The recent availability and generation of data has created multiple business opportunities. Decision support has been taken to a new level. The explosion in data has created new platforms to create better business decisions. It is a world of Business Intelligence that enable organizations to be proactive and not just react to market changes. It allows organizations to increase the pace of innovation and improve business processes. Big Data creates data driven organizations.
Companies can use current and historical sales data to adjust manufacturing and fulfillment levels. It facilitates just in time stocks, the right product mix, reduce inventory levels and prevent out of stock situations for consumers. All this while margins are improved and marketing is able to approach customers in a personalized way and with the trade promotions that the market wants. Insurance companies can use large amounts of transactions to measure risks, conduct what if scenarios, stress tests, add external factors to generate exposure and risk analysis.
The Big Data Opportunity
The opportunity is to leverage all the data – the data assets to be proactive and enhance the business opportunities, capture new markets, customers, increase margins. The key is to leverage the value of the large amounts of data, identify the ideal business areas of an organization and maximize the use of technology to get the best business insight and edge. Most organizations do not use Business Intelligence and Analytics effectively. The vast majority are not leveraging the data and turning it into “Business Intelligence”. Companies have “Data Warehouses” or a collection of data in one place. Less than 20% of companies have mature Business Intelligence that are used in the execution of the company business strategy. Executives get out of date or incorrect information. However, companies that leverage Business Intelligence and Big Data are more competitive and profitable.
Big Data can be deployed using the SAP HANA platform. It is technology that delivers real-time business information and streamlines the Information Technology architecture of organizations. It enables businesses to report on large data volumes using low cost storage. It provides business the capability for deep dives of the data at faster speeds and more efficient processing. It accelerates Big Data reporting across the organization. The data sources can be various. They could be machine, human, unstructured and structure data. The data can be analyzed real time without the need of loading data. It allows users to connect the dots and provide the basis for users to create a vision for their organization. You get a view of the details of your organization. It allows you to consume and use details not possible before.
Big Data empowers users to harness the values of data in your organization, simplify the technology footprint and reduce your information technology costs. Visualize the data to make better business decisions. Forecast and predict across the enterprise to deliver a true understanding of the business. Big Data gives you the capability to see what is ahead not the past. Create real-time interactive dashboards to identify trends, fraud identification, customer profitability, and more. Big Data delivers results to real tangible business issues.
Big Data Business Transformation
Our focus is on Business Transformation enabling our clients to realize the return on their Big Data investment. In most implementations, companies focus on the system implementation and overlook the business implementation.
Our dedicated Big Data practitioners have a Business-first mindset, to define the business problem to be solved, map it to the desired future state with clearly defined business outcomes. We are uniquely positioned to understand our clients business, sales, marketing, accounting, finance and technology issues, often called a Business Integrator. We offer support across the enterprise in areas such as Finance Transformation, Business Process Improvement, Tax, IT Strategy, Shared Services and Outsourcing, People and Change Management.
We focus on mission-critical work streams such as program and project management, business process design, organization and behavioral change management, data and information management, and security and controls design. Our methodology and tools are proven. Our people are experienced and objective, which enables us to develop a unique customized approach.
Big Data Proactive Risk Management
Leveraging the real-time and predictive power of Big Data, these applications help companies answer dynamic forward-looking questions to develop proactive risk management capabilities and protect their assets while driving growth.
Big Data and Fraud Management
Independent studies indicate that fraudulent behavior not only costs companies billions in lost revenues but can also damage reputations. Risk officers and fraud investigators today are looking at adopting new technologies that will help them take a proactive approach to managing fraud in their organizations. However, many of today’s tools fail to identify fraud until after loss has occurred. The cost of using these tools is high, and the return is low. You can overcome these challenges and implement effective fraud prevention strategies that can drastically reduce financial losses with early fraud detection.
Generating Business Value from Big Data and Analytics
Business has fundamentally changed – your competitors (known and unknown) are harnessing data to drive growth and profitability now.
The keys for Success are:
Understanding the non-obvious connections in the complex, global and ever-changing economy
Dynamic analytics solutions to improve the agility of the business. Our Big Data solutions:
Automatically identify relevant changes in the constantly changing environment
Account for the effects of those changes on your business
Provide sound decision support within this context
Holistically addressing the growth, efficiency and risk mitigation agendas.
A data-driven organization embeds the ability to harness data in every aspect of its business, including how decisions are made, how processes are operated, and how people are enabled.
Success depends on:
Elevation of the importance of data and its robust uses to a C-Level priority that informs all actions
Willingness to change process, people and technology together
Keen attention to the cultural elements
Moving from gut instinct to reliance on objective data
Incentivizing employees to test new concepts
Moving from ownership to stewardship of data.
Data is a business raw material that becomes valuable through the use of analytics. Big Data requires advanced analytics and technology to capture the value.
Success is achieve by:
Solid handle on data available throughout the organization, enhanced with access to relevant 3rd party data
Strong information management to fully access and leverage of your business data
Technology capability to transform big data into usable data for qualitative and quantitative analytics
Diverse analytics capabilities embedded throughout the organization.
Data and analytics is not simply about technology. A business problem orientation helps to zero in on the right data and apply the right analytics to generate tangible value.
The Critical Success Factors are:
Clear definition and prioritization of the business problems to be solved
Helps identify the most relevant data
Focuses new analytics to deploy
Provides clear success criteria
Think big, prove small – pilot data integration and analytics to determine if they provide the business solution
Strong understanding of how various data and analytics technologies fit together and how they work with your legacy systems.
New opportunities, new risks – while data is a valuable asset, new uses of it pose new risks – organizations need to carefully balance them.
Success will be driven by:
Understanding the pieces of the puzzle your data answers for those outside of your traditional value chain can provide new revenue opportunities
Strong data governance by design balances the risk of using data with the reward of capitalizing on it
Robust information protection policies and controls implemented through technology reduces compliance and breach risks.