By: Tracy Hemmerling, Associate Vice President, Arcadis
All About Data
We’re all hearing about “big data”, but what does that mean for you and your company and how can you use data to improve? The opportunities seem limitless, but it can also be overwhelming. At Arcadis, our Chief Data Scientist, Ben Arancibia has been leading the effort to leverage big data throughout our projects worldwide. Explore these projects here.
While more data than ever is being generated and consumed, most industries have not come close to realizing the full potential of data and analytics. They struggle with access to data, data standards and governance, and often work with desk drawer databases and tools that are not connected. People are spending valuable time converting data into consumable formats and crunching key performance indicators for their organization’s internal review, instead of learning from and acting on the data. Learn more about the work Arcadis is doing to integrate data quality and the analytics framework in our projects.
Improved Technology Results in Increased Efficiency and Reduced Costs
New digital tools and technologies are revolutionizing how organizations collect and analyze data. These tools streamline processes to help organizations get data quicker, recognize and understand insights faster, and manage risks more effectively than ever before, all while delivering that all-important return on investment.
Forward-thinking organizations are turning those insights from data analytics into competitive advantage through:
- Improved operational efficiency and reduced costs
- Compliance certainty and reduction in both operational and reputational risks
- Informed funding prioritization decisions
- Greater degree of transparency for stakeholders
Project Example – Automation of Regulatory Information
Since 2007, more than 200 environmental regulations have been released annually that impact how companies distribute products internationally. As you can imagine, the amount of information released daily on proposed changes, enforcement updates and newly released regulations can be challenging. Companies can easily miss critical updates, have difficulty prioritizing initiatives or even misunderstand the impacts to their business.
Arcadis witnessed this as a challenge for a multinational consumer goods client. To help the organization manage this information, we developed a three-phase systematic approach:
- Digitization: Converted traditional report delivery method into data sets
- Automation: Implemented an automation process to organize and manage the regulatory data into a database
- Tool development: Developed a custom-built “regulatory tracking tool” that offered an interactive graphical user interface for client to update data and extract insights from the regulatory changes
The end result? With automated processes that captures new information daily, and custom profiles for various parts of the business and enhanced metadata, the client now has a new and efficient way to access organized information to better manage their risks.
This demonstrates how organizations that don’t extract the most value from data are at risk of being outpaced by peers and operating inefficiently. Now is the time to develop a plan for digital transformation to raise your organization’s IQ and elevate your position in the market.
Disclaimer: The above commentary entails the views of the author and not necessarily the views of the Buffalo Niagara Partnership.