The rising role of data science during the pandemic

Businesses from all industries are focusing their activities due to continued economic challenges associated with Covid-19. As a consequence, many companies are shifting their attention to financial preservation. Many industry analysts in the data industry are saying that businesses are not appreciating the importance of investing data science and ensuring their teams are prepared for the current situation. The advancements in data science technology have the capability to enhance business continuity as well as support growth during difficult and challenging times.

The transition towards data science roles can result in a more effective execution of business solutions. The potential of a second wave of the pandemic is still a potential and as a result, businesses use the data they have gathered from this phase to prepare and effectively plan how they can respond to future events. Companies can use data science technology to develop a simulation of various models of operation with their customers. A business model powered by artificial intelligence can support business security and further positive outcomes.

The considerable rise in demand for data science is inevitably driving a need for more data scientists. While hiring has reduced for many companies, the requirement for data professionals remains very high, particularly as the position continues to progress. For example, the section referred to as Algorithm Translator is continuously in higher demand and businesses become more reliant on data. Converting industry challenges into data problems is a key priority to define data answers. The data needs to be transformed into clear insights for decision makers to utilise. 

In a similar scenario, the responsibilities of data engineers have increased in importance due to the significant growth in data systems. Data collection is a critical step in the extended data process of a business and in most cases, a large part of this data is stored in databases and remains in this form without being touched. The demand for data engineers is rising to alleviate this lack of data utilisation, making data more accessible and actionable. During this challenging period, this role is very important as many businesses may be overlooking important data insights generated over the last few months.

Data science is no longer focused on certain industries. With the pandemic affecting businesses worldwide, a range of teams is starting to appreciate the value of data science. As technology continues to evolve, data science will become more critical and familiar in delivering accurate and data-driven decisions.

Forbes recently published the leading data analytics and BI platforms available for this year. As we commence a new decade, some of the key trends in the business analytics arena include cloud, artificial intelligence, automation and augmentation. 

Cloud platforms incorporated with AI technology have progressed significantly over the last few years. Smarter, enhanced prediction and intuitive decision making tools have reached a level capable of being expanded across businesses. The key challenge now is ensuring each business is capable of using the new platforms properly. As the capabilities of platforms to combine other applications into their systems increases, the volume and range of data are only expanding. The biggest obstacles to businesses taking advantage of analytics lie mainly with planning and organisation, rather than the actual technology. The review by Forbes lists some of the most popular analytics and business intelligence platforms available this year.

Microsoft Power BI

Power BI is an end-to-end analytics platform that has the significant benefit of being simple to use for most employees due to its affiliation with the Office 365 system. Power BI has existed for close to a decade and has become a popular choice for analytics. Its latest update has solidified its position, with a continued focus on improving automation and augmentation processes.

Oracle Analytics Cloud

In the last few years, Oracle has updated and relaunched its offering to align closer with the cloud and artificial intelligence market. The natural language products are some of the best on the market, enabling queries spanning 28 languages. Oracle is also driving forward with delivering an autonomous database, using machine learning algorithms to enable functions that would usually require a costly human process.

IBM Cognos Analytics

Cognos has positioned AI at the forefront of IBM’s analytics services, allowing users to ask and receive answers to questions in natural language. So instead of displaying graphical data, the system explains what each data source means and guides you towards the relevant insights. Similar to the solution provided by Microsoft, IBM Cognos operates on the cloud or can be installed on premise.

ThoughtSpot

Thoughtspot is a detailed analytics service that allows users to query a dataset in natural language format. The platform utilises standard features that will be familiar to social media users. The connected AI-powered assistant, SpotIQ utilises machine learning to determine what a user is thinking and generate suggestions, referring to relevant insights that may have been missed by the user.

Qlik

Qlik is another popular platform that has expanded its focus in machine learning automation. Its Associative Engine enables users to view connections between certain datasets before determining a query. A further benefit is the Data Literacy Project which is implemented in a platform that simplifies the process of launching analytics across multiple workforces that may not be tech-savvy.

Apache Spark

Spark is a tried and tested open source platform, providing a strong volume of varied extensions and plugins. It has a large user community and vendors providing good support for workforces of varying levels of IT experience.

