Data & Analytics
Data is an essential part of every business. Typically, transactions record business activity, reports and dashboards provide operational insight into that activity, and ad hoc queries and analytics provide deeper answers to questions about the business. The technologies supporting these needs has been called Business Intelligence (BI), and experience has shown its application has been more focused on reports, dashboards, and queries about what has happened in the business more than looking forward to prepare the business for what is coming. Technically, this distinction is Descriptive Analytics that describe what has occurred and Predictive or Inferential Analytics that infer what might happen in the future.
Descriptive Analytics solutions provide value by identifying problems needing attention, but only after they have occurred. While this is valuable, Predictive Analytics has the greater potential for delivering business value. After all, insight into what may happen provides an opportunity to prepare to capture potential value that will benefit the business through big data solutions. The lesson learned from best-in-class companies is to focus business analytics on forward-looking business success.
RCG's philosophy is that the purpose of Data & Analytics is:
- Analytics should be used for Value Realization (analytic results that measurably increase revenues or decrease expenses);
- Creating accurate analytics requires Trustworthy Data Development (developing data ready to be used without any additional preparation or manipulation);
- Developing Trustworthy Data requires Business Data Management (the management process that ensures business data is trustworthy); and
If an organization has problems in these areas, it needs to perform an Information Strategy (the Roadmap to realizing business value from data and analytic areas of opportunity).