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3. Strengthening sustainable decision making
Environmental, social and governance (ESG) issues are making companies rethink the way they do business. Nearly every aspect of business operations is affected by ESG, whether it’s planning decisions regarding building locations, future supply chain routes, or the amount of insurance to purchase. Artificial intelligence tools that can take and analyze all kinds of information such as climate models, optimal distribution routes and population growth trends are helping companies make better ESG decisions.
For example, many companies use data to see if they should build warehouses in a particular area or if climate change will ultimately affect these operations. Others are using data to reduce their carbon footprints. For example, a large detergent company wanted to reduce its emissions by reducing the packaging size, but at the same time increase its detergent concentration so that consumers could wash the same number of loads. Its retailer said a smaller size may not sell, even with the same efficiency, as consumers think larger packs are the better deal. Rather than sticking to the larger size, the retailer had each detergent manufacturer downsize their packaging by demonstrating how they could keep the same number of loads in a smaller size container while becoming more sustainable. This has proven the power of analytics – one company impacted the entire industry to reduce carbon emissions due to timely data-driven decisions.
4. increase productivity
The digital age is all about hyper-precision. By combining, analyzing and empowering the right quality data at the right time to evaluate, predict and prescribe decisions, companies can dramatically increase productivity and the value of their resources.
For example, global automotive supplier ZF wanted to compare efficiencies between its various factories. He created a digital production program built on the Azure cloud. PwC’s Factory Intelligence, to analyze performance data between each location. Using advanced analytics, visualizations and automated workflows, the company has reduced conversion costs, improved overall performance, and increased workforce productivity and efficiency across its 200+ factories.
5. Increasing product or service innovation
Data changes the game when it comes to creating new products and services. The more you know about a customer, the better idea you have of the types of products they might want. However, companies need to move beyond just big data and start looking at what is called “thick data” to effectively influence product and service usage through human-centered design.
While big data is about capturing what people spend their money on, when they buy a product and how much they pay, thick data focuses on human behavior and digs deeper into people’s motivations to buy something and the way they use a product. For example, a loan company often identifies fraud by looking at unusual transaction patterns. But collecting massive data on scammed customers and scammers’ behavior can bring a new level of sophistication. By interviewing fraudsters and identifying their motivations and behavior patterns, these insights can be incorporated into more traditional fraud monitoring analytics that allow companies to track when a fraud may occur before it occurs. This ultimately leads to better fraud solutions.
Bring data expertise and technology together
Achieving high-value results will bring new solutions and a different approach to data. Now you need to think about what actions your data might inform.
working together, PwC and Microsoft They’ve seen firsthand how difficult it is for businesses to understand what the concept of “data-driven” really looks like. Many businesses believe that just gathering information and running the numbers through a data visualization tool is enough. While fundamental analysis can help you learn about something that has already happened, this type of information, when paired with real action and consequences, can help you assess what might happen in the future and tell you what you can do about it before a problem arises. .
Discover how PwC and Microsoft are using data and the latest Azure cloud, artificial intelligence and mixed reality technology to transform experiences, from the football field to your industry.
This content was produced by PwC. It was not written by the editorial staff of MIT Technology Review.
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