Future of Analytics The Lure, Promise and Pitfall of Data Terry Smagh Business Unit Executive Analytics – Asia Pacific
We all walk past solvable problems and leave opportunities untapped every day TM
W HAT ’ S CHANGED IN THE WORLD TODAY ? The advent of The re-invention A world awash cognitive of the world with data computing in code Yet only 15% of organizations have the capability to leverage data and advanced analytics across their organization. HBR Insight Economy Study
O UR POINT OF VIEW Data is the new basis of competitive advantage Front runners will: Drive business Capture the time Change the game in their industry and profession outcomes value of data by infusing analytics into by applying more by developing everything. “ speed of insight ” sophisticated analytics and “ speed of action ” across more disparate data sources in more parts of as core differentiators. their organization.
D ATA I S B ECOMING THE W ORLD ’ S N EW N ATURAL R ESOURCE FOR C REATING D IGITAL V ALUE AND B EATING THE C OMPETITION Yet only 15% of organizations have the capability to leverage data and advanced analytics across their organization. 2015 HBR Insight Economy Study
We surveyed a number of businesses Identified 341 respondents based upon their usage of big data and analytics tools for innovation Conducted cluster analysis with 81 variables Posed questions with the following themes: Goals for innovation Barriers to innovation Metrics to measure innovation returns Treatment and types of innovation projects How big data and analytics are used to innovate
Clustered the results Challenges around data were amongst the top 3 followed by skills and culture Data quality 63% Data accessibility 48% Data availability 48% Availability of skills 35% Knowledge of using data to impact change 31% Risk of operational disruption 23% Funding constraints 21% n=341
T HREE DISTINCT GROUPS EMERGED Leaders Successfully innovate using big Strugglers data and analytics 29% Struggle to support innovation 41 % with big data and analytics 30% Strivers Strive to develop innovation based on big data and analytics
And then what makes those groups we looked at Different 8% Outperformers Out- 40% 52% Organisations that achieved performers high revenue growth and profitability n=25 Leaders Strivers Strugglers Underperformers 18% 40% Under- Organisations that achieved low revenue growth performers 42% and profitability n=97
O UT -P ERFORMERS make better use of data than Under-Performers!
M AKE D ATA S IMPLE WITH AN “O PEN FOR D ATA ” S TRATEGY T HAT A CCELERATES THE P ACE AND A GILITY OF I NSIGHT AND I NNOVATION Empower All Data Enable More Build Better Professionals Discoveries Engagement with a user-centric, of new and unknown using a range of subscription-like, and trends with all data and managed data services collaborative approach put them into action that seamlessly scale With Open Data Examination and Trust provide governance, security, trust, and curation across the entire data lifecycle And an Open Source and Hybrid Cloud Platform Approach faster innovation, greater flexibility, and a better user experience
E MPOWER A LL U SERS T HAT U SE D ATA W ITH THE T OOLS T HEY W ANT – D ELIVERED V IA C ONSUMER S UBSCRIPTION - LIKE M ODEL OUTPUT INPUT Deliver and Understand Key Considerations Data deploy model problem and Engineers domain • Self-service, on- demand access Communicate Ingest • Start small and grow results data • Subscribe to the Data multiple tools you Scientists want, include open Create and Explore & source-based build model understand data • Ability to seamlessly collaborate Business • Ensure control, Analysts security, and Transform: clean governance Evaluate Transform: shape App ANALYSIS Developers
S OME ORGANIZATIONS ARE USING ANALYTICS TO SEIZE OPPORTUNITIES AND SOLVE PROBLEMS , TRANSFORMING INDUSTRIES , ORGANIZATIONS AND PROFESSIONS Complying with mandates, Understanding risk, Exploring data for understanding clients competitive advantage accelerating decisions Credit Reporting + 9.5M+ consumers identified for Queries of 2.5 billion transactions Penalty risk reduced to <1% Savings: ~ € 300,000 business opportunity signals 50%+ faster, reports 70% faster Real-Time Fraud Identifying Understanding Analysis traffic risk factors customer behavior 80% reduction in Millions of Euros of illegally serious accidents 100% increase in subscribers shipped goods seized
C OGNITIVE • Cognitive business BUSINESS IS A The next evolution of human THINKING and systems capabilities, where technology enhances, scales and BUSINESS accelerates human expertise
D ATA AND A NALYTICS ARE THE N ECESSARY F OUNDATION FOR A C OGNITIVE B USINESS Make sense of industry business needs and take action + + DESCRIPTIVE PREDICTIVE COGNITIVE Understand Discover Predict Reason Report Decide Learn Analyze Act Gain unique insight into people, things and businesses + + DATA YOU POSSESS DATA THAT HELPS YOU COMPETE DATA THAT’S IN MOTION Customer records News Internet of Things Transactional systems Events Sensory data Institutional expertise Image data Geo-spatial Operational systems Social media Weather Content systems
T HE C OGNITIVE INDUSTRY Integrating Cognitive Computing , a data driven Digital Network and a secure and scalable Infrastructure to drive value from business “ecosystems” Mobile & Social Machine Learning Algorithms Omni-channel Cognitive Digital Natural Language Computing Network Processing Analytics Predictive Analytics Digital Operations Cognitive IT Infrastructure Customer Economic Choices Big Data Business Enabling Customer Integration Eco-systems Infrastructure Value Chains Security Ecosystem Data, Services, and Partners Resilience Cloud Enabled Platform
We all walk past solvable problems and leave opportunities untapped every day It’s time to seize this moment
C OGNITIVE BUSINESS IS A THINKING BUSINESS
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