As data analytics spreads throughout your organization, you’ll realize the benefit from having a much greater understanding of your business processes. The capability to predict outcomes improves and efficiency grows. But data science is evolving at a tremendous pace, outstripping the capabilities of traditional analytics departments. With AI, machine learning, prescriptive and predictive analytics taking centre stage in this new analytics era, a modern vision is needed to ensure the organization can get the greatest possible benefit from these game-changing analyses. You also need to reduce errors and increase efficiency while providing data accuracy and security. Business analysts need to evolve into “citizen data scientists” to bring their knowledge immediately to bear upon analytics problems.
As users across the organization become more involved with analytics, benefits are magnified, but management and oversight can become more complex. An approach is needed that centralizes data and analytics asset management, oversight, training, and security. The approach must act across organizational boundaries, use cases and departments; integrate knowledge and expertise from both analysts and data scientists; and operate at a high enough level to ensure directives are carried out. A solution can be found in the development of a Predictive Modeling Centre of Excellence (CoE). A Predictive Modeling CoE adds higher-level modeling to the Analytics CoE, providing the additional support needed to serve the entire analytics spectrum and its technological and decision-making evolution.