KPMG acknowledges real potential in the technology creating new and more efficient ways for businesses and consumers to interact with each other, says James Mabbott, Partner in Charge at KPMG Futures.
He believes that interesting applications are going to be in the business-to-business context. Mabbott said that’s where the money lies, more so than the consumer-driven application. The executive outlined that virtual interaction on Metaverse platforms could not only revolutionize client engagement and service delivery but potentially open up additional revenue streams for the firm.
KPMG is looking at exploring the opportunity to create new business models and new assets with technology that fundamentally transforms the way the firm delivers its services. It has created a brand new role within Australia’s KPMG Futures team called “Head of Metaverse Futures” which will be overseen by Web3 executive Alyse Sue. KPMG, through the new role, seeks to build multi-million dollar business opportunities for the firm by 2025. As such, the firm has been gearing to build its own Metaverse for KPMG’s internal business operations and business-to-business services.
Moreover, KPMG has established KPMG Origins – a blockchain-based track-and-trace platform to assist trading partners in codifying trust when conducting cross-border business activities. Mabbott revealed that about 30 staff are working on the supply chain-focused platform. KPMG is also on the lookout for potential opportunities on public Metaverse platforms. It wants to explore the opportunities out there and what might interest clients. Mabbott is very much enthusiastic about the interesting experiments happening in the virtual space. He is excited about the development of new business models and ways of creating value is falling out.