The rise of advanced analytics
Global businesses are turning to analytics as they seek to extract value from vast amounts of internal and external data. Advanced analytics offer sophisticated tools that can deliver more granular analysis of unstructured, diverse data sets to uncover predictive and prescriptive insights that were unavailable to analysts just a few years ago.
Advanced analytics solutions can help organizations use data to make smarter decisions, deliver better service and experiences, and manage risk and compliance. But using this technology effectively takes considerable planning, new skills and technical expertise.
As a leading enterprise benchmarking firm and strategic consulting organization, The Hackett Group® helps organizations around the world to adopt technologies, implement best practices and develop the talent to accelerate the role that advanced analytics can play in moving the business forward.
The benefits of advanced analytics
By transforming core business processes through improved efficiency, speed and accuracy, advanced analytics offer significant benefits for every aspect of the enterprise.
Real-time data and analytics reporting and intelligence are key to smart automation, helping to enhance user experiences, improve capacity planning and demand forecasting, increase capital expenditure performance, and heighten process efficiency and quality.
The on-demand intelligence provided by advanced analytics can inform HR operations, assessments and talent management strategy, helping to enhance worker experiences and increase productivity, collaboration, and innovation.
By improving visibility, tracking and anomaly discovery in supplier relationships, advanced analytics helps organizations improve vendor efficiency, simplify service-level agreement tracking, optimize vendor portfolios, and streamline procurement and contract compliance.
Data and analytics systems can alert to service disruptions, report signs of fraud, uncover cyberattacks and improve the accuracy of forecasting.
By enabling customer personas and digital twins, analytics support smarter testing and targeting of services to deliver better customer experiences, improve loyalty, reduce churn, and increase the lifetime value of customers.
Marketing and sales management
Real-time analysis and reporting can inform decisions and actions in a disruptive marketplace to increase channel optimization, enhance campaign performance, and identify more opportunities for upselling and cross-selling.
By facilitating decisions related to products, customers, competitors and markets, advanced analytics help organizations achieve faster time-to-market with optimal product pricing and enhanced profitability.
Advanced analytics with The Hackett Group
The Hackett Group is an intellectual property-based strategic consultancy that helps global businesses to measure performance excellence, adopt new operating models, accelerate business transformation and uncover breakthrough business insights. Offering a broad array of solutions and services for digital transformation, The Hackett Group draws insight from benchmark studies with the world’s leading businesses.
When assisting organizations in implementing advanced analytics, our teams facilitate the careful planning and strategic decisions that allow businesses to become analytics-first organizations. We help companies define and focus on the highest-value opportunities first, and we outline the investments and capabilities required to deliver and consume analytics in a way that enhances services and decision-making.
Our analytics consultants assist organizations in answering the questions that are fundamental to implementing and benefiting from advanced analytics technologies:
- Data sources. What data is required to answer the most important questions about the business and its functions, processes, and projects?
- Methodology. What techniques, methods and tools will best deliver actionable insight from selected data sets? What analytics skills does the company currently have and how can gaps in skills be addressed?
- Data consumption. How can insight from analytics best be distributed and consumed to efficiently inform the organization’s most important decisions?
- Governance. What frameworks and controls must be in place to ensure data quality, timeliness, and relevance?
Key considerations for adoption
The Hackett Group encourages organizations to reflect on several key considerations as they explore and adopt advanced analytics capabilities.
To avoid overwhelming the organization with vast amounts of data and insights, the use of analytics must be guided by business strategy. This will avoid wasted investments and prevent analysts from becoming bogged down in less-valuable pursuits.
Organizations must adopt data management fundamentals – including master data definitions and governance practices – that enable users throughout the organization to reliably collect and use data.
Automation and digitization
By designing processes to automatically capture and digitize data, organizations can enable more efficient analysis to identify patterns and develop insight.
Service delivery model
Blind spots can occur when advanced analytics technology grows organically within an organization. For this reason, it’s essential to be proactive in creating a service delivery model that allows the entire company to make the best use of analytics technology.
Service delivery models must balance specialized expertise with self-service capabilities.
Roles and skills
Realizing the full potential of advanced analytics requires a new approach to talent management with support for talent that can commission outcomes for their functions. This will allow analytics to be democratized and commissioned, created, and used at multiple levels of the business.
Why choose The Hackett Group?
The Hackett Group is a leading global strategy and operations consulting firm with recognized expertise in performance benchmarking and business process change. Our services include business transformation, enterprise analytics, working capital management and global business services. We offer dedicated expertise in business strategy, operations, strategic sourcing, information technology and finance, including services for zero-based budgeting and optimizing the order-to-cash process.
We have completed more than 25,000 benchmarking studies, and the results from these endeavors drive our Best Practice Intelligence Center™. This exclusive asset includes benchmarking metrics, a best practices repository, and best practice configuration guides and process flows that enable our clients and partners to achieve world-class performance.
What is advanced analytics?
Advanced analytics provides technology that help organizations harness the value of vast amounts of data to enhance processes and organizational performance. Offering sophisticated tools and a granular level of analysis on unstructured data sets, advanced analytics can help uncover deeper insights, make more accurate predictions and generate more beneficial recommendations.
What are the benefits of advanced analytics?
Advanced analytics can help organizations improve service, manage risk, streamline compliance and make smarter decisions that move the business forward.
What is The Hackett Group?
The Hackett Group (NASDAQ: HCKT) is an intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices digital transformation firm to global companies, offering digital transformation including robotic process automation and enterprise cloud application implementation. Services include business transformation, enterprise analytics, working capital management and global business services.