The Australian division of the accounting firm KPMG could soon hold executive meetings and close multi-billion dollar deals with clients in the metaverse as the company studies how revolutionary technology can transform its business model..
In a recent interview, James Mabbott, managing partner at KPMG Futures, said the firm sees real potential in technology that creates new and more efficient ways for businesses and consumers to interact with each other.:
“I think the really interesting applications are going to be in the business-to-business context. […] And I think, in fact, I think that’s where the money is going to be. [incluso] rather than consumer-driven engagement.”
Mabbott also claimed that virtual interactions on metaverse platforms could not only revolutionize customer engagement and service delivery, but could also open up additional revenue streams for the business.
“What we’re looking to do is explore the opportunity to create new business models and new assets with technology that fundamentally transforms the way we deliver our services,” he told her. to Cointelegraph.
A metaverse team was created
The company has just created a new role within KPMG Australia’s futures team, called head of futures metaverses, which has just appointed Web3 executive Alyse Sue to the role.according to a recent statement sent to Cointelegraph.
KPMG Australia noted that Sue previously worked as a senior consultant on the KPMG Innovate team between 2012-2015 before venturing into the crypto space, where she co-founded several startups.including Transhuman Coin, a decentralized finance (DeFi) project that invests in and supports emerging technologies.
Next, Sue worked at international software development and consultancy company Palo IT as a director of Web3 before returning to KPMG.
The new role comes with a lofty ambition for KPMG to create multi-billion dollar business opportunities for the company by 2025. To achieve this feat, Mabbott stated that KPMG has been looking into building its own metaverse. for internal company business operations and business-to-business services.
Mabbott also noted that Sue will be supported by some of the 90 members that make up KPMG’s Futures unit, which includes a focus on artificial intelligence (AI) and quantum computing, as well as the metaverse..
KPMG has also created KPMG Originsa blockchain-based tracking platform used to help trading partners encrypt trust when trading cross-border. Mabbott added that about 30 employees currently work on this supply chain-focused platform..
Active users of the Metaverse are not a concern
Nevertheless, the company is also exploring potential opportunities on public metaverse platforms to see what opportunities are out there and what they might represent for customersMabbott said.
The KPMG partner added that it was not overly concerned about the recent drop in user activity and poor user experiences. into some of the biggest metaverses in the industry today:
“When you look at some of these spaces, sponsorship and participation right now are not especially high. But this is where all the really interesting experimentation is taking place and the development of those new business models and ways of creating value is slowing down.”
“From there, I think there will be an explosion in terms of adoption, use and applicability of these technologies,” he added..
Mabbott also noted that, Although several video communication platforms – specifically, Google Meets, Microsoft Teams and Zoom – increased significantly in terms of user activity during the COVID-19 pandemic, users cannot fully immerse themselves in that environment as they can in the metaverse:
“The part that they don’t resolve is the emotional component. [Con el metaverso, tus sentidos están secuestrados y te sientes como si estuvieras en ese entorno. Eso es lo que falta en las interacciones actuales de Zoom y del equipo [de Microsoft].”
“It’s that feeling of being in the room and being able to read body language [de los demás] and feel that you are there. That’s the next step I think these technologies will bring,” Mabbott added..
This isn’t KPMG’s first foray into the metaverse. In June 2022, the accounting firm also invested USD 30 million in training Web3 employees for its US and Canadian based teams, focused on education, collaboration and training through different events and workshops. .
The metaverse is expected to be worth $5 trillion by 2030, according to a June 2022 report from international consulting firm McKinsey. For its part, the investment bank Citi went further by estimating that the total market for the metaverse economy could reach $13 trillion in the same period..
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