October 09, 2014
What is Analytics?
By: David Cleere
The term “analytics” has exploded over the past years and is now one of today’s hottest buzzwords along with its acquaintances “big data” and “data scientist”. It all sounds great, but what is it really? To be honest, I wasn’t really too familiar with the term either when I first applied for the graduate programme in the Accenture Analytics Innovation Centre.
The journey begins many years ago, when databases were poorly structured and maintained. Some companies were using Excel spreadsheets for database management which poses a new level of problems and security threats. The value of data was underestimated and reporting on it was underwhelming. However, gradually, companies saw the value in data. Databases were implemented and maintained, business operations were using ad-hoc reporting to understand the market and their customers and this led to the growth of business intelligence and making strategic decisions based on fact.
Jump into the present day, where companies are investing large sums of money in database systems, hiring analytical talent and moving towards the digital landscape where data is a cornerstone in understanding customer behaviour and the market. So, with all this new extensive data and new talent to handle it, what is the next step? Analytics! By utilising this well managed, clean data, by manipulating it and understanding the data acquisition process, it is possible to gain insights into your business never seen before. Some of the questions that analytics is answering today includes; Can we predict what group of mobile customers are most likely to churn? What insurance claims are most likely to be fraudulent? What individuals are not paying the correct tax rate on their savings? And much, much more…
In sum, it is the use of statistical techniques and software to gain insights into a business process/entity that can then be turned into actionable outcomes, driving business growth! If you want to be part of this exploding market and help businesses get more from their data than ever before, apply for the Accenture Analytics programme before the 14th November.