the audit. And the enhanced business insights our audit teams bring to the audit help you see your business from a new perspective.

 Contact Us

Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent,

Asokoro Abuja. FCT.

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financial reporting | KPMG

The role of KPMG in financial reporting

Financial reporting, the process of identifying, measuring, and communicating financial information to an organization's stakeholders, plays a crucial role in decision-making. Companies are required to prepare financial statements that accurately reflect their financial health and provide transparency to their investors. However, financial statements can sometimes be difficult to decipher, which is why external audits are an essential part of the process. In this article, we’ll examine the role of KPMG in external audits and financial reporting.

External audits provide a means of ensuring the accuracy and fairness of financial statements. They are carried out by independent accounting firms like KPMG, who are appointed by the company's management or by regulatory bodies. The role of KPMG in external audits is to examine and assess the company's financial statements to provide an independent opinion on their accuracy, completeness, and compliance with accounting standards.

KPMG's auditors follow standardized procedures and examine a variety of financial transactions, including revenues, expenses, assets, and liabilities to determine their accuracy, completeness, and compliance with accounting standards. The auditors will test internal controls over financial reporting as well as assess the risks of material misstatement. They will also evaluate the accounting policies used by the company and assess whether those policies are appropriate and consistent with GAAP and IFRS.

Conclusion

In conclusion, financial reporting plays an essential role in decision-making for companies, stakeholders, investors, and regulatory bodies. External audits by independent accounting firms like KPMG provide an added level of assurance in financial statements, helping to ensure their accuracy and compliance with accounting standards. The financial statements produced by companies provide a summary of their financial performance and must be audited by independent firms to ensure their accuracy and reliability. Financial reporting is a complex process that requires a high level of expertise and knowledge. Still, companies like KPMG have the necessary expertise to provide independent and reliable auditing services.

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artificial intelligence

KPMG Reinforces the Importance of Customer Experience and Artificial Intelligence at the KPMG Digital Summit 2019

KPMG Professional Services, one of the big four professional services firms, recently held its annual series of Digital Summits themed ‘Leveraging Insights and Experience to Scale’ and launched a publication titled ‘AI-Powered Transformation’ at the Eko Hotels and Suites Convention Centre, Victoria Island, Lagos, where the event occurred.

The event kicked-off with a welcome address from the Senior Partner and Chairman, KPMG Africa, Kunle Elebute, who stated that “This is the third in the series of events by KPMG to provide insights to organisations on how to leverage digital to create transformational value. This summit attracts a variety of business leaders from various sectors of the economy.” He continued, “This summit provides insights and perspectives on digital capabilities required to solve business, economic and social challenges spanning growth, financial inclusion, supply chain management, sales, route-to-market or operational efficiency, amongst others.”

Boye Ademola, Partner & Lead, Digital Transformation, KPMG in Africa, delivered a keynote speech on the theme of the event stating that “Being able to drive transformational customer experiences and leveraging insights from available data is critical to business growth and scale.” He further mentioned that “Underpinning successful business strategy is innovation; for us, winning comes through experience, insights and design thinking.”

The summit also featured speakers like Meaghan Johnson, Fintech Researcher and Thought Leader on User Experience Transformation; Ekechi Nwokah (Ph. D), CEO of Mines.io; David Brown, Founder, dbrownconsulting; Iniabasi Akpan, Country Manager, Opay; Rolan Kab, Head of AI and Robotics, KPMG Center of Excellence, KPMG Israel; and Meital Raviv, Managing Director and Head of FinTech & Innovation, KPMG Center of Excellence, KPMG Israel.

The Summit also featured panel sessions and masterclasses on AI and Robotics, Customer Experience Transformation and Design Thinking.

Contact Us Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island Tel: +234 9068459329

Abuja 84, Kwame Nkrumah Crescent, Asokoro Abuja. FCT. Tel: +2349062278732

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corporate governance

The Financial Reporting Council (FRC) of Nigeria recently released the Nigerian Code of Corporate Governance (‘the Code”) on January 15, 2019. The Code highlights key principles that seeks to institutionalise corporate governance best practices in Nigerian companies.

 KPMG recognises that good corporate governance is a key driver in the establishment of sustainable enterprise. Alignment with leading corporate governance practices will guide companies in establishing a framework of processes and attitudes that increases their value, builds their reputation and ensures their long term prosperity.

 Considering the developing awareness and relatively low institutionalisation of leading governance practices in Nigeria, the implementation of the Code may be challenging for those who have not previously had to comply with any corporate governance codes. Whereas, implementation of the principles should be relatively easier for companies that have previously been subject to the provisions of sectoral codes.

 In this newsletter, we have provided an interpretative overview of the key provisions in the Code and the key implications for board and key stakeholders of the users of the Code. We have also made an attempt to identify key next steps for those to whom the Code applies and others who choose to adopt its principles.

 Click to download and read more on the 2018 Nigerian Code of Corporate Governance.

