Capturing and analysing data from multiple sources to produce actionable insights.
“Data is the new oil”
This often repeated phrase provides a suitable analogy for data. Crude oil straight from the ground isn’t that useful, but its value comes from what you can do with it. Crude oil can be refined and turned into kerosene, aviation fuel, diesel, petroleum, and so on. It is the same for data, in its raw state it is often is not that useful, but once it is broken down, cleaned, mixed with other data and analysed it can offer valuable insights.
With access to a plethora of reports and dashboards offering statistics on any and all aspects of a business, many companies are drowning in data. Executives can see what’s happening across their whole business in a level of detail never before possible, but the biggest challenge is in understanding and modelling the complex relationships between different types of data at a transactional level in order to generate a holistic understanding of what is happening at the macro level. Data models answer the question “what” and with the use of analytics they can answer the question “why”, but they often fall short in helping to answer the question “so what next”.
In tandem with C5 Alliance’s expert Data & Artificial Intelligence team, BDO can create a data model that not only implements the correct measures for assessing your business’s performance and provide sufficient insight that the necessary required actions are clear – actionable insights.