KPMG has signed a deal with Formula 1 racing giants, the McLaren Group, which will see the audit firm apply the high powered predictive analytics and technology normally used in Grand Prix races to improve its audit and advisory services
Under a ten-year agreement, KPMG becomes an innovation partner of the McLaren Group, and will use McLaren Applied Technologies’ (MAT’s) predictive analytics and technology in a range of different service lines.
KPMG said that the pair will jointly develop and deliver a range of advisory services built on a combination of KPMG’s consulting capabilities and business insight, coupled with McLaren’s high performance culture and technical know-how.
Initially the firm will work with McLaren on a small number of clients, and will then aim to apply what it has learnt more broadly across its client base.
Simon Collins, UK chairman of KPMG, said: ‘We believe this specialist knowledge has the power to radically transform audit, improving quality and providing greater insight to management teams, audit committees and investors. The same is true of our advisory services, where we believe applying McLaren’s predictive analytics and know-how to, for example, a complex international supply chain, could help our clients make a step change in the service they provide to their customers.’
Collins said: ‘Today’s deal marks a substantial investment by our business in audit quality and extending our advisory offering.’
MAT’s expertise has already been applied in industries beyond motor sport, including improving pharmaceutical R&D and manufacturing processes, creating air traffic scheduling systems and work with oil and gas companies to optimise production processes.
Ron Dennis, chief executive and chairman of the McLaren Group said: ‘McLaren has developed world class expertise in predictive analytics, high performance design and technology development. This expertise, combined with our ethos of constant innovation, attention to detail and determination to win, enables us to complement KPMG’s already extensive capabilities.’