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EPM

Big Data Analytics Market to increase to over $40 billion by 2023

by Mike Jones 15/01/2019

Big data analytics is continuing to be a rapidly progressing industry with no indication of slowing down.

According to data provided by ResearchandMarkets.com, the global data analytics market is expected to reach a value of over $40 billion by 2023, with a combined annual growth rate of just under 30% from 2017 until 2023.

The Asia-Pacific market, in particular, is showing strong interest in the big data market. A growth forecast report from the IDC suggests that there is a strong appeal for big data in the Asia Pacific and will likely have a significant influence in future growth of the market.

The report states that revenue from big data in APAC will likely exceed $15 billion by 2022. More specifically, the Chinese market is predicted to be the market leader in the APAC region, followed by Australia.

 

Companies recognising the business value of analytics

Many businesses are now fully aware of how critical data analytics is in supporting companies making decisions and this realisation of the potential is driving further demand for this technology. Data from a recent SAS survey suggests that over 70% of respondents believed analytics provided valuable insights and a further 60% believed that data analytics enabled their business to continue innovating.

Many of these businesses do, however, encounter certain challenges, in particular relating to data that isn’t commonly used in a business. A study from Exasol explored companies within the UK and Germany and discovered that over 80% of respondents were unable to confirm the location of vital data. A further 55% also confirmed that data fragmentation across various locations was making it more difficult to extract all the relevant information.

Understanding big data analytics requires businesses to invest in specific resources that will ensure they meet their goal. Utilising the data in the most effective way will support the progression of the big data analytics market and at the same time tackle some of the risks connected to ‘dark data’, including security and compliance with data privacy regulations.

Furthermore, data related careers are becoming more attractive and companies are more willing to hire data professionals. The growing interest is data jobs is increasing the overall market value. Some businesses are already starting to benefit from people looking to pursue data related careers. For example, the leading budget airline, EasyJet announced a three-fold surge in the number of data science employees, with further plans to hire another 30 data scientists. According to their chief data officer, the added focus on data analytics will enable the business to control the damage that some factors can have on the airline. Big data allows Easy Jet to forecast certain changes that can influence business performance.

IoT systems are producing colossal amounts of data

IoT technology is used by many people today and this involves devices send and collecting huge amounts of data. According to a recent study, the total data produced from IoT devices will exceed 500 zettabytes each year by the end of 2019.  Many businesses are now utilising data from IoT devices to understand things that weren’t possible without connected devices. Many businesses that use IoT devices are not necessarily utilising the opportunities available from the collected data. The increase in IoT devices and the data provided will support further market success in the future. As businesses continue to explore innovative ways to use their data or look to employ data professionals, the market will continue to prosper.

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Maximising your business potential with real time data analytics

Leading EPM business Host Analytics to be acquired by Vector Capital

by Mike Jones 15/01/2019

Host Analytics, a leading provider of cloud-based EPM solutions has confirmed an agreement to be acquired by a major private equity firm, Vector Capital.

The business focuses on transformational investments across technology companies. Within the agreement, StarVest Partners, the biggest shareholder in Host Analytics will remain a major investor in the business.

Dave Kellogg, the chief executive of Host Analytics explained to media that they are very excited to be collaborating with Vector Capital and enhancing their potential growth within the continued expanding EPM market. Kellogg emphasises that Vector Capital offers a range of financial and operational resources, along with an expert team that offers an experienced track record and an innovative plan to progress the business further forward.

David Fishman, the managing director at Vector Capital explains that Host Analytics provides a combination of innovative products, an experienced and skilled workforce and a range of leading blue-chip customers, providing an ideal platform for future development. Fishman highlights how impressed by the strong business focus of Host Analytics and is impressed by the planned product roadmap.

Stephen Goodman, the vice president at Vector Capital stated that they believe Host Analytics is ideally positioned to gain from the range of opportunities within the cloud EPM marketplace. Goodman explains how excited they are to invest in Host Analytics to deliver new organic market opportunities and via new acquisitions.

Vector will provide the financial transaction from Vector Capital V, a fund valued at $1.4 billion raised in 2017 to invest specifically in technology companies within the software, internet, digital media and communications. Host Analytics will continue to maintain its main headquarters in California and will continue to offer leading EPM services to its customers worldwide.

Ray Wang, principal analyst and founder of Constellation Research explains that customers expect leading EPM businesses to offer new product innovation and growth. According to Wang, this acquisition will enable Host Analytics to acquire other vendors and continued to develop their capabilities for existing and new customers.

