Transform your business with data & analytics

Making decisions based on gut feeling involves risks. To substantiate your choices, you need data. This data is often already available within your organization, but it is scattered, difficult to access and unstructured. In this blog, Auke Akkerman, data & analytics expert at Quatronic, explains how to start collecting and turning data into valuable insights. In addition, he discusses some current trends and their impact on the future of data & analytics.

Growing in data & analytics

Analyzing data, setting up data science projects and applying machine learning models in business environments, that's what I've been doing for most of my working life. This is challenging because not everyone is waiting for complicated models in work that have been happening in a certain way for years. Machine learning and data science are concepts that are difficult to explain to people who are not stars in abstract thinking. They are not sure what to do with it and why it would work. That's why at Quatronic, our mission is to make these concepts understandable and accessible to everyone. We want our data and analytics branch expand further so that we can respond even better to the needs of our customers. At Quatronic, we have many people with a background in econometrics who are used to using machine learning and optimization models to address organizational challenges.

In addition, we are also busy digitizing primary processes in organizations. Then the question quickly arises: how can you use data for both descriptive and predictive analytics to make those processes more efficient in this way? My role is to ensure that we grow and improve here.

Why is data & analytics so powerful?

What I love about it is that you can use data to show whether someone's gut feeling is right or wrong. You can substantiate what is happening and which path the organization can best take. Even if you're not the CEO, it's powerful to let your organization move in a certain direction by showing what the data says. Which processes cost money, why can't you move forward like this as an organization and what will it bring in if you take a different approach? If you can sell and tell that story well, you can really exert a noticeable influence and contribute to an organization's course.

In practice

At one of our customers, an energy company, we worked to predict the costs they pay to the network operator. Previously, these costs were marginal, but the rise of renewable energy sources has created an imbalance in supply and demand, leading to rising costs. Thanks to data analysis, we were able to quickly understand how these costs were structured, but also how they could make smarter predictions. This allows you to achieve savings on large investments or operational costs.

Key trends in the world of data & analytics: Gen AI

The biggest current trend is, of course, AI, and in particular Generative AI. Everywhere we go, people want something with it, even though they often don't know exactly what, let alone how. I sometimes get the feeling that everyone thinks that analysis work can be completely replaced by AI. Throw an Excel file into ChatGPT or Microsoft Copilot and, like magic, all data is visualized, analyzed, and you get a forecast for the next ten years. Trust me, it's not that simple; there are still some snags. For now, I don't see AI taking over the work of data analysts. On the other hand, it's also dangerous to think: it won't go that fast. It is true that hypewords such as blockchain have also been forgotten, without having had much impact. On the other hand, don't forget that in 1998, people claimed that a mobile phone was nonsense. There is a good chance that you will miss the boat if you think that AI developments are not important.

The big question is: what is the impact of AI on the world of data analytics and what will change? I don't believe that analysts will become obsolete, but the craft of writing complex queries will become less important. What remains is the most important thing: generating ideas and selling your insights within your organization. Good data analysis can change the course of an organization, but that requires conviction, something AI won't give you. You need to look for small details in the data that are linked to how your business works. Is this noise or is this really a signal, and should you act on that or not? It's great that you can analyse data, but interpreting it is another story. Thinking about which data is important and how to set up your KPIs is also essential.

Data Governance and Compliance

Another trend may be a bit more boring, but it is very drastic: data governance and compliance. With all the privacy laws, we may be tightening ourselves up a bit. What else can you do with all that data? Let's say a customer says, “I want you to delete all my information,” which is their right, but how are you going to do that? How do you combine that with the fact that everyone can get data-driven insights at any time? That is a challenge and you have to think about it carefully. Data governance and compliance are always a bit of an understatement when you're creating great things, but it's very important. It is a clear trend that organizations should not ignore.

Data literacy

Data literacy is a third hot item. The world is enthusiastic about data-driven work, but not everyone understands that through and through. It often gets stuck in the upper layers of people who can think analytically. You can create beautiful dashboards, but not everyone understands what they see on them. You have to do something about that, otherwise you will lose a large part of your organization. If you're not careful, that gap keeps widening. It is important that you properly explain the insights you get from your data to the organization. Why are you going in a certain direction?

Want to know more?

Curious about what data & analytics can do for your organization? At Quatronic, we are happy to think along with you. Whether it's about setting up a strategy, building dashboards or complex models that predict or realise real value with those insights. Get in touch with Auke to learn how we can take your data and analytics strategy to the next level.

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