The secret to business transformation may be buried in the avalanche of data that companies gather. Strong, separately resourced data and analytics functions can translate information into insights that drive corporate strategy and long-term value.
“If you’re not building an operating model around data and analytics, you are falling behind your competition,” Louise Keely, EY-Parthenon Principal at Ernst & Young LLP, says.
Elevating analytics to gain a competitive edge
Most companies use some form of analytics to examine customer, distribution and production information, as well as other aspects of the business. Few, however, capture the full potential of analytics as a transformational platform where:
- Analytics are available on demand and can be dynamically utilized to make real-time business decisions
- Integrated strategic, operational and financial forecasting and planning is enabled by internal and external data with advanced analytics and machine learning driving predictions
- The organization makes a long-term investment in artificial intelligence (AI) that includes leveraging an ecosystem of partners in both technology and data providers