The proposed acquisition is due to close within the next few weeks, subject to confirmation from regulatory authorities. The overall agreement has already been approved by the Host Analytics board of directors.

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EPM

Positive Plans for Vena Solutions

by Mike Jones 15/01/2019

Vena Solution has recently announced it has raised $115 million in funding managed by the business JMI Equity.

Its current investor, Centana Growth Partners was also a participant in the latest funding round, reinvesting again after managing the previous funding round in 2016.

This is one of the four major events in the industry over the last few months. Anaplan went through the process of an IPO. Adaptive Insights was then purchased by Workday and Host Analytics was bought by Vector Capital.

JMI Equity has gained experience in the industry after prior investment plans in Adaptive Insights. Industry sources suggest that investments typically range from $15 million up to $125 million. It is believed the actual investment figure made by JMI Equity was in the region of $80 million.

Peter Arrowsmith, the general partner at JMI Equity explained that the business will select companies to invest in with proven business models and a clear opportunity to enhance further growth. Arrowsmith emphasised that Vena Solutions ticked all the boxes, explaining that their customers aren’t just satisfied with the service but are passionate about the company products and the solutions it offers within the finance market. Arrowsmith states that they are very much looking forward to collaborating with the Vena team to further expand the business and its associated growth opportunities.

Where will the investment go?

Media news suggests the investment will be support accelerated growth and the scaling of operations globally. At present, Vena has its headquarters in Canada, with additional offices in New York, London and Alkmaar (the Netherlands). It is predicted this list of offices will expand as it plans to expand its portfolio of sales and services offices worldwide.

Don Mal, the CEO is believed to be interested in expanding the number of channel partners linked with Vena Solutions. With Adaptive Insight now part of Workday, there are equal opportunities for Vena to improve its partnerships with other ERP organisations. Vena will be exhibiting at SuiteWorld later this year but is not currently listed as the main sponsor. This type of investment, however, could be something that Mal considers for 2019. Vena has created a strong relationship with FinancialForce and is predicted to expand its focus at Community Live this year.

Business success in Canada

Mal explains that Vena has shown its value to many satisfied customers by offering an easy to use software, that is equally quick to adopt an essential for implementing timely and informed business choices. Vena is part of a small collection of Canadian technology businesses with the customers, products and worldwide potential to attract investment in excess of $100 million.

The main challenge for Vena Solutions is to ensure the business can expand worldwide. This will require establishing hubs within additional countries, which can lead to other challenges for the leadership team and CEO. There are discussions about whether Mal will continue to manage the business in the long term or seek a new replacement.

Enterprise Times

Vena Solutions has delivered an accessible and powerful software service to support finance processes. This is proven by the added confidence of Centana reinvesting in the business. Eric Byunn, a partner at Centana Growth explains that Centana initially invested in Vena because of its innovative product goals – essentially creating a financial analytical platform that is both powerful and simple for anyone in a business to use, whether this is for finance, compliance or business activities. Byunn explains that today they are proud to be doubling down on the business after experiencing how much value their goals have been. Vena has established more customers and created a stronger team, making it a popular choice in the business software market.

Mal is likely to look to empower the leadership team further as the company continues to expand. The business now has an equity partner that has successfully pushed 19 companies through IPO’s. There is the potential that Vena Solutions could be number 20.

Mal carefully selected their funding partner and explained that it was a selective decision in finding someone that is a perfect fit for the culture of the business and shares similar ideas in how to lead the business. Mal explains that their next step is to really scale the business and lead the market with expanded growth, and with the support of JMI, this is definitely possible. The question is now which destination will Vena Solution be selecting?

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EPM

Qlik accelerates its position as Analytics and BI leader in AI and Machine Learning

by Mike Jones 31/12/2018

Throughout 2018 Qlik continued to accelerate its focus in analytics and business intelligence by delivering innovative AI, enhancing the potential of the Qlik platform for all its users.

EPM

In November 2018, Qlik released its Qlik Sense product, introducing new machine learning systems into its cognitive engine and platform. The machine learning system enables the Qlik cognitive engine to become more intelligent over a period of time, continuing to learn via user interaction and from other feedback sources. Qlik is the first analytics enterprise to combine the potential of AI and ML with human intuition in a manner that utilises the power of a user for further discovery.
A report by Gartner suggests that augmented analytics is gaining popularity very fast. Combined with this progression, is the rise of ML automation and AI techniques to use human intelligence and rapidly transform data management, analytics and BI.

