IIT Dhanbad wins the KPMG Innovation Challenge in India

27 February 2020 Consultancy.in

IIT Dhanbad has beaten dozens of other top educational institutes to win this year’s KPMG Ideation Challenge (KIC) in India. The winning team received a cash prize for its advanced analytics solution, and will have the privilege of representing India at the global finals in Seoul later this year.

KIC is an annual challenge by KPMG that takes place across the globe, encouraging talented students to develop solutions of the future in the science, technology, engineering and mathematics (STEM) space. Winners are given guidance and mentorship by the Big Four accounting and advisory firm aimed at developing their products and prototyping them in a real-world environment.

The challenge, which was previously known as the KPMG Innovation & Collaboration Challenge (KICC), revolves around a different STEM theme each year, as it looks to unearth promising talent to comprise the digital workforce of the future. This year’s theme was advanced analytics.

India is among the most vibrant tech innovation markets across the globe, described by some as the next startup hub to match Silicon Valley. The talent and innovation on offer is also particularly strong when it comes to the specific advanced analytics space.

A Bain & Company report from last year revealed that India is home to the largest advanced analytics talent pool in the world, with people to fill key roles such as Data Architect, Data Scientist and Machine Learning Engineer, among others. The talent on offer is evidenced by the fact that KPMG identified as many as 600 “high-potential” ideas in this year’s challenge.

More than 6,000 students made up the 75 teams competing in this year’s KIC, all submitting advanced analytics solutions that are designed to improve organisational efficiency. The teams competed across two preliminary rounds, with the nine best ideas advancing to the finals. A team from the Indian Institute of Technology (IIT) Dhanbad came out on top as the overall winner.

“We continue to be inspired by the excellent skills each team brings to the KPMG Ideation Challenge. I congratulate the team from the Indian Institute of Technology (ISM) Dhanbad on their impressive win,” said KPMG India Chairman and CEO Arun Kumar.

Unmesh Pawar, Head of People, Performance & Culture at KPMG in India added, “We are keen on nurturing ideas for a better tomorrow. My heartfelt congratulations to the winning team for their outstanding performance in the competition and I wish them the very best for representing the country at the KIC international finals in Seoul, South Korea.”