3 Reasons Why Top Technology Consulting Firms Use Predictive Analytics
1. Predictive analytics does not mean just predicting the future
Technology consulting firms can use predictive analytics to improve operational efficiency. When most people think of predictive analytics, they think of tools used to calculate unknown future values. These same tools, however, can be used to find underlying patterns in large datasets. Why is this important? Because it is often hard for the business to develop sophisticated rules for what constitutes quality and accurate data. Technology consulting firms can determine these patterns and help the business find and develop more accurate rules around data quality based on actual transaction history.
2. You don’t have to be a data scientist to use predictive analytics
Most people believe data science is complicated and requires a Ph.D. in mathematics to utilize the tools. Technology consulting firms, like Opportune, have worked with a number of predictive analytics vendors who now provide “automated” tools. These automated tools rely on a programmatic analysis of the data and assist the business user in finding the right methodology for analyzing and finding the patterns in their data.
3. Predictive analytics can improve the quality of master and transactional data
In the “big data” world, more and more data is aggregated for business intelligence. Technology consulting firms have found that aggregating data requires a different definition of data quality. There is a common axiom with IT solutions “Garbage In = Garbage Out,” but in a big data business intelligence environment this saying should be modified to “Garbage In = Landfill Out,” which means now even the smallest inconsistency of data capture can lead to huge inaccuracy in aggregated reporting. Given that data requirements are now more granular and more sophisticated, technology consulting firms have found that traditional approaches like applying transactional and master data validation rules are not sufficient. For an industry leading oil & gas supermajor, Opportune was able to help the client operationalize predictive analytics to help seal the “gaps” in their hydrocarbon supply chain data and gain better visibility. These data gaps were well known to the business users, but since they relied on other companies or centralized back office functions to provide that data – the long held belief was that this data was not obtainable. Opportune demonstrated to the client that application of predictive analytics and data science can not only fill those gaps but help increase the effectiveness of the users managing the supply chain on a daily basis.