Being able to analyze an ever-increasing volume and variety of information now sits at the top of the business agenda as organizations grapple with gaining real insights that help improve business performance and proactively manage risk. However, most organizations have made only modest progress at a strategic level and have yet to develop a comprehensive framework for how to drive value.
For this reason, EY has established a Global Analytics Center of Excellence (COE) and will commit some $500m, multi-year investment to deliver transformational change to clients by combining analytics with business acumen, domain and functional skills.
Chris Mazzei, EY Global Analytics COE leader and Global Chief Analytics Officer, says: "For business leaders, analytics is no longer just a technology issue, it is a strategy and operational issue. Big data and analytics is a disruptive innovation that is transforming our everyday lives. Enterprises need a holistic plan for creating competitive advantage, identifying opportunities and ultimately measuring value. We are seeing the emergence of the chief analytics officer as more of a senior-level change agent, with a unique combination of skills in business, mathematics and technology."
Meanwhile, Carmine Di Sibio, EY's Global Managing Partner-Client Services, says EY believes there is tremendous value to be gained by organizations that leverage analytics to transform business processes and how they make decisions. "This is why we established a dedicated EY Global Analytics COE and are committing $500m to our analytics capabilities and the benefits they will deliver to our clients."
The details of EY's investment include: Deploying technologies, systems and processes that support sector and issue-based analytics solutions; Acquiring talent in areas such as data sciences and advanced statistical modeling to complement EY's existing 3,500 analytics professionals; Expanding EY's Analytics Research & Innovation team in India at the Kerala Innovation Center that includes 15 PhDs and more than 100 professionals with Master's degrees in various disciplines; and, Building on EY's previous 10 acquisitions in the analytics space with additional acquisitions and alliances to significantly increase the organization's capability and access to market-leading IP.
EY has imbedded analytics into all of its service lines and is growing discrete analytics offerings, Mazzei says. Those offerings complement EY's innovation strategy services and its full breadth of digital capabilities. By taking an enterprise approach to analytics, all clients can benefit from EY's domain and industry sector approach to business analytics.
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