People analytics company Gooroo Ventures (ASX: GOO) is taking artificial intelligence to the next level for the benefit of the globally-renowned auditing and accountancy firm, KPMG.
The news surprised market participants and helped Gooroo’s shares to reach as high as A$0.084 per share during intraday trade – a 40% increase on the previous day’s closing price.
Gooroo stated it has just expanded its commercial relationship with KPMG to a paid subscription licence including a “master services agreement”, which could entail rolling out Gooroo’s platform across several business units within the multinational firm that raked in more than US$26 billion in revenue last year.
KPMG intends to deploy Gooroo’s enterprise platform within its own “cognitive science and artificial intelligence division” dubbed Solution 49 – a business unit that enhances organisational decision-making capability.
KPMG’s Solution 49 assists organisations by integrating process design, providing advanced analytics and data-driven technologies. The huge onslaught of data, including the measurement of increasingly more points across all business practices, is a profound shift and an “opportunity to influence human behaviour by capturing, consolidating and predicting human interaction with business processes”.
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KPMG has engaged Gooroo for an initial six-month term to learn and identify how to best leverage and deploy the technology within the business, after, which, a recommendation is expected for a broader implementation across KPMG’s management consulting practice.
“KPMG represents an important strategic partner and an example of the relationships we’re now forming as we accelerate our commercialisation and monetisation efforts. Having a master services agreement in place provides the mechanism to engage commercially and we are very excited about the prospects and commercial opportunities that have been identified,” Gooroo Ventures chief executive officer Greg Muller said.
According to Gooroo, its enterprise platform can drastically change how information is collected and analysed, leading to streamlined recruiting, confidence-inspiring analytics and better alignment of consultants and clients across its business.
KPMG claims it has completed an extensive due diligence exercise, including a security, privacy and risk audit of the Gooroo platform, which led to the signing of a master services sgreement (MSA) to formalise the contractual terms governing each client engagement.
Under the agreement, there is no end date for the MSA and the scale of each Gooroo deployment will be linked to each work order received from KPMG.