Sisense

Sisense has grown in popularity over the last few years. The platform enables users to generate team working environments to measure and assess data collectively via the Crowd Accelerated BI solutions. Data can be gathered from multiple sources due to its focus on API systems.

Talend

Another popular option is Talend, with its enhanced automation services and focus on machine learning and smart computing. The platform provides automated data quality and compliance services automatically enabling users to have better access to detailed insights. Talend is also connected to open source, meaning it has a good community of users to collaborate with and find tried and tested examples of tools and services in action.

Salesforce Einstein Analytics

Gartner ranked Einstein Analytics as one of the most capable solutions in regards to automated analytics. It continues to be a powerful and innovative tool, providing good automation that most competitors are finding it difficult to match.

SAS Viya 

SAS provides one of the most popular BI solutions in the world. SAS has developed its visualisation services, releasing the Visual Analytics solution, focusing on enhancing its overall automation potential. SAS Viya is created in a way that allows users to gather their analytics processes on one singular platform.

Smarter SaaS services have been viewed as a big trend for the coming year.

Gartner has forecasted a total contraction of approximately 8% in worldwide investment in IT during this year due to the impact of the pandemic. This will add further challenges for industries and increase the opportunities and competition for bringing new innovative services to the market. One area predicted to increase in business value is SaaSops, as a result of the surge of cloud development. 

Carl Lehmann of DevOps business 451 research explains that while SaaSops is essentially operation management for SaaS applications, it is becoming more important. Most cloud management systems manage cloud services from AWS, Google or Microsoft but Lehmann points out that what these services don’t do is manage SaaS applications, which are different from infrastructure services. 

SaaSops will explore customer rights and privileges, insights into user types and what those capabilities are. SaaS applications can differ completely and businesses have multiple SaaS applications in their business environment. For example, a customer may register for a free service and when that product expires they will get charged. 

Under a controlled SaaSops platform, a business would have more insight and management of processes like this. SaaSops specialists include businesses such as BetterCloud and Zylo, offering added services than traditional management platforms. 

Cloud M, migration-focus section of Cloud Technology Solutions has a SaaSops section and has experienced a 50% increase in business since 2018. The business recognised a regular problem for businesses migrating to the cloud and so delivered a product to help the transition. Cloud M can automate the on and off boarding of customers by applying a set of rules criteria to match users and place them in the right categories.

Financial services have large volumes of important business-focused data. While larger providers such as Microsoft can provide cheap services to support data retention in a convenient manner, it’s still an added cost for a business. Cloud vendors have additional data and when users leave your organisation, the business can be left paying for licences in order to maintain access to this pool of data. Businesses like Cloud M can move this data, reducing costs for a business and making the data storage process more streamline.

SaaSops can support the management of all of these varied applications for hundreds and thousands of customers. This can generate significant returns in the short term if implemented and managed properly.

With COVID-19 as a driving force, financial leaders and their associated teams are making plans for a new post-pandemic stage of financial transformation. For many businesses, a post-pandemic finance market means shifting beyond automating processes like financial consolidation, reporting and planning.

A post-pandemic financial transition will require teams and businesses to transform relatively quickly. This will particularly be the case for FP&A businesses shifting from standard monthly cycles to weekly or even daily processes to measure revenue, costs and cash flows.

Popular corporate performance management tools like Hyperion and SAP ERM have enabled financial professionals to automate a number of vital office processes but they may not necessarily be the most effective solutions for a post pandemic industry. Analysts have suggested that the fragmented structures, expensive upgrades and maintenance create additional management requirements rather than allowing financial leaders to really focus on analytics and decision making.

Preparing for a post-pandemic finance industry

Finance teams need to consider whether their traditional tools like Hyperion Planning or Oracle HFM are reaching their end of life. Finance leaders should have a good understanding of whether their services are capable of meeting new requirements and the costs that may be incurred in the future. Right now is a good time to evaluate your legacy tools and consider what option will suit your business now and in the future. Oracle and SAP have made plans to push customers to migrate on to their cloud applications. IT industry analysts are encouraging financial professionals to consider all other alternatives before making the transition to their legacy vendor cloud applications. There are a number of effective alternatives available on the market with more up to date architecture, new productions and support for on-premise and cloud deployment.
One particular alternative which has risen in popularity is OneStream Software. OneStream provides an innovative CPM solution, unifying and simplifying financial consolidation, planning, reporting and analytics. The platform is the first solution to provide corporate standards with the option for businesses to report and plan at various levels without affecting corporate standards. A vital asset of SmartCPM solutions is having the potential of using multiple solutions for budgeting, forecasting and planning, all within one single application. The OneStream XF service reduces the risks associated with integrations and reconciliation between various other products and applications.

