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This Week in Consulting

Friday, Sept 7th, 2018

Getting the Most from Big Data

THIS WEEK’S MUST READ

“Organizations need specialists, or “translators,” who can analyze, distill, and clearly communicate information of the greatest potential value… while companies don’t often think about talent in terms of value chains, the skill and capability links between people are crucial for unlocking the full value of advanced analytics.”

According to a McKinsey survey, only 18 percent of companies believe they have the skills necessary to gather and use insights effectively. At the same time, only 19 percent of companies are confident that their insights-gathering processes contribute directly to sales effectiveness. And what if number crunchers aren’t enough? After all, if a great insight derived from advanced analytics is too complicated to understand, business managers just won’t use it.

This Week’s Must Read features an insight piece from Mckinsey, in which the consultants make a case for why companies need to recruit and cultivate “translators”—specialists capable of bridging different functions within the organization and effectively communicating between them.

Read on to Find out More: “How to Get the Most from Big Data”, featuring Matt Ariker, Peter Breuer, Tim McGuire from McKinsey.


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THIS WEEK’S VIDEO:

Tom Wujec uses the concept of making toast as a metaphor for systems design. He demonstrates an intriguing process design method that is directly applicable to Supply Chain Management.

INDUSTRY NEWS & INSIGHTS

  • Cognizant Expands Salesforce Consulting Capacity via SaaSfocus Acquisition: Cognizant has acquired SaaSfocus. The firm will bolster Cognizant’s SaaS and Salesforce offerings, as the firm bids to expand its client base in the sector. SaaS is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet. SaaS is one of three main categories of cloud computing, alongside IaaS and PaaS. | Cognizant Press Release
  • MThree Consulting receives investment from private equity firm: ECI Partners, one of the UK’s leading mid-market private equity firms, has invested in MThree Corporate Consulting. MThree will put the investment towards its continued efforts to expand international, amid a period of 30% year-on-year growth for the firm. | ECI Partners Press Release
  • 4C Associates Partners with Scanmarket: 4C Associates and Scanmarket have announced a partnership to provide leading businesses with in-depth procurement expertise, alongside cutting edge eSourcing solutions. 4C Associates, a leading European procurement consultancy specialising in cost reduction and transformation, and Scanmarket, a market-leading strategic sourcing provider, have announced a joint partnership to bring clients the latest eSourcing solutions together with award winning consultancy services. | 4C Associates Newsroom

THOUGHT LEADERSHIP

  • How to Become a Successful Big Data CIO: A CIO’s guide to making the most of big data: In the rush to make an impact with big data, analytics and social, it is important for CIOs to stop and take stock of some of the fundamentals: are the risks being effectively managed? Are the opportunities being fully seized? CIOs will need to work increasingly closely with their organization’s legal team to access the risk management skills and the advice on legislative changes that they need.  | MUwe Michael Mueller, EY
  • Big Companies Are Embracing Analytics, But Most Still Don’t Have a Data-Driven Culture: This continuing rise in the importance and challenges of big data is one of the most important features of contemporary economy and society. The rise of AI is only exacerbating this trend. The keys to success are to determine how your firm should respond, assign clear responsibilities for data strategy and results, and then move ahead to execute the needed changes in a systematic and effective fashion. | Thomas H. Davenport, Randy Bean, HBR
  • Three C’s of Big Data That Consulting Firms Should Focus On: The big data cycle starts with human or social input and ends with human output. Successful consulting firms understand that acknowledging the humans behind big data is the first step to start making smarter decisions. By focusing on the people behind the data, consulting firms are able to differentiate themselves and build better client relationships. | Swetha Venkataramani, 9Lenses
  • How to Avoid Big Data Trap: The cause of bad data often include faulty processes, ad hoc data policies, poor discipline in capturing and storing data, and external data providers that are outside a company’s control. Proper data governance must become a priority for the C suite, to be sure.  | Saleh Tamim, Erik Lenhard, Nic Gordon and David Opolon, BCG

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