What was there?
Consultancy and business data analysis have always been a closely knit. Whether it was building a Marketing strategy, supply chain and operations , Financial analysis , price optimization, it goes without saying 10-80% of the projects had to crunch numbers.
What is new?
Innovations in technology and cheaper editions of data storage, enabled such ease in availability and heights of data quality and security that, data analytics grew to be an indispensable part of consultancy. Yes – we are talking about the two critical C in technology today- Clouds and Censors.
Clouds & Censors
Today a TV talks to a phone, a phone talks to car dash, A tablet talks to that home theater there and the music system talks to the TV – these little loops of connectivity established between systems on wireless network has put our lives right in the center of internet of things .
And every such interaction anywhere within the internet of things generates a ‘bitly’ data that has a new home – called the cloud. The sheer size of the capacity and increasingly drop in infrastructure cost has made a data rich information and potential in driving actions and decisions making just click away.
What is the impact?
Quiet a heaven for data analysts this new era has brought in the never before scope to make the most of information. More in business consultancy than in any other field, can data be used to bring out interesting insights, nobody had ever thought of before.
Using social media analytics one could guess the sentiment generated in audience by branding efforts, eCommerce product page performance reports spell out what’s hot in the market and what’s not, customer segment bring out the differentiated value propositions, while predictive modeling make hidden opportunities seem obvious.
The Take Away…
Thus data analytics of online /offline business has a heavyweight contribution in consultancy and it is difficult to overlook. While every form of management consultant is gradually incorporating and increasing the use of fact based insights, it is about time, consultant, strengthen their in-house analytics strength or collaborate with professional analytics firms.