The new learning potential of the Qlik model will be used initially in Insight Advisor which was introduced back in June 2018 as part of the Qlik Sense Enterprise release. Insight Advisor can automatically generate and suggest the most suitable data and insights to research based on the data set and the user’s search criteria. The system makes highly relevant insight suggestions based on the machine learning from the user’s overall analytics interactions. The users can educate the machine by manually selecting analytics, modifying what the machine suggests and adding feedback to the system.

Moritz Schieder, the Visual Analytics Practice Lead for Deloitte Consulting explains that more of their clients are requesting for cases where they can utilise artificial intelligence. According to Schieder, the Qlik augmented intelligence approach is a perfect example of how machine learning can be used to combine data and the human decision maker by supporting data tasks, selecting the most suitable visualisations and recommending insights to the user.

Qlik’s AI and ML features are innovative because they work specifically with the Qlik associative engine, integrating the features of AI with human intuition. As the associative engine understands a user’s context and the data related, the suggested insights are far more relevant. As some industry members have explained, the Qlik service provides an extended view that enables users to discover hidden insights that were previously overlooked. Qlik provides the strengths of AI, where both machine and human sides become increasingly empowered. Elif Tutuk, the Director of Research at Qlik explains that their considerable investment into AI and machine learning is a significant factor for their users. It enables a higher ability to move more fluidly between levels of data exploration with added confidence. At the same time, the user will know the system is continuing to learn simultaneously and that each new insight makes the overall system smarter and can result in further opportunities.

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Skills shortages and the challenges for businesses using data analytics

Utilising the benefits of data analytics to optimise your workforce

by Mike Jones 31/12/2018

Data analytics is transforming many parts of a business, with both small and large companies finding the benefits of implementing analytical systems into their organisation.

Skills shortages and the challenges for businesses using data analytics

Recent research suggests that 2.5 quintillion bytes of data are produced every single data and businesses form a large portion of this figure. If companies have the capabilities to utilise this data to its best potential, it can significantly improve operational procedures and ultimately provide clear benefits to overall business performance. What is now quite clear is, data analytics is a core part of a business and a vital factor for success. In fact, investment in data analytics solutions in the UK is forecast to reach £25 billion by 2020. Whilst data analytics isn’t necessarily a new area for businesses, there are many companies that lack the knowledge of how to implement the system and how to use it appropriately. In previous times, a company would hire a dedicated analyst and data professional, but today it is more complex. To really utilise the benefits and optimise a workforce, businesses require analytics to be completely ingrained into the business.

 

Improving quality with analytics

As customer demands continue to evolve, producing a high-quality customer service is becoming ever more challenging. Within analytics, business intelligence and the performance of contact centres are closely related. The capability to utilise analytics for quality management within an entire business, creating improvements to operational procedures creates a competitive edge as well as improving engagement and overall performance. Analytics can help businesses to automatically measure customer engagement and receive predictive analytics to control potential challenging situations. In turn, this helps a business manage handle times, reduce call volumes and even predict problems before they arise.

 

Managing the potential of your agents

Analytics can support enhanced delivery of automation to manage simple processes, freeing up time for employees to focus more time engaging with their customers and requirements. The enables users to develop their own skills and focus their time on more precious interactions. This generally results in improved productivity and enhancement in customer satisfaction. On top of this, managers will have more insight into performance and trend indicators, information that identifies specific issues and skills gaps. This vital information can support training plans, highlight performance strengths or weaknesses and support managers in developing a targeted roadmap for further success.

Simplify business processes

Analytics can ensure managers are capable of discovering specific insights that enable all processes and performance metrics are connected to key objectives in real time. Businesses can successfully manage and avoid challenges that tend to occur for many businesses, such as understaffing issues and producing lengthy reports. Managers can utilise this information to select the most relevant and experienced staff to manage staffing challenges and automatically assigning work patterns based on other relevant data.

Whilst an organised office system is a necessity for most businesses, operations continue to face challenges. According to reports, standard office operations can result in productivity levels of around 50-60%. Analytics software, however, can improve overall productivity by 10 to 25%. Data analytics can manage business issues, generating real time information on operations and showing specific inefficiencies within a business. Data analytics does more than just maintain customer requirements. The insights generated from analytics enable companies to understand they are making the most out of their data to generate the best customer experience but also to improve future talent and maximise overall productivity. In the years to come, analytics will be an essential tool to support organisations in creating the best workforce, to retain employees and improve overall business performance.

