Organisations in just about every industry can benefit from data analytics consulting services. The insights provided by data analytics are of great value to companies looking to gain, for instance, a deeper understanding of the needs and preferences of their customers.
Advising clients on how to leverage big data storage and analytics is a key focus for modern consultants. Today’s leading consultancies know that interpreting data is essential to their survival because analytics consulting has a cross-functional impact. This makes data analytics skills and experience essential for all consultants, regardless of whether they specialise in strategy, operations, HR or IT.
Data analytics consultancy – unlimited potential
Consultancies and their clients now regard data science as a commodity. No longer an exclusive field for specialist coders and statisticians, analytics is being repackaged for business executives. And these execs need an intermediary to explain, in straightforward business terms, what analytics can do for their organisation.
Organisations recognise that their data is important, but it’s the people who can interpret and leverage this data to add real business value who are the real asset. Data analytics companies have expertise that enables them to assess market insights, AI, and statistics to discover meaningful patterns in big data.
Categorising data analytics consulting services
Data and analytics consultancy services can bring a range of benefits for teams and their managers. These services include:
Comprehensive analysis
Helping organisations to identify and unravel business opportunities that were impossible to identify because they were hidden in the huge amount of data being produced (the data swamp).
Applying a wide range of powerful analytical tools to big data sets allows many more questions to be asked and answered. The result is significantly clearer insights into what is really going on in and around an organisation. The aim is to ensure decisions are fact-based and fully targeted.
Fast-action insights
The business world is a dynamic place where many managers frequently need to make quick-fire decisions. Real-time information is a key requirement to support those decisions. With the help of data analysts, interactive analysis tools can be used in management meetings, for example, enabling modern managers to make decisions on the spot.
Living tools
Data analytics also provide managers with living tools – a set of interactive tools enabling managers to intuitively study and analyse data, helping them discover new insights as soon as they happen or on an ongoing basis.
With living tools, data analytics consultants can add value to projects continuously, as opposed to relying on data that is already outdated by the time it reaches managers.
Four types of data analytics
Depending on what your organisation needs to achieve, the following data analytics strategies can be employed:
Descriptive data analytics
This is used when you want to know what happened.
Predictive data analytics
This is used when you want to know what is going to happen.
Diagnostic data analytics
This is used when you need to know the reason why something happened.
Prescriptive data analytics
This is used when you want more clarity regarding your next step.
Many situations will require a combination of different types of data analytics. For instance, if a manufacturer is having to deal with unplanned outages and delays, a data analytics consultant can use diagnostic analytics to help find the reason for the issues. Predictive analytics can then be applied to help decide on the necessary steps to fix them.
Dufrain is a Data Analytics Consulting Company
Dufrain’s consultants provide market-leading data analytics services. Find out how data analytics consulting could give your organisation a competitive advantage.