Many businesses have used legacy tools to manage their planning, analysis and forecasting but as businesses grow it can become problematic in measuring and integrating data from various channels. Many organisations are looking for a unified approach, to reduce the efforts of managing multiple applications but also to enable clear visibility of all data processes.

Creating an agile, adaptive and visible platform is exactly what businesses need to progress and prepare for a post pandemic future.

Big data provides huge opportunities for business and marketing professionals to unlock vital confirmation on what drives their customers and prospects. Customers are well aware of the value of their personal information and do understand how this information can be utilised in a manner to improve the overall customer experience. Some customers even believe that analytics and other insights can reveal unknown motivations and interests that an individual may not have considered. For these types of people, the benefits of data analytics when used in the correct manner is capable of generating new opportunities that may not have been previously realised.

People understand that a business needs to generate a profit, something which only happens through engagement with the public. Most individuals also have a preferred business that they intend to support and see it continue operating for the future. If customers believe a business is working ethically and honestly then loyalty will strengthen and business is likely to improve.

Implementing a transparent and ethical approach to data is vital in building loyalty. A business should continue to inform and communicate with clients whenever data is being collected. Instead of just informing someone that their data is being used, a business should explain why it is being used and how it will positively improve the customer experience.
Safety and security is a top priority

Businesses need to ensure that customer data and information remains private and secure from any unexpected data breaches. The potential impact of cyberattacks can reduce trust in business competence. If in the unfortunate scenario that a business does experience a security issue then the business should actively engage with all members affected. This should include details on the protective measures in place to eliminate the chances of this happening again.

Providing transparency on business processes will strengthen your credibility. Displaying how data is used to improve customer expectations provides clarity to the consumer.

Businesses need to consider all of the regulations and applicable laws that apply to each region where they have customers or prospects. With rising pressure to manage data privacy, many businesses are implementing a ‘privacy by design’ framework and integrating additional ethical values into any process involving data. This pre-planned approach towards data ethics is far more effective than trying to integrate or update plans at a later stage.

One of the most important factors to consider in terms of data ethics is ensuring the subject is clearly in the minds of business leaders and executives. Once a business leader understands the principles and benefits of implementing these techniques with big data, then rolling out the processes across the wider business will become more effective.

The transformation experienced in the business world has resulted in an unprecedented rise in SaaS requirements, leading to increased concerns with decision makers in the IT industry.

Not so long ago, remote and flexible working options were perceived as an added bonus, rather than mandatory for business development. Today, as a consequence of the ‘new normal’, business leaders have increased their reliance on SaaS technology to support and maintain workforce productivity. The transition was so unexpected and rapid that IT teams have had very little time to assess and consider what resources to be investing in. 

Businesses are responding in various ways to the recent implications of the crisis. Some organisations have previously promoted flexible working options and were already in a relatively mobile position prior to the pandemic. Other businesses have had to completely transform their working processes, making significant changes to cope with the restricted measures. Whichever stage a business was at, there has been a significant rise in SaaS usage which has caused some concerns within the IT industry.

IT teams are responsible to manage the technology systems and to ensure your business has the correct resources to support their workforce. During these current challenges, businesses are focused on working in the most effective manner, whether the right tools are available or not. This could result in a number of challenging scenarios:

Individual teams are purchasing SaaS tools and expecting IT teams to cover the expenses. Business leaders are under added pressure to ensure their teams are equipped with the resources they need.

More employees are signing up and subscribing to new SaaS services which in some cases, is leading to uncontrolled purchasing and potential security concerns relating to sharing data. Furthermore, many employees are registering for free trials without considering the security implications or how they intend to extract the data from the product when the trial is complete.

