The big data revolution in New Zealand has taken a big step forward with business intelligence experts Mindfull teaming up with professional services firm Deloitte to deliver an analytics and business consulting package to the industry.
Comprising five key areas, the partnership will allow New Zealand businesses to gain “valuable insights” using business intelligence and analytics to improve business performance.
Mindfull director Belinda Johnson says that while spending on business intelligence across the country was growing rapidly, investment in data generating and analytics would only be worthwhile if it translated into improved business performance.
“Given the ever-increasing volume of data available, the challenge for businesses is to turn data into insights that allow them to make decisions that deliver real benefits,” Johnson says.
“It’s easy to see how businesses are drowning in data but are parched when it comes to turning that data into actionable intelligence that lifts performance.
“Our expertise in business intelligence and analytics and Deloitte’s skill in business consulting allows us to deliver a full-service package that turns big data into big information – knowledge that is worth something.”
The package comprises of five key areas where integrated business intelligence can deliver improved results by:
· identifying key data elements supporting an organisation’s business priorities
· establishing organisation-wide KPIs critical to measuring and supporting core business objectives
· assessing an organisation’s businesses intelligence maturity and readiness
· rationalising business intelligence infrastructure and licensing, and exploring ways of consolidating and integrating existing solutions
· determining capability and tools to match business objectives with analysis and reporting
Deloitte NZ partner Thorsten Engel says the effective use of business intelligence required a methodical and pragmatic approach.
“Most businesses understand the need and potential value of data,” Engel adds. “But there is a gap when it comes to incorporating the insights from data into the performance management of the company.
“Making the most out of big data often requires addressing issues within the organisation that have nothing to do with technology, but stop the organisation from achieving its business intelligence goals.”
Mindfull and Deloitte will stage breakfast seminars in Auckland on March 24 and Wellington on March 26 to talk with business people about how effective use of data can improve performance.