Harnessing Big Data through Analytics Consulting

• Data Analytics

The digital revolution has led us to this point in time, where technology has pervaded every facet of our lives. Between our personal and our professional lives, we as a species created an average 2.5 quintillion bytes of data each day, in 2020. The number has risen exponentially since then, with IoT devices contributing to the volume and complexity of data generated.

Organizations have to operate within this technological landscape to remain competitive. But you are not really gaining a competitive edge until you are monetizing the data you are generating and capturing. And unless your organization has the resources to support a full-time analytics team, analytics outsourcing remains the answer to capitalizing on your data.

And with data surpassing oil as the most valuable resource, big data analytics consulting has witnessed a growth in not just a demand for the services but the revenue being generated annually.

From USD 122 billion in 2015 to USD 274.3 billion in 2022, this massive surge has been fueled by a drive toward digital transformation, the demand for data visualization dashboards, and the increasing adoption of cloud architecture.

But data consulting is no longer about simply gaining actionable intelligence that offers an edge, but about survival in a constantly evolving ecosystem. Analytics offers an indispensable cross-functional advantage across the organization, from strategy, marketing, and sales, to operations, IT, and HR.

What is Big Data Analytics Consulting?

When a company is faced with the challenge of using advanced analytics solutions to analyze large volumes of data and gather actionable intelligence in real-time, the task is outsourced to an external Big Data Consulting firm.

The service provider analyzes the company’s data and collaborates to create data solutions, allowing the company to focus its resources on optimizing operations based on the intelligence received, and maximizing ROI.

They transform unstructured data into an easily comprehensible roadmap, that you can use to understand the company’s performance at every stage of operation – from R&D to sales and to better understand your customer base and the demographics you cater to.

Depending on the project, the big data analytics consultants will be formulating strategies to gather data from different sources, structure the data, mine and analyze it for insights, and then present the data and intelligence through performance models and projections.

What can a Data Analytics Consultant do for you?

Data analytics can be useful in almost every enterprise that generates a substantial amount of data. Whether it is the large amounts of data in the telecom sector, healthcare, e-commerce or big data in finance, a data analyst can find ways to mine the data for unique insights.

When you employ the services of an analytics consultant, the consultant will understand your requirements, develop a custom solution, manage the life-cycle of the project and present you with the insights.

The consultant will need to access your company’s existing database and capabilities, to be able to develop the solution and deliver the insights while maintaining timelines, budget, and company policies. Data analysis can also help you to identify new business opportunities that your company can benefit from.

Benefits of Data Analytics Consulting

Collecting data has no benefits unless you have an analytics roadmap set up for analyzing the data, and gathering intelligence that can help build and run your company better. A consulting service takes care of your data analytics requirements and offers a number of benefits that your company can experience.

• Optimized Product Development –
  Analyzing product data enables manufacturers to optimize product performance, troubleshoot issues, and generate value for customers.
• Enhanced Customer Experience –
  Customer data analysis allows for a better understanding of both individual customers and large demographics, helping companies deliver personalized experiences to their customers. An experience that helps to connect better with the customers and remain competitive.
• Improved Business Performance –
  Data analytics consultants offer actionable insights that can optimize every stage of a business with data-based decision-making. Better decisions make for better performance of the enterprise as a whole.
• Increased ROI –
  Analyzing products, customers, and market trends, along with an analysis of historical data can help recognize potential for pricing improvements, better marketing and sales strategies, and contribute to a higher ROI.
• Accurate Forecasting –
  Consultants analyze existing data to develop forecast models based on market trends, customer sentiment, and other factors, helping to visualize product and campaign performance, allowing for optimization.

What to look for in a Consultant?

Some of the basic skills and technical knowledge that a data analytics consultant must possess include Microsoft Excel, SQL, and R programming skills, and data visualization capabilities.

The skills you need to value the most are problem-solving, communication, and presentation. The following are steps that a skilled analytics consultant will take while tackling any problem and then presenting the optimal solution.

• Problem Framing –
  Before the quest for the solution can begin, the problem that needs addressing has to be framed. Simply put, the question “what is the problem?” has to be asked first. While defining a problem, it helps to follow an SCQA framework, where the acronym translates to Situation, Complication, Question, and Answer.The situation and complication are the first steps toward finding out the root cause of the problem rather than just recognizing the symptoms of the problem. The problem statement has to be then framed accurately so that the goal is clear.

• Problem Structuring –
  Business problems that you may be facing are quite complex more often than not. There are the root causes that constitute higher issues, followed by parallel issues which require simultaneous attention. Lastly, there are lower issues that can be a hindrance to problem-solving. Problem structuring allows the consultant to divide the problem into segments and precisely target the issues.The consultant creates an initial hypothesis of the problem and goes about addressing the issues through data and analysis.The development of the hypothesis and the selection of the ideal solution are carried out through the Q and A part of the SCQA framework. It simply refers to asking questions within the context of the problem and attempting to answer the issues through varied means. Then it’s all about finding the answer that best addresses the problem.
• Innovation –
  The consultant has at his disposal the latest that technology has to offer, and should adopt new tools and techniques to help with problem-solving and improving analytical capabilities. And there is always room for innovation, where a novel solution is required for an enterprise’s unique predicament. A consultant needs to be able to think outside the box for efficient problem-solving.
  

• Communication –
  Strong communication skills are a prerequisite that you need to look for in an analytics consultant. His end goal is to translate your data into a story that you can understand and use the takeaway to impact your business processes.The consultant can use direct storytelling which is most prevalent. This follows the Pyramid Principle which suggests that people are not capable of retaining a lot of new information, hence the answer needs to come first. The answer is then followed by the supporting arguments and findings, ensuring that the message is clear, and the most important bit has been retained.Indirect storytelling on the other hand is a subtle way of communicating, which is usually a last resort when there might be some pushback to the recommendation, the recommendation itself is controversial, or if the audience is patient and understands data.
• Presentation –
  Last but not the least, the presentation of the findings and recommendations has to be impeccable. After completing the project and testing solutions, the consultant needs to develop a structured report. A report where the recommendation is backed by data-based insights, and presented in a way that is easily understood and is convincing. Irrespective of the complexities of the problem, the solution when presented has to be logical and simple.

Data Analytics with Course5

In the constantly evolving digital landscape, you are interacting with individuals and other enterprises. Business analytics consulting at Course5 Intelligence allows you to study that data and monetize the insights gathered.

We offer a wide range of analytics services from Digital Analytics and Customer Analytics, to Marketing Analytics, Supply Chain Analytics, and more. These are solutions created for addressing any situation that may arise within your company – from better understanding your customers and their journey across touchpoints, to Natural Language Solutions designed to decipher unstructured data and find value.

We can help you manage your data, access actionable insights in real time, and experience a tangible business impact from robust analytics.

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