transformative capabilities of data and analytics
Comment this post (DL) W3-T1
Pricewaterhouse Coopers is one of the Big 4 accounting firms and they are fully embraced in data analytics and innovative technology. “We deploy the transformative capabilities of data and analytics from strategy and design through to execution and technology enablement” (PricewaterhouseCoopers, 2019, para 2). They support their clients with both technology and data analysis.
PWC educates their customers in what their data analysis means for their business and how to best interpret the results. “We put leading-edge data and analytics to work solving our clients’ most critical issues, so they can focus on defining their future – faster” (PricewaterhouseCoopers, 2019, para 2). PWC is continuously moving forward with data analysis and any innovations that will further benefit their clients’ decision-making.
Much the same as PWC, Ernst & Young are also one of the Big 4 and offer data analytics services for their clients. They have taken their technology integration a step further with the use of artificial intelligence, “Infusion means that by embedding analytics and artificial intelligence (AI) into the very core of your business processes, we can help you drive capital allocation strategies and investment decisions, create an end-to-end digital audit, generate new revenue opportunities, manage risk, conduct investigations, measure financial and nonfinancial performance, capture tax big data to inform decisions, increase customer satisfaction, and improve the customer experience” (Ernst & Young, n.d., para 2). It is evident that E&Y is there for their clients in all ways that data analytics and innovative technology allow them to be. They too continue to seek new ways to benefit their clients and their use of data.
New technology appears to be the bridge necessary to close the gap between big data and it analytics. Acquiring the data is only part of the process, while “The ability to analyze meaningful and relevant data and convert data to information, knowledge, and ultimately action in time to favorably influence an organization is a key competitive differentiator” (Bumblauskas, Nold, Bumblauskas, & Igou, 2017, p. 703). The current use of technology in data analytics is still suffering some barriers with knowledgeable professionals, training and education. Moving forward, these barriers should steadily disappear as data analytics further integrates with the technology and it becomes a regular occurrence in the business structure.
Comment this post (DL) W3-T2 (AM)
All organizations disregarding their size needs meaningful data and insights specially when the organization needs to understand their target market and customer needs, it even play a crucial role in anticipating their preferences. For organizations big data provide a picture that helps understand trends, patterns and preferences from a large database produce when people interact with them and each other (simplilearn.com).
Based on the video “Using Big Data to Help Retailers Improve Their Business” states that big data is an organization biggest asset and challenge since it is key to understand and engage their consumer in a different way. It allow to plan efficiently and effectively their strategy to optimize their organization at the store level and globally in their supply chain management through increased visibility and flexibility, Reliable Software, n.d.).
Todays consumer knows more about the organization as the organization knows more about their consumers, without a proper data analytics the organization can be missing on unidentified values and can’t also properly connect with their customers by not offering the products that their customers really needs. Big Data can certainly hep with identifying acquisition patterns, collaborative filtering, customer specific scorecards, current store sales modeling and optimizing their sale price scheme.
As the video states, having the ability to figure out what the customer is going to do and beyond and for how much is a powerful tool that provide a competitive edge.