Data Analytics is the practice of using a range of approaches and solutions applied to data in order to drive business strategy and performance, manage and mitigate risk and meet specific business imperatives. The below diagram describes the data analytics continuum across data strategy and foundation, descriptive analytics (Hindsight), prescriptive analytics (Insight) and predictive analytics (Foresight).
Our data analytics specialists provide a range of services to help you explore evidence, and to model past and possible future events by using a systematic approach to modelling by analysing structured and semi-structured data. Our solutions include the use visual and interactive models that enable our users to interrogate the data in a simple and intuitive manner.
Combining our data analytics specialists with deep financial crime subject matter experts, we are able to build descriptive, prescriptive and predictive analytics models to answer questions relating to key financial crime risk topics including fraud, bribery and corruption, money laundering and sanctions. Some examples include, fraud detection; sanctions screening and look-backs; customer risk rating algorithms, AML data remediation and transaction anomaly detection.
Using effective user interface and experience standards, our data analytics specialists are able to bring your data to life through aesthetically pleasing and interactive visualisation models and dash-boards. These are purpose built to solve for a wide range of business needs, for example; executive KRI’s and KPI’s, operational monitoring and reporting, marketing campaign effectiveness, compliance monitoring, predictive and scenario planning to name a few.
Business users often face the challenge of having complex advanced analytical models that simply do not answer the business question. At Deloitte, we combine our subject matter experts with our data analytics specialists to design and develop descriptive, prescriptive and predictive models in a manner that generate insights aligned to the business need and in a way that is easily understood and explained by the business user.