Data Analytics (DA) has been saved
Data Analytics (DA)
What can you do with your (big) Data?
(Big) Data often holds the key to optimizing internal processes and valuable market insights. Data Analytics can improve decision-making and lead to a better understanding of these processes, improving the organization’s strategic results. But how does an organization use Data Analytics to extract these insights?
From Big Data to valuable insights for your organization with data analytics
Of all the world data, more than 90% has been collected in the last five years (IBM, 2018). Almost all companies have started to use integrated software systems, providing the opportunity to store nearly all information imaginable in extensive databases. Hidden within these huge data piles are valuable insights that can make a real difference for an organization’s strategic decision-making. How can these game-changers be unraveled for many organizations that do not have sufficient data experts at their disposal?
Often the issue lies within the complexity of the available databases. Today’s ERP systems, such as those from SAP, Oracle or Microsoft, keep track of almost everything. These enormous databases contain a great deal of raw and unusable information in its current form. On top of that, multiple databases often lack unambiguous structure, have qualitative and quantitative information interchangeably, and do not lend themselves to simple statistical computations. Its analysis calls in advanced data transformation and interpretation skills, which often may not be available in-house. This lack of resources can put your organization at risk.
How to gain a competitive advantage with the help of data analytics tools?
Maintaining or even increasing a competitive advantage is vital for companies. Implementing technological innovations and continuously staying up-to-date with the latest technologies allow corporations the opportunity to lead the market. Suppose an organization is not investing in data experts who can transform data collected by organizations into insightful information and help a business with its decision-making processes; it will fail to have a competitive advantage.
How will a data expert help your organization?
First and foremost, a data expert has strong consideration for detail. They are well-organized and will take the time to entirely understand the definition of each metric and piece of data. It is easy when studying an extensive data set to miss flaws and misclassify items. A data expert will know how to avoid these kinds of errors that might lead you down the wrong path.
A data expert will know what data to look for to answer your questions. They will simplify the answer to your question by only giving you the analysis that matters and leaving out all of the data with no bearing on the specific conversation. Besides mastery of statistics and analytical methods, a data expert will know how to tell a story with numbers.
How can we, as Deloitte, help you with Data Analytics?
At Deloitte’s Business Process Solutions (BPS), we can help to avoid this risk. Our service line, Center of Analytics & Robotics Excellence (CARE), offers professionals who are experts in the field of Data Analytics. They are skilled in the processes of data extraction, validation, sorting, and structuring. With the aid of tools such as Excel (VBA), SQL, Java, Python, .Net, and Spotlight, our team establishes a well-organized database. Our data experts will provide the extraction of important information and insights and leave you with tools that allow you to merge new data and build a master database with a few simple clicks. This will result in the continuous updating of insights, which helps management in optimizing business decision-making. This also applies to situations in which new data is coming in and has to be processed regularly. For example, in the case of monthly delivered sales data, instead of manually filtering the relevant data and performing separate calculations each month to visualize the company’s growth and profitability, our CARE professionals can build solutions to automate this task for you. Instead of taking hours of an employee’s schedule to perform the right analysis, the same can be achieved by only a click of a button. This frees up a huge amount of time and resources to invest in other business activities and also prevents human errors, resulting in data insights that are fully representative of reality. In addition to these specific examples, the possibilities within Data Analytics are endless and can be tailored to your specific company needs.
Are you interested in finding out how?
Our team can conduct a data flow assessment and engage in a dialogue about how together we can generate value for your organization.
Do you wish to go further than Data Analytics alone, and do you also want to visualize your KPI’s in appealing management dashboards to be used internally and in presentations outside your organization? Or do you want to improve your data generation by automating standard processes? Please find out about our services in Business Intelligence and Robotic Process Automation.