The winners of tomorrow’s marketplace are those who can quickly generate valuable insights from a vast amount of data. Organizations need to leverage its data to better forecast and come up with a good marketing and strategic plan. Leaders also need to keep up with the trends and educate themselves to ensure that a seamless digital transformation is in place.
As we live in a data-rich and data-driven world, data continues to transform businesses in ways we have never imagined before.
Businesses in traditional and non-traditional sectors are using data to understand their customers better. Through data, organizations are able to identify new growth opportunities, streamline costs, explore business insights, increase productivity and sales, and improving hiring decisions.
It is undeniable that data has tremendously changed the way we do things. Let us embrace this change and use it to remain competitive and thrive in this digital age.
The utilization of big data has become a powerful tool in addressing major pain points that hinder an organization’s success. Companies cannot succeed if they do not exert efforts in knowing their customers better – aiming blindly at potential customers. To succeed, organizations need to know align their mission and vision, and know how to execute the strategies that go along with it.
D&A enables agility in adopting the latest trends needed for survival. Big data is used to forecast not only the target sales and revenues, but also predict the future of the company through the provision of real-time visualization that will help management make informed decisions.
Nowadays, businesses that embrace analytics are able to transform their business models, create new opportunities and understand their customers better to provide them with top-notch services.
The Forrester Wave™: AI Consultancies, Q1 2021 report evaluates what Forrester calls the most-significant AI service providers in the market today based on 26 criteria within three categories: Current Offering, Strategy and Market Presence. The report finds KPMG to be a “ leader” among AI services providers and “the master of AI for business transparency, automation, auditability and risk”. Forrester also gives KPMG firms its highest scores in the criteria of Delivery, Business Model, Partner Ecosystem and Global Customers.
The report notes that KPMG’s Ignite AI platform was patented in 2020 and states: “KPMG is unique in recognizing how the core business for finance and risk management translates into a bedrock of AI services, platforms, solutions, and tools. Proven frameworks from audit and security practice areas combine with AI to embed context and expertise into solutions at the start. This translates into consistent and strong client feedback of engagements exceeding expectations.”
The report also notes: “Where nuanced intelligence, automation and risk converge, KPMG is a clear choice for enterprises to trailblaze a new, effective way of operating.” Forrester says its report is designed to help today’s CIOs and CTOs select the right organization for their needs as AI is a “top emerging technology” forcing “radical change” in the future of work.
We believe the Forrester report’s recognition reinforces KPMG firms ongoing commitment to helping businesses in every sector take advantage of new opportunities that are emerging as AI continues to drive change. The question for today’s C-suite leaders is no longer whether artificial intelligence will fit into their business but how it will fit.
Please access the Forrester Wave report here.
Insights
The Power of Data Analytics
Global and multi-million-dollar corporations are now investing in D&A as the ‘next big thing’ for the value it can provide in return. The question is, how is value derived from data?
Every business decision made is based on data which can be structured, unstructured, or a combination of both. As one of the core assets of a business, data provides value upon analysis. The findings are then transformed into insights through algorithms which help leaders solve complex business problems and optimize the overall performance of an organization. This is because D&A helps identify inefficiencies and address challenges.
In the Philippines, disruptors are now on the move to augment their D&A capabilities. For some, the business intelligence practice is on its early stage. However, the COVID-19 pandemic has accelerated the need for business leaders to realize and establish their capabilities to remain competitive.
As we are now more mobile and connected than ever, the amount of data captured by organizations is enormous. Without analytics, data is just a bunch of ones and zeros with limited business use. This is why it is important to realize the power of D&A. Leaders must not only understand but also embrace the power of D&A. If effectively utilized, D&A can dramatically improve customers’ perception and change the way business decisions are being made.