 Contact Us

Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island

Tel: +234 1 271 8955 (or 8599)

 Abuja 84, Kwame Nkrumah Crescent, Asokoro Abuja. FCT.

Tel: +2349062278732

Website - https://home.kpmg/ng/en/home.html

Visit Link -  https://home.kpmg/ng/en/home/insights/2019/01/2018-Nigerian-Code-of-Corporate-Governance.html

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thought leadership

Leading Through Digital: Business Models that Exploit the Digital Opportunity

 Over the past decade, we have seen digital reshape the agenda of many businesses and produce new leaders in several sectors. We are witnessing a shift in the balance of power from traditional value-chain business models to digital platform models. For instance, seven (7) of the ten (10) most valuable entities (by market capitalisation) in the world are digital platform models.

These entities (Apple, Google, Microsoft, Amazon, Alibaba, Tencent & Facebook) cut across various sectors of the economy and reinforce our perspective that digital platform business models are industry agnostic. They have an overarching focus on the customer, particularly retail customers. Google, Apple, and Alibaba have 2 billion, 588 million and 450 million users respectively. Bottom-line is that numbers are essential to creating value! The source of value for digital business models is having the capability to acquire new customers (users) exponentially while ensuring that innovation produces a steady flow of products and services to keep users engaged, excited and promoting the brand.

Please click here to download

 Still Searching for a Better Customer Experience

Modern consumers have the world at their fingertips and are becoming accustomed to engaging with brands whenever and however they choose: whether online, in-store or being served face-to-face. Today’s customers are increasingly well informed, aware of what they want and vocal in sharing their experiences.

As telecom markets around the world continue to become increasingly saturated, the ‘insatiable’ demand for data for usage of over-the-top (OTT) services has led to the decline of traditional voice and SMS usage, while further raising the service expectations of today’s modern consumer. With this backdrop, ‘customer experience’ continues to be a top priority for every forward-thinking telco. The time has come to truly put the customer at the heart of the business.

Please click here to download

 The Changing Landscape of Disruptive Technologies

 KPMG Member firms recognise the importance of innovation to the technology industry and global economy as a whole. KPMG Publication Series, The changing landscape of disruptive technologies, now in its fifth year, provides perspectives about technology innovation trends, top barriers to commercialize innovation and insight into technology innovation leading practices

Please click here to download

 Assessing the Maturity of Data & Analytics Capabilities in Nigeria

 This is the first research in the country that shines the light on this problem. It takes information from over 100 organizations across various areas of the business environment including financial services, consumer markets, energy and natural resources and even the public sector.

This survey is specifically focused on the following objectives:

·   Assessing the maturity and positioning of the current D&A practices across industries in Nigeria.

·   Gauging the depth of D&A skills and challenges in building capacity.

·   Highlighting the typical D&A use cases developed by organizations.

This Report also articulates the KPMG point of view on the maturity of the D&A landscape in Nigeria and its key applications across various parts of business enterprise. It also share KPMG’s position on some stay-awake issues of organizations as it relates to data and analytics. Areas covered include:

·   Fraud Analytics

·   HR in the Analytics age

·   Artificial Intelligence and the finance function

·   Analytics to build customer relationships in banking

We believe the outcome of this research is a big step towards illumination on the state of data and analytics capabilities in Nigeria. It also has useful guidance for organizations who are interested in building data and analytics capabilities.

Click to download and read the full report.

  Contact Us

Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island

Tel: +234 1 271 8955 (or 8599)

 Abuja 84, Kwame Nkrumah Crescent, Asokoro Abuja. FCT.

Tel: +2349062278732

Website - https://home.kpmg/ng/en/home.html

Visit Link -  https://home.kpmg/ng/en/home/insights/2018/04/digital-thought-leadership-materials-.html

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financial advisory

KPMG Nigeria Advisory Team works with the world’s leading organizations to create and protect the sustainable value of their business.

 KPMG Nigeria Advisory professionals work with you to cut through the complexities of today’s rapidly changing marketplace. We leverage the knowledge and skills across our global network of firms to develop practical recommendations designed to help you work smarter, grow faster and compete stronger.

 We are trusted advisors to the world’s organizations. They choose us because we are known for our talented people, technical expertise, deep industry insights and our ability to get the job done.

 Contact Us

Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island

Tel: +234 1 271 8955 (or 8599)

 Abuja 84, Kwame Nkrumah Crescent, Asokoro Abuja. FCT.

Tel: +2349062278732

Website - https://home.kpmg/ng/en/home.html

Visit Link - 

https://home.kpmg/ng/en/home/services/advisory.html

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Tax consulting Services

KPMG is at the forefront of an evolving tax landscape

 As a leading tax network, we believe that we – as individual tax professionals have a duty to engage in the discussion and debate surrounding Tax Transparency and Responsibility. As the tax strategies of multinationals and domestic companies continue to be examined by both tax authorities and the public alike, we work with our clients to develop tax strategies that are fit for purpose in the tax system of tomorrow. 