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Oracle OpenWorld Event

Oracle – cloud and future data management systems

by Mike Jones 31/12/2018

After the recent Oracle OpenWorld conference in San Francisco, the business has progressed with its new Exadata project.

Oracle OpenWorld Event

The Exadata project intends to make it considerably simpler for enterprises to handle data without requiring the need to manage dozens of servers, varied networks and a range of storage options.

The ultimate goal of the project is to provide Oracle customers with a singular stack that is capable of delivering the highly effective results. David Sivick, the technology initiatives manager at Wells Fargo and speaker at Oracle OpenWorld explains that the bank is now utilising 70 racks of Oracle’s Exadata. Prior to implementing these systems, Well Fargo required thousands of Dell servers to produce the same results.

Sivick explains that the new system has resulted in savings exceeding millions of dollars every year.

He explains that Wells Fargo has seen significant improvements in overall waiting times, a reduction in space required for compression and a general increase in application speeds. The main objective was to consolidate overall processes, the business was attempting to manage a range of varying systems, with different databases and memory systems.

Whilst Exadata can sometimes take longer to implement and operate, it does enable larger businesses to avoid managing multiple platforms and situations of handling technology upgrades over numerous systems. Wells Fargo now operates over 90% of its databases on Exadata, leaving the remaining systems in their existing form purely for strategic decisions or because they are due to be removed.

At this year’s Oracle OpenWorld, the conference focused a lot on the cloud credentials of the business and their vision of how the cloud would manage existing operational challenges. The cloud based strategy of Oracle is focused mainly on the provision of important business applications. At the conference, Oracle states that larger businesses are now using its Exadata products to improve speed and enhance the use of data services and reduce overall reliance on traditional systems.

Larry Ellison, the chairman of board and chief technology officer at Oracle highlighted the competitive edge of the business against Amazon Web Services, referring to Exadata-based projects and data warehousing.

Oracle intends to place itself as a leader in the transformation of cloud technology, an area that is likely to be vital in future ERP applications. The business is also very aware of the challenge facing larger businesses like Wells Fargo that require a complex migration of multiple systems into a streamlined integrated network.

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Data Analytics

What are the top priorities for Analytics and BI technology in 2019?

by Mike Jones 31/12/2018

Recent findings from the TDWI Best Practices report, BI and Analytics in the Age of AI and Big Data suggest that over 80% of enterprises are focusing significantly on analytics and BI as a major part of their budget for new technology and cloud-based systems. The report also suggests that over 50% of businesses believe AI, Machine Learning and Natural Language Processing are vital areas for future investment plans. Further findings also reveal that just over 40% of businesses are looking at improving user experience by automating the process of data insights.

The study emphasises that businesses are placing a strong emphasis on developing their current systems and replacing old technology and data platforms and replacing with innovative cloud-based BI and predictive analytics. Transforming Data with Intelligence (TDWI) is a global network of professionals within AI, analytics, data science and machine learning interested in progressing their development within the industry.

The TDWI report displays the top priorities for businesses based on investment levels for implementing new technologies and cloud-based systems.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

The graph indicates that data warehouse and BI platforms are two of the main types of technology businesses are intending to use in 2019. What the study really highlights is that cloud based platforms are becoming the norm for businesses implementing new analytics and BI strategies. Cloud data storage facilities and data virtualisation are two other technologies that businesses indicate are of top priority when considering investment plans in analytics and BI strategies.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

 

According to the report creating a high level of query performance, managing visualisations and having the ability to personalise dashboards and reports are key factors for delivering positive user experience. The report explains that predictive analytics and forecasting tools, ‘what if’ analysis and data searching on a report has resulted in the lowest level of satisfaction.

 

Over 80% of businesses are exploring their analytics and BI platforms to expand their insights and intelligence options. According to the report, Cloud based platforms, new analytics and cloud based data lakes are the top systems businesses intend to develop or use to replace current BI and analytics systems.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

 

Systems. Aside from analytics and BI, a large proportions of businesses intend to develop and acquire Artificial Intelligence (AI) and Machine Learning (ML) platforms to enable a fully customised approach. Over 40% of businesses in the report plan to develop and purchase AI and ML tools, a figure that stands higher than other surveys related to AI integration. Over 10% of businesses plans to develop their own specific AI and ML systems.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

 

Systems. The ability of Machine Learning to apply algorithms to large data sets and deliver insights is the main priority for most businesses. Over 50% of companies in the survey suggested this was a top factor. A further 47% of businesses believe AI and Machine Learning will improve the accuracy and overall quality of the information. An additional 40% of businesses view AI and Machine Learning systems as vital to support decision making by providing recommendations.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

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Maximising your business potential with real time data analytics

Maximising your business potential with real time data analytics

by Mike Jones 11/12/2018

Real-time data analytics provides the potential to transform how professionals businesses operate.

