In today’s digital world, analytics is the common thread that runs through social, mobile and cloud technologies. It allows businesses to leverage their data to derive the insights that drive improved, sustainable business outcomes. The analytics market is big— and it continues to grow. Currently a $40 billion market, Analytics are growing by 15 percent annually.
Today’s businesses have access to more data than ever before. In 2011, studies revealed that 1.8 zetabytes (1.8 trillion gigabytes) of data were being generated. Researchers forecasted this already significant volume to reach some 35.2 zetabytes by 2020. In the face of this growing collection of data, the need for analytics expertise will continue to rise.
ESSEC and Accenture consider Business Analytics to be an engine for growth which will change the way companies interact with their internal and external stakeholders and their customers. In this sense, on top of requiring statistical and IT capabilities, analytics is about turning business issues into successful business outcomes. It involves combining all data— for example, data about customers, competitors and trends— and applying advanced statistical methods and models to draw insights from the story the data tells. These insights inform the actions that businesses must take to drive sustainable outcomes and outperform the competition.
Business Analytics projects are inherently applicable across an organization. The data collected by an IT department is likely then to be leveraged by the Finance and Marketing departments. Ultimately the data can help define the Operations or Sales strategy. Managing a Business Analytics project well is therefore crucial, yet notoriously complex. Most companies do not have the processes, talent, organization or underlying technologies to enable them to act on their data quickly.
Essentially, to develop accurate and applicable analytics methodology and models, to test State-of-the-art tools and technologies for accuracy, real-world data must be leveraged. Academics are positioned to develop cutting-edge analytics methodology required in today’s digital world but their research is often hindered by limited access to real-world data. Interaction between analytics academics and analytics practitioners opens the door to true collaboration, innovation and reliability.
More importantly, by partnering with practitioners to define research objectives, academics are able to maintain research continuity while also ensuring the relevance of their approach and subsequent results. By encouraging this exchange of ideas, the Strategic Business Analytics Chair will develop research that addresses to the concrete issues that practitioners face every day with a tested and proven solution that is grounded in Business Analytics.
In response to these trends, The Ecole Superieure des Sciences Economiques et Commerciales (ESSEC) and Accenture Strategic Business Analytics Chair has been created to address two aspects of the trends in analytics: the capability to derive insights from the data, and the highly skilled analytics experts required to support the process.
To succeed in the digital era, Companies must not only collect the data but also draw the actionable insights that allow them to drive the durable outcomes to outperform the competition. Businesses must learn to extract the true “intelligence” that their business intelligence systems have the potential to provide. The ESSEC and Accenture Strategic Business Analytics Chair identifies this approach as issues-driven business intelligence.
As data becomes more embedded in everyday business operations, as it becomes a critical element in going to market, it needs to be pragmatically analyzed in the light of practical experience. Analytics academic and research professionals must become more closely aligned with analytics practitioners in the market, with a clear understanding of how data affects both public sector and government businesses.
They must be able to communicate on the insights data can provide and present in a clear and comprehensible way. The ESSEC and Accenture Strategic Business Analytics Chair was created to develop a better understanding of the impact digital has on the market and individual business as well as governments and day-to¬day life. It also seeks to identify the skills needed to fully understand the existing and emerging issues. Armed with this knowledge, ESSEC and Accenture Strategic Business Analytics Chair will train the Digital Architects of tomorrow to address this issues-led, outcome-focused and industry-rich approach.