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This Week in Consulting

Friday, November 30th, 2018

Rebooting analytics leadership: Time to move beyond the math

THIS WEEK’S MUST READ

“To help their organizations capitalize on artificial intelligence and analytics, CAOs must do more than demonstrate their technical chops. They need to lead like a Catalyst.”

The role of the chief analytics officer (CAO) is being thrust into the spotlight as artificial intelligence (AI) technology continues to improve—and prove its value. AI and other advanced analytics will unlock $9.5 trillion to $15.4 trillion annually, with recent AI advances such as deep learning alone making up nearly 40 percent of the total.

This Week’s Must Read features an insight piece from McKinsey, in which the consultants discuss how CAOs can cut through the whirlwind of obstacles to help their organization capture a larger piece of the advanced analytics prize than their competitors. It was revealed in the article that one key to success will be for CAOs to assume the role of Catalyst—a new persona that redefines leadership for deploying analytics and AI at scale.

Read on to Find out More: “Rebooting analytics leadership: Time to move beyond the math”, featuring Brian McCarthy, Chris McShea & Marcus Roth, McKinsey.


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THIS WEEK’S VIDEO:

Why do so many companies make bad decisions, even with access to unprecedented amounts of data? With stories from Nokia to Netflix to the oracles of ancient Greece, Tricia Wang demystifies big data and identifies its pitfalls, suggesting that we focus instead on “thick data” — precious, unquantifiable insights from actual people — to make the right business decisions and thrive in the unknown.

INDUSTRY NEWS & INSIGHTS

  • About the Accenture Innovation Index: Having launched the first edition of its Nigeria Innovation Index in Lagos, senior executives at Accenture are calling for a focus on innovation across Nigeria’s business environment, which is absolutely crucial to remain internationally competitive and bring about an overall increase in productivity. | Accenture press release
  • EY’s lessons for making innovation successful in professional services: Professional services firm EY is one of the most innovative players in the consulting industry. In this article, Tracey Harrison – Chief Innovation Officer for EY’s Advisory business in the UK & Ireland – reflects on EY’s lessons for making innovation successful in professional services. | Consultancy UK
  • Accenture Forms Strategic Alliance and Invests in Data Analytics Firm Quantexa: Global consulting firm Accenture has invested in a new partnership with data analytics firm Quantexa. The alliance will see the pair work to offer solutions tackling money laundering in the financial sector. Headquartered in London, Quantexa provides data analytics solutions to companies and institutions based on the latest developments in big data software. | Quantexa Press Release

THOUGHT LEADERSHIP

  • Data Analytics Starts with the C-Suite : Building a powerful and impactful analytics capability that can drive and shape an organisation’s strategy and future growth requires significant time and commitment. This commitment needs to come from the very top – in other words, the CEO. If analytics as a driver of change is not a CEO-level mandate, then it simply loses its value. Rarely do organisations have the discipline or energy to build any capabilities that do not have the support of the CEO.  | James Walker and Jos van der Boom, OC&C
  • A CAO Explains What Companies Need to Know to Hire an Analytics Leader : The challenge is no longer about how to get more data, but how to make sense of what you have so it can be used as a competitive advantage to grow your business. Ultimately, analytics must be woven into the fabric of the entire business, and without someone like the CAO to manage it, there’s a risk that won’t happen. | Michael Goldberg, Dun & Bradstreet
  • The evolving role of the chief data officer in financial services : As organizations discover that they need to proactively and effectively manage their information assets at the enterprise level, this report explores the evolving role of Chief Data Officers in the global financial services industry and how it’s transforming from senior data marshal and steward to strategic business-enablement leader and innovator.  | Deloitte
  • Big Data: The Organizational Challenge -You can then begin experimenting, testing hypotheses to learn where and how advanced analytics is most likely to help your business. This type of review will help you determine your Big Data ambition, embed a culture of analytics and decide where Big Data’s organizational home should be.  | Travis Pearson and Rasmus Wegener , Bain &Company

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CONSULTANT CORNER

  • How to Earn a Seat at Another Company’s Innovation Table: Innovation is the buzzword on everyone’s lips these days. It no longer matters only whether companies succeed, but also whether they do it in a more innovative manner than their competitors. | Rob Biederman, Catalant
  • 9 Useful Time Management Tips For Consultants: Time management is an essential key to the success of any business or individual. Here are some tips on how you can optimize your time as a senior partner or owner at a consultant firm. | ITsGuru

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