Data Analytics at Innovation Strategies, a proposal for success
With digital transformation and big data, the availability to transfer large volumes of data has generated a new level of complexity for operational decision-making. Such is the difficulty facing the avalanche of information we manage daily that we are losing track of relevant data, which are vital for the success of our businesses. At Innovation Strategies, we believe that current data analytics faces four major issues.
1.Companies have large volumes of information, however, the capacity to analyze them and extract the most relevant information is not growing at the same speed.
2.Complex business models, with multiple service spots.
3.Complexity in decision-making based on data; generating evidence arrives later than intuition.
4.Low maturity of analytics systems and high complexity in their implementation.
Taking these assumptions into account, we believe that relevant data extraction should have an answer to the following questions:
What should I know for today?
Either the financial role or the financial analyst role should be able to be changed by the data anomaly detection system by focusing efforts to analyze the most valuable information at that precise moment.
Why are things not going the way we expected?
The root cause analysis and automated test generation create the basis of a data-driven commercial operation.
How can I access my data most simply?
You can do so thanks to transparent access to data through push notification, chatbots and chat interface with smart speakers (Alexa, Siri, ...)
Why is it happening this way?
I need more details. All metrics are calculated on raw data. We can use these calculations to create narrations that clearly show metrics values as well as underlying data using natural language generation.
At Innovation Strategies, as technology experts, to take full advantage of data analytics, we bet on three self-service models that allow your information to be customized and accessible. Self-service web application to customize subscription notifications using information catalogues, unit filtering, thresholds... By modelling, at Azure Analysis Services, the perspective catalogue, the trends and the security model used by the notification service. Notification service that activates and sends customised push notifications depending on the subscription configuration and voice access through the different voice virtual assistants (Siri, Alexa...). The value of this digital product created by Innovation Strategies lies in the usability of the different audiences that comprise your business, providing them with tangible value.
Operation efficiency
- Access to low friction data.
- Delivery of ubiquitous data to the organization.
- Definition of consistent metrics.
- Saving time by focusing daily tasks on anomalies, deviations and change factors.
- Potentially applicable to several financial functions (cash, accountability, FP&A, cash balances, audits, risk management, ...)
Single source of truth
- Enrich the model over RAW data, therefore avoiding data inconsistencies.
- Analysis based on rules, creating a consistent and auditable report.
- Create a coherent type of language for all financial functions.
- Customization of your financial language or jargon.
- Comprehensiveness with corporate finance narratives.