Maximising your business potential with real time data analytics

Rather than manually collaborating information based on past events, professional groups can use real-time analytics to generate insights on what is happening exactly now. Real-time decision making is critical for managing resources, controlling profit margins, projects and most importantly improving customer experience.

Codex Recruitment provides key ways that real-time data analytics can help support professional services significantly improve their business performance.

 

Effectively using your resources

Businesses continue to find it challenging to allocate the right people to the right projects at the best time. Before the rise of real-time analytics, handling resources was a manual process resulting in frequent errors. Businesses would depend on an end of month report to identify the overall performance of their resources, where they may have been underperforming, where additional capital was spent, or in areas where their targets were exceeded. Real-time analytics enables businesses to have a better grasp of utilising resources. At any specific moment, a company can measure the effectiveness of a resource and determine what changes to need to be made to improve the overall process, before they result in costly impacts on business performance.

 

Maximising profits with analytics

Real-time analytics can enhance the potential profits of a business by improving two important operating procedures. This includes a clear understanding of hourly bill rates and overall billable utilisation, which refers to the hours billed divided against available hours. In a real-time scenario, a business can view how many hours have been billed on a specific project and if necessary, intervene if a specific project has lower billing projections. This minimises problems developing and further impacts on overall profit margins. Being capable of making changes in real time within a project lifetime is critical, rather than waiting until a project is done.

 

Proven and accurate forecasting

Real-time analytics enables professionals to operate and manage their business with higher confidence and predictable information. In previous years, forecasting lacked accuracy and generally involved manual processes. Real-time analytics removes the traditional, lengthy spreadsheets. Managers can quickly view areas such as services pipeline and project backlog, what has been invoiced and what needs to be paid. Analytic tools like this can create better decision making, improved forecasts and better results for a business.

 

Accurate details on supply and demand

The provision of real-time information means businesses can understand what resources are available for projects. Real-time analytics accurate provides the demands of clients and then determines where resources can be used to meet the demand. Businesses can have a clearer understanding of their resource pool and how to effectively manage this resourcing moving forward. In previous years, this level of detail was not available, meaning many companies relied on manual processes to manage supply and demand.

 

Controlling your value leakage

There always comes a time when a business will offer a service or product at a lower than intended rate. Too much discounting, however, can result in further pressure on service organisations and cause a strain on a business. Real-time analytics enables a company to keep a close check on levels of discounting in a company and the ability to create parameters to completely control value leakage. Decision makers can then manage the level of value leakage and make informed decisions on whether changes are required.

 

In today’s business world, companies simply don’t have the time to manually measure financial patterns or assess the impacts of business decisions. Real-time analytics is critical in supporting businesses in eliminating costly mistakes, encouraging growth and further development.

 

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Recent acquisitions boosts Insightsoftware’s place in the EPM market

Recent acquisition boosts Insightsoftware’s place in the EPM market

by Mike Jones 11/12/2018

Insightsoftware is focusing on client relationships and implementing new technology to enhance the reporting demands of finance departments.

Recent acquisitions boosts Insightsoftware’s place in the EPM market

Reporting and Enterprise Performance Management platform Insightsoftware is pushing further into the competitive enterprise EPM market after announcing the recent acquisition of CXO Software, a highly regarded web-based reporting platform.

Industry analysts believe it is a clever move by Insightsoftware, enabling the business to streamline both it’s financial and operational reporting services for clients of all sizes.

The acquisition of CXO also means some added valued client partners within the social media, airline, automotive and fast food markets. Big branded client’s include KLM Dutch Airlines, Siemens, Experience and McDonalds.

What is probably the most important factor of the acquisition is that it will allow insightsoftware to manage large customer accounts and support significant EMP products created by SAP Business Planning and Consolidation, Oracle Hyperion, Tagetik and OneStream.

The latest acquisition comes not long after their recent purchase of Excel4apps back in October, which established Insightsoftware as a market leader for Excel-based enterprise reporting solutions for finance teams.

CXO software will also work alongside finance teams, transforming them from report-generating cost departments into insightful and strategic providers. Its most important product is a web-enabled solution that provides automated performance reporting by connecting to an EPM system and financial data hub. The tool provides real-time insights, independent of an IT system.

