Deloitte & Touche LLP (Deloitte) and the Singapore Economic Development Board (EDB) have jointly launched the Deloitte Analytics Institute (Asia), a data analytics think tank dedicated to developing cutting edge strategies and tools to help business leaders unlock the significant value of their organisation’s data.
A multi-year, multi-million dollar joint-commitment between the EDB and Deloitte, the institute is the second one to be established by Deloitte, joining its flagship facility in the United States. The Institute is an important next stage of developing Deloitte’s Asia Pacific analytics strategy and capability.
Tim Phillipps, Global Leader for Deloitte Analytics, said: “Deloitte is investing in excess of US$10 million to provide analytics solutions across Southeast Asia. The decision to base the Institute’s 15 full-time research and training staff here firmly establishes Singapore as a regional hub for research and innovation in the analytics industry.”
Globally, the research agenda for the Analytics Institute will benefit from direction provided by Tom Davenport, Senior Advisor to Deloitte Analytics and a Senior Research Fellow with the Deloitte Analytics Institute.
“A global shift is taking place,” said Davenport, who is also distinguished professor of IT and management at the renowned Babson College in the US. “For the last 30 or 40 years of the information age, the concern has been on getting the transaction system in place and getting control over key processes, among other things. Now, companies want to make use of these tools to make better decisions to manage their businesses more effectively through analytics.”
“The virtue of analytics is its ability to provide insights into business forecasting and performance, predicting trends, identifying risks, and refocusing management strategy to adapt to changing environments,” said Phillipps.
“Most clients know their organisation’s data is full of potential. Stored and siloed throughout their business, it represents a wealth of possibilities. Clients turn to Deloitte for our combination of deep industry experience and advanced analytics capability. It is that unique combination of business advisory knowledge and deep analytics capability that enables us to turn everyday information into useful and actionable insights for business leaders,” he added.
According to Gartner, a leading information technology research and advisory firm, the global analytics marketplace is currently US$25 billion.
Deloitte, with more than 3,000 staff focused on analytics globally, is one of four professional service and consulting firms leading the market and is recognised for its ability to provide broad business advice combined with technology-based solutions.
A third institute is likely to be established by Deloitte in London later this year.
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