Big data and advanced analytics are creating profound new opportunities for businesses, yet we found that only 4% of companies are able to combine the right people, tools, data and organizational focus to take advantage. To realize the value of big data, organizations need strategic—and not merely technological—solutions. Bain’s strategy experience and analytical expertise help ensure that businesses build the right capabilities to mine data for insights that can enable better decisions and create value.
ADRA Solutions's Advanced Analytics practice provides three services to clients:
We develop advanced analytics strategies, helping clients derive competitive advantage from their data assets and analytic capabilities.
We deploy advanced analytics for decision support, helping clients improve operational effectiveness and efficiency through innovative uses of data and analytics.
We help clients build the advanced analytics organization and capabilities required to execute strategies and deploy decision support applications. We support organization and capability building with our unique approach to change management, called Results Delivery®.
These three services are tightly integrated with Bain's broader industry and consulting services expertise. And, while some sectors are further along than others when it comes to deploying analytics, Big Data presents opportunities for all companies to increase performance. In fact, Bain research demonstrates that the competitive edge to be gained from analytics is real: companies that are able to use analytics insights to change the way they operate or to improve their products and services are twice as likely to be in the top quartile of financial performance within their respective industries.
The Advanced Analytics practice is supported by Bain's Advanced Analytics Group (AAG), a team of advanced analytics professionals and data scientists, with advanced degrees in fields ranging from statistics and applied mathematics to computer sciences. The team applies state-of-the-art techniques and is equipped with the latest tools and technology. Depending on the engagement, AAG team members can act as advisors, executors of key tasks, or full team members supporting a multitude of analyses, including: predictive modeling, customer segmentation, experimental design, pricing optimization and more. AAG members also help Bain case teams develop the best approach to their clients' challenges, combining analytical rigor and business pragmatism.
Big Data isn't a technology initiative to be left entirely to data scientists and IT departments. It's a strategic business opportunity that requires technical savvy and organizational coordination. To succeed, companies need to embed Big Data and analytics deep into their organizations to ensure that information and insights are shared across business units and functions.
Companies looking at Big Data often seek the power of new external datasets. While these new datasets can be valuable and are often leveraged in Bain casework, we find that there is frequently a wealth of untapped opportunity for companies to more effectively use the data at their fingertips:
We begin by setting the strategic rationale for a company's analytics journey.
Next, we identify the analytics use cases that present the highest value opportunities.
With the strategy clearly articulated, we bring analytical rigor through the expertise of our AAG team, which can support a multitude of analyses, including: predictive modeling, customer segmentation, experimental design, pricing optimization and more.
As with any change program, embedding analytics within an organization requires a well-structured and carefully orchestrated approach. At ADRA Solutions, we call that (RD) Results Deliver. R predicts, measures and manages the risk associated with change. As applied to analytics, Results Delivery ensures that our clients are able to develop the internal capabilities and culture to act on the insights they uncover by identifying the critical behaviors that allow data to be factored into decision making.