By 2025, KPMG Futures aims to create commercial opportunities worth millions of dollars through the use of metaverse technology.
The Australian arm of the Big Four accounting firm KPMG may soon hold executive meetings and close multimillion-dollar deals with clients in the metaverse, as the company is currently examining how the revolutionary technology can transform its business model.
In a recent interview, KPMG’s James Mabbott, a partner in charge of KPMG Futures, stated that the company sees great potential in technology creating new and more efficient ways for businesses and consumers to interact.
“I think the really interesting applications are going to be in the business-to-business context […] And I think that I actually think that’s where the money is going to be [even] more so than the consumer-driven participation.”
Mabbott also stated that virtual interactions on metaverse platforms have the potential to not only revolutionize client engagement and service delivery but also create new revenue streams for the company.
“We’re investigating the possibility of creating new business models and assets with technology that fundamentally changes the way we deliver our services,” he said.
Constituting a metaverse team
According to a recent statement sent to Cointelegraph, the company has just appointed Web3 executive Alyse Sue to the newly created role of head of metaverse futures within Australia’s KPMG Futures team.
Sue worked as a senior consultant on the KPMG Innovate team from 2012 to 2015 before entering the cryptocurrency space, where she co-founded several startups, including Transhuman Coin, a decentralized finance (DeFi) project that invests in and supports emerging technologies, per KPMG Australia.
Sue returned to KPMG after serving as the head of Web3 at the international software development and consulting firm Palo IT.
The new position coincides with KPMG’s ambitious goal of creating business opportunities worth millions of dollars by 2025. To accomplish this, according to Mabbott, KPMG has considered developing its own metaverse for internal business operations and business-to-business services.
According to Mabbott, Sue will also receive assistance from some of the ninety members of KPMG’s Futures unit, which focuses on artificial intelligence (AI), quantum computing, and the metaverse.
KPMG has also created KPMG Origins, a blockchain-based track-and-trace platform meant to facilitate the codification of trust between trading partners during cross-border business transactions. Additionally, Mabbott noted that roughly thirty individuals are now working on the supply chain-focused platform.
Metaverse active users are unimportant
Nonetheless, the company is also researching potential opportunities on public metaverse platforms to see what they entail for clients and what they entail. stated Netanyahu.
The KPMG partner indicated he was unconcerned about the recent decline in user activity and cited negative user experiences in several of the industry’s largest metaverses.
At the moment, patronage and participation are not exceptionally great on several of these sites. Now, however, is when all the truly exciting experimentation and the development of new business models and methods of creating value are occurring.”
“As a result, I anticipate an explosion in the adoption, use, and application of these technologies,” he continued.
Mabbott further remarked that, although user participation on several video communications platforms, such as Google Meets, Microsoft Teams, and Zoom, surged dramatically during the COVID-19 pandemic, users cannot fully immerse themselves in that environment as they can in the Metaverse:
“The bit they don’t solve for is the emotional component. [With the Metaverse], your senses are hijacked, and you feel like you’re in that environment. That’s what’s missing from our current Zoom and [Microsoft] Team’s interactions.”
“It’s that sense of being in the room and being able to read [other people’s] body language and feel like you’re there. What’s that next step that I think these technologies will bring,” Mabbott continued.
Not for the first time has KPMG ventured into the metaverse. In addition, in June 2022, the accounting firm will invest $30 million in Web3 employee training for its staff in the United States and Canada, with a focus on education, cooperation, and training across a variety of events and seminars.
As a study conducted by the global consulting firm McKinsey in June 2022, the metaverse will be worth $5 trillion by 2030. Citi, on the other hand, forecasts that the entire addressable market for the metaverse economy might reach $13 trillion during the same period.
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