Data And Analytics
The business insights mix: analytics, business intelligence, and traditional reporting
Businesses are using a combination of advanced analytics – including predictive and prescriptive models, machine learning and artificial intelligence (AI) – business intelligence and traditional reporting to develop insights. The mix is determined by the needs and ambitions of each individual organization. However, the emphasis of energy, resources and value is increasingly shifting more towards analytics.
The nature of business information is changing too. It involves not only much larger volumes, hence the term ‘big data’, but also greater variety – including not just your business but your customers’ and consumers’ data, for example.
Data sources are becoming more disparate and, often, externally sourced. The increasing digitization of both people’s behaviors and the objects they use is providing a wealth of new data to mine. So the net is cast far wider and more dynamically, with a great variety of unstructured data, such as social media, constantly streaming in. Data has gone from a matter of record to a major strategic asset.
Data and analytics capabilities
Getting the right data and analytics capabilities in place is a key pre-requisite for effective delivery. Our data and analytics capability framework, and the accompanying maturity assessment tool, can provide a great place to start.
If you’re starting from scratch, or maturity is low and this area needs a substantive boost or reset, then it may help to evaluate a full data strategy to define what you need and plot a path to put these capabilities in place. If your organization already has some capabilities in place, then a maturity assessment across all six capability areas can still be helpful to highlight any gaps or areas to target for improvement.
Data and analytics delivery consultancy: continuous agile delivery
Delivering business insights through great data and analytics capabilities is typically not a ‘project’ with a hard start and finish. It’s a continuous capability which will develop as the business need and technology evolves. The Le Monde Macro Partnership can help you embed a data and analytics capability as part of your organization, with continuous evolution.
We bring the relevant sector-specific business understanding and consulting insight that’s key to applying data and analytics to your business successfully. We have worked on some of the world’s leading analytics, insight and big data transformations – from early vision, strategy and business case, all the way through to the hard yards of execution. This gives us the pragmatic experience to cut through the hype and help you understand how to drive the most practical value from analytics, insight and big data in your business.