In December 2016, McKinsey Global Institute published their report on The Age of Analytics: Competing in a Data Driven World. In their report, McKinsey state that analytics prowess is increasingly the basis of industry competition, and the leaders are staking out large advantages. Within the manufacturing sector, McKinsey estimate the following benefits from embracing the data and analytics revolution:
Data and analytics can enable faster and more evidence-based decision making, yet most companies are capturing only a fraction of the potential value from data and analytics. The biggest barrier companies face is organizational; they struggle to incorporate data-driven insights into day-to-day business processes and find it a challenge to attract and retain the right talent—not only data analysts but business translators who combine data savvy with industry and functional expertise. Across the board, companies report that finding the right talent is the biggest hurdle they face in trying to integrate data and analytics into their existing operations. A survey by McKinsey & Company revealed that approximately half of executives across geographies and industries reported greater difficulty recruiting analytical talent than filling any other kind of role. Forty percent say retention is also an issue.
Another equally vital role is that of the business translator who serves as the link between analytical talent and practical applications to business questions. In addition to being data savvy, business translators need to have deep organizational knowledge and industry or functional expertise. This enables them to ask the right questions of data analytics and to derive the right insights from their findings. A combination of industry and analytic know-how is needed for success.
McKinsey further state that as data grows more complex, distilling it and bringing it to life through visualization is becoming critical to help make the results of data analyses digestible for decision makers. They estimate that demand for visualization grew roughly 50 percent annually from 2010 to 2015. Organizations are need integration of industry, analytic and visualisation know-how to be successful as our data volumes grown in the data driven world.
This is where modern data analytics technology plays a role. In addition to discussing the above challenges, via case studies, we will show how modern data analysis technology helps scientists and engineers to integrate their subject matter expertise with data analytics to drive more rapid and useful insights and present their findings using interactive visualisations to help other stakeholders understand the resulting knowledge and actions needed. See what options you have now for embracing the opportunity and benefits of competing in a Data Driven World.
The event will mainly be in English.
During the event there will be time for networking.
There will be a break with something to drink and eat.