| | December 20208What are the current market trends you see shaping the data analytics space? What is your take on incor-porating 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 see-ing 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 busi-ness 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 measure-ment 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 in-tense global competition for talent· Strategy and innovation behind all departments Data in the survey is pretty compelling and gets to an-alytics 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 or-ganizations really accelerate and scale the value that can be created across the organization.What are the common businesses challenges organiza-tions providing data analytics services face at this point in time? As a technology enthusiast, please opine your views on the steps organizations should take in combat-ing those.The `human element' continues to be a common pain-point in realizing value and driving transformational change. Culture, collaboration, and skills were cited as the biggest challenges throughout the analytics lifecycle. We define the human element as: culture & leadership; organizational & process design; learning & development and skills & in-centives. There needs to be better collaboration among IT, data analytics and business teams.Here are a few recommendations to address this:Ensure advanced analytics initiatives are closely aligned with the overall business strategy and how the organiza-tion creates competitive differentiation. As more data is unified and created across the enterprise, leadership has the opportunity to ask better questions and leverage an asset that their competitors do not possess­insights about their operations and customers.Rapidly changing workforce demands and the demand for on-site technology silver bullets have pushed technol-ogy executives towards performing a balancing act. What are your views on how these can be timed to execution?ADDRESSING THE 'HUMAN ELEMENT' IN DATA ANALYTICSBy Chris Mazzei, Global Chief Analytics Officer, EYHeadquartered 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.IN MY OPINION
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