Partnering Approach to Implementing Business Analytics and Gaining a Competitive Edge in Today's Market
Over the years, we have seen enterprises and business becoming increasingly upbeat about Analytics. It is becoming an imperative in today’s competitive market and essential with the advent of technologies like Big Data platforms, Cloud Computing, Mobility, Artificial Intelligence, and IoT. Yet, enterprises struggle to make sense of analytics and to adopt it in their business, simply because the range of use cases is bewilderingly wide and the technologies and service offerings highly fragmented.
Based on our experience working with enterprises over decades, we identify three stages which clients typically go through as they mature in their use of analytics.
1) Enterprises aim for the efficient use of available data to generate insights and accurate assessments of the current state of their business.
2) Going beyond reporting, enterprises identify use cases and assess the financial and operational impact on their businesses. This will enable them to optimize their operations and business processes, improve customer experience or uncover new selling opportunities.
3) Enterprises that are mature in such analytics adoption will then aim to leverage predictive analytics to gain an edge in their business.
“We believe that it is a natural path for enterprises to leverage analytics solutions to address their business objectives in that order,” says Raghuprakash, Founder and one of four Partners in vVolve. As a Business Solution provider, vVolve Management Consultants adopts a long term partnership approach to support their Business Analytics initiatives. “We have been helping clients leverage their enterprise data, establish a “single source of truth” and build an intuitive analytics layer to analyze and present the organization’s data.
vVolve’s guiding principle is that providing value to customers is a continuous journey and we keep evolving with that journey.
“As a business partner to our clients, our primary focus is to make the solution simple and easily accessible to the users. This is crucial for strong user adoption and to accelerate the payback period for our clients’ investments in analytics technology,” says Raghu.
vVolve’s guiding principle is that “Providing value to customers is a continuous journey and we keep evolving with that journey”. With this principle and extensive analytics project experience built up over the years, our team of management consultants from varied domain and technology backgrounds has worked to evolve vVolve’s solution offerings across multiple fronts.
One of our key focuses is to service the “Office of Finance”. vVolve’s team has come up with pre-developed analytic content for Office of Finance, which consists of a single dashboard view of the business, flexible, and intuitive drill down to detailed reports and just-in-time information delivery through access via mobile phone. Raghu says, “With our pre-built analytics content for the Office of CFO, finance users are able to visualize the solution we can deliver, understand how well the solution meets their needs, and better articulate their requirements, leading to 40 percent reduction in project duration on average.”
Having established a solid data layer, it is then imperative for organizations to be able to predict possible business outcomes and how customer behavior might evolve. This helps them develop innovative offerings and lead the market in today’s competitive business landscape. Apart from analyzing company data for insights, and enabling corrective and proactive management actions, vVolve also helps clients with predictive analytics in key areas of their business, for example, customers changing preferences, buying patterns, reaching the right customer segments, etc.
On their future plans, Charles Loh, Partner & Managing Director says, “As we see possibilities which are enabled by technologies such as Big Data, IoT, and Artificial Intelligence unfold around us; we intend to help clients establish a strong data layer and build relevant use cases. These are fundamental in building an organization’s analytic capabilities and help them assess their business in today’s and tomorrow’s perspectives.”