In order to sustain this surge of SaaS usage, IT teams need to be capable of identifying exactly what services have been purchased by their employees to enable continued working from home. Businesses should implement due diligence in regards to cost and security with SaaS resources, with a target of creating an approved list of preferred tools and applications. Once this has been established, IT teams should delve deeper into each SaaS application and ensure they understand the benefits and potential risks associated with each service. This includes exploring who owns the data in the application, how the data is protected, who has access to the data sources and what happens to this information when the contract is terminated.

SaaS services are simple and very user-friendly but it can be challenging to terminate contracts. Once a business has understood what services it intends to use, they should assess and manage any potential challenges. For example, Zoom has quickly established itself as a vital tool for remote working. The free service enables conference calls for up to 40 minutes. However, if Zoom becomes an essential part of a business, there is a good chance that the business will consider upgrading to a paid service. Despite its rising popularity, even services like zoom have had recent challenges in regards to security and privacy. Other popular services can be complicated when looking to terminate a contract and extracting data out of these platforms. This is something that needs to be considered prior to proceed with your selected SaaS service.

All businesses are facing up to similar issues, but whatever industry you may be in, business leaders are predominantly focused on their performance and ensuring their functions continue to the best level. SaaS tools have proven to be very effective, particularly during the pandemic but IT teams need to ensure they monitor what products are being used and the implications of signing up for new services.

Businesses worldwide are bracing themselves for the economic implications of the pandemic. Many have already felt the impacts throughout their business structure and have been forced to make a number of changes in order to continue.

In these difficult times, technological advancements have become essential to enable businesses to continue functioning and to progress. Organisations are quickly adapting to operating remotely and applying online systems to continue performing as many of their usual business activities.

Data and new technologies are continuing to evolve and are proving vital in this transitional period, but it is critical that reliable and efficient systems are applied. Using new technology for financial processes can be very beneficial in delivering key insights and information. As more businesses turn towards online systems, the value of these services is becoming more clear.

In a period when time and efficiency is so important, finding financial solutions and support through manual financial reporting services can delay progress. Manual reporting is generally quite time-consuming and can quite often result in a number of errors. Financial managers have quickly realised that online solutions available for financial reporting provide a more reliable and streamlined service. Manual reporting systems are often perceived as being antiquated, prone to errors and duplication.

Financial reporting in the cloud has generated a number of advantages for businesses. Cloud based services enable organisations to manage and consolidate their information. With data collected in a more efficient manner, reports and other information can be generated and compiled efficiently. This information is very useful in delivering strategic decisions for a business.

During these unstable times, reports like this offer clear and concise information that directly influence a business. Combining these services with advanced analytics means businesses can create a clear roadmap for efficient business performance. 

In our existing financial climate, it is vital that financial managers can clearly display the efficiency and sustainability of corporate performance. Placing financial reporting in the cloud helps support this, ensuring businesses meet all regulation requirements and remaining ahead during these uncertain times.

Oracle Cloud Infrastructure is making significant steps into the video conferencing business, securing two major deals with video conferencing providers requiring the further capacity to support the rise of new users over the past few months. Recent wins with Zoom and 8×8 Inc. were believed to be due to competitive pricing for its services at scale, particularly in comparison with their cloud rival Amazon Web Services. 

Oracle has been focusing on expanding its cloud infrastructure, operating data centres in 21 locations and with a target of reaching 36 by the end of the year. Andrew Reichman, the director of product management for Oracle Cloud emphasises the growth of the business over the last few years. Reichman highlights that they focused on plans that can meet worldwide enterprise requirements, automating steps of regional development. 

The rise of Zoom has quickly become the most notable platform during the pandemic. At the end of 2019, daily meeting participants reached a maximum level of 10 million. In March, these numbers were more in the region of 200 million. Eric Yuan, the CEO of Zoom explains that they have experienced the biggest growth the business has ever seen and has resulted in a significant increase in a service capacity.