 Working with clients to define the tax department of tomorrow. To keep pace with the reporting changes, multinational corporations will need to evaluate their in-house resources to determine if they will be able to manage additional requirements and responsibilities. They will also need to assess their systems to ensure that they can meet new requirements for multijurisdictional reporting.

 Our tax professionals are also bound by our Principles for a Responsible Tax Practice, which set out additional fundamental ethical principles and behaviours.

 Contact Us

Lagos KPMG Tower, Bishop Aboyade Cole Street Victoria Island

Tel: +234 1 271 8955 (or 8599)

 Abuja 84, Kwame Nkrumah Crescent, Asokoro Abuja. FCT.

Tel: +2349062278732 Website - https://home.kpmg/ng/en/home.html

Visit Link -  https://home.kpmg/ng/en/home/services/tax.html

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KPMG Nigeria Energy & Natural Resources Line of Business provides a wide array of advisory services that address the strategic, financial and regulatory needs of energy and utility clients in public and private organizations. Our team of experienced and versatile professionals is uniquely positioned to deliver tailored solutions to clients in power, Oil & Gas, energy servicing, mining and renewable energy sectors. As the energy climate continues to experience global restructuring and reforms, we work collaboratively with our clients, developing concrete and adapted solutions in relation to compliance with applicable laws in the energy industry.

 Tel: +234 1 271 8955 (or 8599)

 Fax: P.M.B. 40014, Falomo

 Website - https://home.kpmg/ng/en/home.html

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Customer Experience

Banks have never been under such pressure to perform. While the Nigerian banking landscape has constantly been faced with steep competition, the stakes have been raised even higher and performing well on customer experience is the new minimum standard.

 As the race for the customer intensifies, front-runners will be those who demonstrate an understanding of the customer’s specific circumstances to consistently deliver a personalised experience.

Our 13th consecutive year of the Banking Industry Customer Experience Survey reveals that more than ever before, there is lower differentiation and lower satisfaction scores as the gap narrows between rated banks. This indicates a higher level of customer expectation than the experience being delivered. The findings are based on 25,466 retail customers, 3,045 SMEs and 369 commercial/corporate organisations, providing feedback on their banks.

A key approach to realise differentiation in a sea of homogenous players is through personalised experiences. As one of the Six Pillars of experience excellence, we see Personalisation as the most valuable component. Individualised attention makes customers feel valued and drives an emotional connection to the brand. This is based on more than a decade of international research done by the KPMG Customer Experience Excellence Centre.

Our survey however reveals a lag in performance with Nigerian banks on Personalisation. In our report, we explore how Personalisation can be achieved amidst challenges with the use of data, machine learning and AI. Ultimately, banks must harness the customer data to deliver a person­alised customer experience to build long-term loyalty.

We hope this report offers a better understanding of the Nigerian customer and provides fresh insights on delivering outstanding customer experiences.

Click to download and read more on this report.

 To find out more about the information contained in this report, please contact: 

wale.abioye@ng.kpmg.com

  Tel: +234 1 271 8955 (or 8599)

 Fax: P.M.B. 40014, Falomo

 Website - https://home.kpmg/ng/en/home.html

 Visit link - https://home.kpmg/ng/en/home/insights/2019/12/2019-banking-industry-customer-experience-survey.html

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Artificial Intelligence

We are witnessing a new genre of companies shaping the business landscape by leveraging emerging technologies and applying them with such potency to create competitive advantage.

 These organisations have a quest to scale; they are big on customer experience; they are open to partnerships and are able to deploy their products and services at scale through APIs; they are big adopters of the cloud and quite often are born in the cloud; they embrace design thinking and are happy to return to first principles to find innovative solutions to business problems; and they are relentless at leveraging the power of artificial intelligence (AI) for insights and decision making.

Our focus in this publication is on the power of AI and its inherent potential to transform businesses if harnessed properly. As we study the Tech giants, we see a relentless focus on AI and its application at scale. Google’s search engine and its widely adopted google maps are powered by AI while Apple & Tencent have strong customer analytics engines with the capability to study customers and prescribe products and offerings that are personalized. Amazon and Alibaba have extended the power of AI into their supply chain and are able to reduce cost to serve while delivering packages at significantly reduced times compared to incumbents.

We offer our perspective on the starting point for harnessing the power of AI – the journey should be Use-case led and not data-led. We note that many incumbents are stuck with data quality issues, have started some data cleansing projects, are usually frustrated by the unending nature of data cleansing and rarely derive any value from this tedious initiative. There is motion but no movement. The Use-case led approach is driven by the business problem that requires a solution and defining the business problem should be technology and data agnostic.

Click to download and read more on this article.

 Tel: +234 1 271 8955 (or 8599)

 Fax: P.M.B. 40014, Falomo

 Website - https://home.kpmg/ng/en/home.html

 Visit link - https://home.kpmg/ng/en/home/insights/2019/11/leading-through-digital--ai-powered-transformation.html

 Tags: audit services, board advisory, transaction advisory, regulatory services