ADDRESSING THE 'HUMAN ELEMENT' IN DATA ANALYTICS

Headquartered in London, EY is a multinational professional services firm which provides Assurance, Advisory, Tax & Transaction Advisory Services that helps to fuilfill regulatory requirements, keep investors informed and meet stakeholder needs.

- Chris Mazzei

What are the current market trends you see shaping the data analytics space? What is your take on incorporating those trends to make them effective through your solutions?

EY recently launched a joint survey with Forbes Insights on this very topic. Some of the key findings revealed that leading organizations that use advanced analytics are seeing double-digit growth of above 15 percent in revenues and operating margins, as well as improved risk profiles. Furthermore, half of the global survey participants plan to allocate at least $10 million over the next two years.

The survey also revealed that fundamental problems arise at the crucial linkages, synapses, between the steps organizations take as they move from identifying new business opportunities, acting on insights and then measuring the outcomes. These synapses connect key steps in the analytics lifecycle: Competitive differentiation, operating model, initiative design, intervention design, and measurement and learning.

From a functional department standpoint, the findings also revealed:

• Customer service caught-up with IT for the #1 spot

•Customer service and sales made the largest improvement year-over-year

• Human resources showed the biggest jump, driven by intense global competition for talent

• Strategy and innovation behind all departments

Data in the survey is pretty compelling and gets to analytics being an enterprise capability that can add value across the organization. This also highlights the need to have a proper organizational model and management of a portfolio of initiatives. Our solutions are meant to help organizations really accelerate and scale the value that can be created across the organization.