When a financial services company wanted more from their data
Analytics in action
What happened when a financial services company wanted more from their data?
When an education provider experienced problems with their reporting
Deloitte analytics taught them a clear and consolidated way to manage their data
Apply logical analysis
There is little point in generating comprehensive data without the expertise and tools to make the best use of it. Interpreting raw information wrongly leads to bad decisions, with often disastrous knock-on effects.
How we can help
Beware big data
Companies rely more and more on data when it comes to decision-making but far from being a panacea, without rigorous analysis it has the potential to misdirect.
The acceleration of processing power in recent years has catapulted organisations into the era of Big Data. But more information is not necessarily better information. If the data does not take account of endless variables, is incomplete or it has been skewed by any number of extraneous factors, decisions will be based on a flawed intelligence.
Asking the right questions
Deloitte Analytics specialises in solving data, technology and business challenges. Our comprehensive approach is based on deep industry knowledge, broad functional experience and a mastery of technology.
We help clients to identify the questions most relevant to their organisations and we engage with them to find the answers, with specific emphasis on the following areas:
- Customer and growth analytics
- Workforce analytics
- Risk and regulatory analytics
- Supply chain analytics
- Finance analytics
- Industry analytics
Analytics trends 2014
Few areas of business today are changing faster than where and how analytics are being used. Turn your head for a second and—boom—you’re falling to the back of the pack. From big data and visualization to predictive modeling and more, analytics represents a rapidly evolving world of technologies and tools that few have time to keep up with.
This makes it challenging to think about which trends really matter and which will prove short-lived, which are hype and which will deliver tangible, timely business value.
But think about them we must, if only to understand where the market might be moving and how fast. Because for all the uncertainty in the field, business leaders still have to make decisions and choices about the future.
That’s why we’ve taken a fresh approach to analytics trends this year, focusing on developments that appear to be important while also pointing out areas of disagreement, even within our own organization.
Whether a particular trend will affect you immediately is hard to say. Yet thinking about the trend—and what it might mean if it is true for your organization—may be time well spent.
Customer and growth analytics
In a world where businesses and consumers alike are compelled to do more with less, the only thing companies appear to have in abundance is more information. This doesn’t mean they know what to do with the ever-growing piles of customer and prospect demographic, transaction, and preference data. Clearly, more information does not bring greater insights.
We look at customers from outside and in – turning everyday information into useful and actionable recommendations designed to inform decision-making.
Companies often fly blind when it comes to their biggest overhead: their workforce. Beyond basic cost figures and employee demographics, many senior executives have little or no specific visibility or insight into how these expenses and resources relate to broader corporate issues.
It doesn’t have to be like this. Workforce reporting and analytics can deliver greater visibility and deeper insights to pave the way for more effective decision-making
Risk and regulatory analytics
With global expansion, risk management can become even more daunting due to the sheer number of tasks, resources, deliverables and stakeholders. Many risks are not readily apparent, making it difficult to develop effective strategies to combat it. And make no mistake, this is an ongoing battle.
Today, risk analytics techniques make it possible to measure, quantify, and even predict risk with more certainty than ever before.
Supply chain analytics
Commodity volatility, changing demand forecasts, and supplier-specific challenges have affected nearly every organisation. Even top performers have faced embarrassing inventory shortages during periods of unanticipated demand in recent years, mainly because their supply chain visibility and analytical models are typically grounded in hindsight.
A commitment to supply chain improvement is easy to make - but challenging to execute. High performance requires connecting supply chain forecasting and modeling tools to distribution models, pricing models and even tax strategies.
Financial management and forecasting is never easy. Increased governance, risk, and compliance requirements, coupled with continued global economic instability don't make it any easier. For instance, if a company doesn't know the type of compliance problems it faces most frequently, or if its data has the accuracy on which to base good decisions, or the cost of complying with certain regulations, how can it expect to operate efficiently?
By helping companies gain a clearer understanding of their data, finance analytics enables modelling of business processes. Plans, budgets, and forecasts become more accurate - and companies can better appreciate the ways these indicators drive high performance.
Despite continued market, regulatory and economic flux, some financial institutions may not be using all of the information at their disposal. The range of deep analytical skills and technology required to truly appreciate the significance of the available data are hard to come by in-house.
We offer in-depth knowledge, skills and services to help institutions apply analytics to their critical business issues. We work with organisations in the banking, securities, insurance and wealth management sectors to achieve insights that continue to give them a competitive edge.
Today’s complex, global business environment requires consumer-focused businesses to accurately anticipate changing consumer patterns. Being prepared to respond rapidly with products and services that keep the customer satisfied is the priority.
We help our clients to better understand their customer base; to identify, attract and retain the most profitable customers. Our analytics deliver a better understanding of the changing face of the modern consumer, while simultaneously concentrating on cost containment.
There has never been greater demand on public sector services to ensure value for money. With further demands to demonstrate greater accountability all areas of government - health and human services, tax and revenue management, law and justice, transportation and education - should use analytics to enhance insight and foresight into their activities.
We have the industry knowledge and tools to address the unique challenges faced by public sector organisations.