Mike Lipps, CEO of Insightsoftware explains that having the capability to efficiently transform enterprise data into information on business performance for quicker and more accurate decisions is a frequent requirement from customers in the business market. CXO focuses on the core challenges that exist between finance teams and C-Suite executives. CXO offers an intelligent and flexible way to view finance data and integrate into other daily systems. Lipps highlights that the CXO Software offers tools to support this process within the C-Suite.

Lipps believes the latest acquisition will work well with the reporting solutions of Insightsoftware and provide an extended range of financial tools that can be connected with EPM systems. A large part of the innovative changes relates to how C-Suite interacts with internal finance data through the development of a system that translates performance in a manner that executives can fully understand.

The acquisition will also generate further investment into the current CXO technology and through working with multiple companies, expand its offerings on a global scale. InsightSoftware is quickly establishing itself as a significant global competitor within the EPM and ERP markets, offering a service that can be effectively integrated into major blue chip performance management products.

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Skills shortages and the challenges for businesses using data analytics

Skills shortages and the challenges for businesses using data analytics

by Mike Jones 11/12/2018

According to recent survey findings from Infosys, creating innovative business models to enhance revenue and overall profits should be considered the main priorities for data analytics.

The report highlights the importance and benefits of data analytics.

Skills shortages and the challenges for businesses using data analytics

Many businesses are not implementing new technology to improve customer experience and control potential risks and inevitably progressive technology is a critical part for businesses to digitally transform.

The challenge, however, stands with the potential skills shortage facing certain industries, especially in the technology arena, which industry experts believe is holding back the true potential of data analytics. The Infosys survey analyses the expectations of businesses, the possibilities and challenges, the opportunities and how the rise of new technology will change the analytics market.

 

What are the opportunities and challenges facing data analytics?

Data analytics can operate across an entire business providing multiple benefits to overall business performance. The report suggests that Finance and Accounting tend to use analytics the most in business, followed by Marketing and Operations.

In regards to new technology, artificial intelligence is considered to be a focus area that created increased output when integrated with analytics. IoT and cloud technologies are other emerging technologies that provide similar opportunities.

Whilst there are numerous opportunities, the report also suggested certain challenges that face businesses across every industry that can hinder the implementation of analytics and associated tools to the maximum. One of the main challenges relates to the inadequate knowledge in combining multiple datasets and the lack of expertise in implementing the correct analysis techniques. Businesses are continuing to seek support from data technology partners to enhance their capabilities through specific analytics strategies, developing operational procedures and clearly defining a strategy to deliver and manage analytic procedures.

Satish H.C. the EVP and Head of Data Analytics at Infosys explains the data offers endless opportunities but having a strong understanding of data is critical if a business is wanting to truly implement a digital transformation.  Satish emphasises the importance of utilising the potential of data tools, referring to certain challenges such as businesses operating with systems that are incapable of sharing information, data integration problems and limited available resources and skills, Satish believes the Infosys report will support clients in their digital journey towards improving their data knowledge, enhancing their analytical potential and crucially monetising their own data.

Key points of the Infosys Report

Over 30% of respondents suggested that analytics had resulted in enhanced results for this business. This includes implementing intelligence created by improved collaboration with both internal and external stakeholders to generate a unique, personal and effective customer service.

28% of survey respondents showed interest in implementing analytics to manage risk in business. Respondents believe that predicting risk and detecting any potential errors that may affect business efficiency supports the overall decision-making process.

Creating new business models by focusing on the genuine needs of customers and providing a range of innovative services was considered the main requirements within data analytics.

A second priority for analytics was enhancing revenue and profit through a focus on improving business channels, processes and stakeholder systems.

Over 30% of respondents from the UK and Europe supported the idea of using analytics for overall experience enhancement. A similar number of respondents from Australia and New Zealand consider risk mitigation as a top priority for analytics.

UK Data Analytic Scene

Over a thousand senior technology and business members were interviewed for the Infosys report. Nearly 2 hundred of the executives were located in the UK. British respondents suggested three main areas of success stemming from data analytics. This includes; experience enhancement, risk management and creating new business models.

UK based respondents highlighted how certain business functions have utilised data analytics, pointing towards an increased integration within the Telecom, Manufacturing, Healthcare and Life Sciences industries.

Respondents highlighted certain challenges facing UK-based businesses including the integration of a range of datasets and ensuring data is ‘healthy’ and reliable were the most noteworthy. UK respondents explained that determining the right analytics tools and more importantly, the right people, with the skillets and experience as the most effective methods of controlling these challenges.

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