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July 28, 2017
Solving Business Problems with Analytics
By: James Robertson

Many Internet-based businesses rely on analytics to create business models and companies of significant value. However, companies in all industries, whether it is retail, industrial equipment, or financial services, have realized that they are sitting on huge amounts of data that remain in storage but can become a source of competitive advantage. In the past, IT departments have been responsible for maintaining and providing this data to other functions and lines of business in a company, but IT departments have not been able to provide the analytical, business partnering, and consulting skills that are needed to solve complex business problems.

Data scientists, a term that has emerged in the past decade, are skilled at working with a wide variety of data to understand and find solutions to problems that not so long ago were impossible to solve. Much of what data scientists do has remained in the shadows and been something of a mysterious black box that takes inputs and produces outputs using algorithms and rules not understood by business leaders.

As a manager, you need to be able to:

  • Work with data scientists in a collaborative way.
  • Understand and agree with how models work to incorporate specific models into a team’s decision making. Without this understanding and participation in the analytics process, you will lack the confidence in the model and will not realize its full benefits.

Do you have a strategy for implementing analytics in your company that is comprehensive and lays out a plan for improving decision making using analytics? Have you worked with analytics teams and understood their team structure and work? Do you know where and how your team should be involved in the process? Successful analytics projects are characterized by business and analytics teams working together collaboratively with mutual respect for each other and the willingness to challenge assumptions. The Accenture Academy courses Develop an Analytics Strategy, Foundational Skills of a Strong Analytics Team, and Build an Analytics Culture will provide a solid foundation for developing an analytics strategy, an understanding of how the best analytics projects are executed, and the key elements of building an analytics culture in your company.

About Accenture Academy

Accenture Academy offers proven, cost-effective learning solutions for a more versatile workforce and a more agile organization. We provide a flexible learning approach that helps your people be more versatile and your entire organization be more agile in the marketplace. Curriculum includes Supply Chain Management, Finance, Procurement, Analytics, Leadership & Management and Specialty Skills.

LEARN MORE ABOUT ACCENTURE ACADEMY 

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