Analytics Trends 2015: A below-the-surface look
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The document discusses various analytics trends from a Canadian perspective, emphasizing the importance of data security, the Internet of Things (IoT), and monetization strategies for data. It highlights the role of analytics in proactively identifying cyber threats and leveraging big data for risk management, while also addressing the evolving landscape of data analytics education and accuracy. Additionally, it explores the potential of artificial intelligence and open-source data initiatives to drive innovation and improve business outcomes.
Analytics Trends 2015: A below-the-surface look
- 2. Tax analytics: Striking gold? Accuracy quest The Analytics of Things Analytics trends Supertrend: Quadruple down on data security Monetize this? Bionic brains Universities step up The rise of open source
- 3. Supertrend: Quadruple down on data security
- 4. Emerging threats Recently, cyber-attacks have been creating a lot of hype. Using analytics, businesses can begin to proactively identify threats which are more likely to target their organization, enabling timely detection and mitigation of such attacks. Supertrend: Quadruple down on data security
- 5. Protect your crown jewels In a world where budgets are tight, big data can be leveraged to create a risk-based executive score card to enable informed security investments to protect your crown jewels. Supertrend: Quadruple down on data security
- 6. Hunting for hackers In an age of threats originating as “unknown unknowns,” analytics proactively recognize and identify anomalies that could represent danger and demand further investigation. Supertrend: Quadruple down on data security
- 8. Ties of the machines The Internet of Things (IoT) means everything from cars to buildings to heart monitors will be connected to the internet delivering real-time data. Can you handle the upcoming data avalanche? The Analytics of Things
- 9. The three Vs The IoT means three things for data: more volume, more velocity, and more variety. This can provide tremendous opportunities, but a good strategy, an efficient platform and data science is needed for the most important “V” of them all... The Analytics of Things
- 10. Value capture Analytics make sense of enormous quantities of data, recognizing patterns and trends to generate insights in close to real time that enhance customer experience, increase productivity, mitigate operational risk and enhance security. What is your plan to capture the IoT opportunity? The Analytics of Things
- 11. Monetize this?
- 12. Data is an asset Data is valuable and everywhere, but capturing that value requires knowing where to start and which risks need to be managed, such as... Monetize this?
- 13. Risks and rewards Privacy is a serious concern regulated by Federal and Provincial legislation. Incorporating privacy into your analytics initiatives mitigates risk and can be a source of competitive advantage. But how to start? Monetize this?
- 14. Two paths to monetization 1. Infuse analytics within current business models – Collect and aggregate data to unlock efficiencies. 2. Relentless experimentation – Innovate. Combine internal and external data to disrupt the status quo and create opportunities. Monetize this?
- 15. Bionic brains
- 16. Man vs. machine learning Artificial intelligence (AI) is improving exponentially and doubling in power approximately every 18 months. People have long wondered when computers will out-smart humans, but are we already there for some functions? Bionic brains
- 17. Are you smarter than a computer? AI already outperforms humans on some tasks, like playing chess or recognizing street signs. They rapidly process more data, with a lower error rate. And it is changing everything…fast. Bionic brains
- 18. Predict the future While comprehensive AI that can perform human tasks is still some years off, predictive analytics today uses patterns in data to create models and insights that businesses can take advantage of. Bionic brains
- 19. The rise of open source
- 20. Open to innovation Data can be incredibly valuable, but only if you make use of it. Already governments that have opened their data to the public have opened the doors to some stunning innovations. The rise of open source
- 21. Open for business Hackathons using government open data have spawned apps that solve problems like connecting youth to employers or enabling farmers to track commodity prices, helping everyone to win. But it’s not just open season for open data. The rise of open source
- 22. Privacy matters Privacy is a top concern, especially when dealing with citizens’ data. Adopting privacy-by-design enhancing technologies will assure the public’s trust, which will in turn help you reap the rewards of data analytics. The rise of open source
- 24. Taxing situation Tax authorities are demanding more electronic submissions, including access to businesses’ ERP data. Does your organization have the resources and expertise to effectively manage complex requests from taxing authorities? Tax analytics: Striking gold?
- 25. Proactive protection Providing the CRA data allows them to analyze data sets in powerful ways. Analytics can help tell you what the government might uncover – so that you can be prepared. And that’s just one way analytics can protect you. Tax analytics: Striking gold?
- 26. Knowledge is power A 360 insight into your tax data combined with the knowledge of Tax subject matter experts ensures you pay the right amount of tax, explains variations in tax rates and provides visibility into complex international transactions, all for your organization’s benefit. Tax analytics: Striking gold?
- 28. Mind the gap Five years ago, universities didn’t even offer degrees in data analytics, so demand will still outstrip supply for the foreseeable future. But needs are still evolving. Universities step up
- 29. “Hire” education Analytical sciences like information design, visualization and management analytics must be matched by “Liberal arts” skills needed to correctly frame questions and problems for the quantitative set to solve. Universities step up
- 30. Faculty first A shortage of qualified educators means competition for the best teachers. Start small and build areas of expertise, with a feedback loop to ensure the skills being taught actually fill marketplace demands. Universities step up
- 31. Accuracy quest
- 32. Trust issues Businesses invest heavily in their data, but often without disciplined verification of its accuracy, leading to enormous cost and effort massaging data. Could bad data be leading you astray? Could there be more efficient and effective approaches for managing data? Accuracy quest
- 33. All the fixin’s Solving potential problems is only half the battle. A foundational data quality program provides leverage to fix and sustain data quality. Many companies apply data quality initiatives as part of their analytics program. Accuracy quest
- 34. Changing how you do business Accuracy is not a one-time project, but an ongoing process that builds data quality into day-to-day procedures. This provides more time for business insights and decisions that save time and money while growing the bottom line. Accuracy quest
- 35. Supertrend: Quadruple down on data security Dina Kamal Partner, Enterprise Risk Services 416-775-7414 dkamal@deloitte.ca Mark Fernandes Partner, Enterprise Risk Services 416-601-6473 markfernandes@deloitte.ca The Analytics of Things Anthony Viel Partner, Financial Advisory Services 416-874-3304 anviel@deloitte.ca Marc Smith Senior Lead, Consulting 416-775-7361 marcsmith@deloitte.ca Monetize this? Jeff Bowman Partner, Consulting 416-874-3429 jefbowman@deloitte.ca David Stewart Partner, Financial Advisory Services 416-775-7484 davstewart@deloitte.ca Bionic brains Ian Chan Partner, Consulting 416-775-7245 iachan@deloitte.ca Ian Scott Senior Manager, Financial Advisory Services 416-775-7180 iscott@deloitte.ca The rise of open source Andy Potter Partner, Consulting 416-643-8938 andpotter@deloitte.ca Sylvia Kingsmill Senior Manager, Enterprise Risk Services 416-643-8238 skingsmill@deloitte.ca Tax analytics: Striking gold? Jennifer Carew Senior Manager, Tax 416-601-5831 jcarew@deloitte.ca Douglas Myrden Partner, Tax 416-601-6197 dmyrden@deloitte.ca Universities step up Raymond Pineda Partner, Consulting 416-643-8945 rpineda@deloitte.ca Accuracy quest Gordon Shields Partner, Consulting 416-874-3339 gshields@deloitte.ca Gord Kilarski Director, Enterprise Risk Services 416-601-5677 gkilarski@deloitte.ca Contacts
- 36. Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. © Deloitte LLP and affiliated entities. deloitte.ca/analyticstrends #AnalyticsTrendsCA