Yuan states they have researched a number of platforms and Oracle Cloud Infrastructure proved essential in quickly scaling their capacity and meeting the needs of their users. Video technology has become a necessity for our professional and personal lives, and Zoom has clearly led this industry transformation. Safra Catz, the CEO of Oracle explains that they are proud to be working with Zoom as their cloud infrastructure provider and as a customer. Following on from the Zoom announcement, Oracle announced that its integrated cloud communications system 8×8 is now using Oracle Cloud to support its secure video meeting services as it intends to prepare for a significant rise in users. 8×8 has already witnessed a big rise in usage with video meetings increasing and monthly active users reaching over 20 million worldwide. 8×8 transferred its video services from AWS to Oracle to enable performance improvements and considerable savings in network costs. Clay Magouyrk, the executive VP of Oracle Cloud Infrastructure explains that video conferencing has quickly become one of their fastest-growing services and critical service for its customers. So why has Oracle proven more popular than the AWS service? Research suggests that it really comes down to pricing.

The question for Zoom and other services comes down to who is capable of running their applications and providing reliable infrastructure in an affordable and efficient manner? Industry analysts suggest that retail pricing for data transfer is nearly ten times higher than Oracle’s. While Zoom won’t be paying the going retail rate for AWS services, the discounted price is likely to be higher than Oracle’s rates. The high price for data transfer was likely a key factor in Zoom’s decision to shift services towards Oracle Cloud.

Brian Duffy, President of SAP EMEA and member of the Sustainability Council believes the recent crisis provides an opportunity for planning and reflection. It seems quite clear that we won’t be returning to the pre-lockdown scene any time soon as the pandemic continues to have significant impacts on how we live and work.

Aside from all the uncertainty, there are opportunities. This period should be used by business leaders to think, reflect and plan how their business operates and how they intend to re-emerge in the near future. The pandemic is having a major impact on global economies but it has created a number of changes, including a considerable decline in CO2 emissions worldwide.

The Sustainability Council of SAP is an internal service that ensures all parts of the company contribute towards their sustainability goals. The council provides an advisory platform for the business to communicate with both internal and external members on relevant environmental and sustainability themes. The council has a priority of ensuring sustainability becomes a vital topic in both customer conversations and engagement.

Sustainability has risen in terms of priorities for SAP and its customers. During this period and the increase of remote working and virtual meetings, the importance of sustainability is accelerating even further. At the World Economic Forum earlier this year, SAP confirmed its plans to create a cleaner ocean by providing customers, NGOs and other partners with services and solutions required to eliminate waste and enhance resource production. In Davos, SAP also confirmed it had joined the CEO Carbon Neutral Challenge, supporting businesses in the transition towards a low carbon economy.

Now more than ever we are understanding the real potential of technology and the opportunities to become more sustainable and resilient. SAP has two priorities to focus on when approaching the post-lockdown era. The first is focused on their people and meeting the range of needs and requirements of their employees. The second priority is focused on assessing this period in more detail in terms of both business and environmental sustainability. Businesses are using innovative and creative tools to continue working under these new circumstances. Leaders will need to question what should remain and what measures need to be reintroduced once lockdown restrictions are lifted.

Alternative data, when verified as reliable and trustworthy, can be a significant tool for financial organisations when collecting information.

With competition rising and an increased reliance on data, financial organisations must be capable of making the changes. Inaccurate data or a lack of a range of information sources can result in poorly informed plans and ultimately reduce business performance. With the goal of gaining a wider perspective of customers and investments means businesses are actively looking for a wider range of data points. Alternative data has become a valuable tool for businesses, but it does involve some risks.

What exactly is alternative data?

Alternative data includes non-standard data points and offers a wider overview of the industry. Rather than being reliant on conventional information and using this in the decision-making process, financial businesses are actively looking for other measures to generate more insights. Take the example of a customer applying for a mortgage. Traditionally the process is based on a credit score and your previous payment history. Alternative data, including information on income, assets and financial behaviour can create a clearer picture of whether the customer is worthy of securing a mortgage. In this scenario, alternative data generate a more complete picture of the financial health of a customer.

Alternative data incorporate a wider range of information, going beyond the traditional data sources used by many companies. With the implications of COVID-19 and the rise of restrictive measures, the need to generate an advantage has become essential to many businesses.

Alternative data can generate a deeper understanding of certain variables, enabling organisations to gain more insight into customer and industry behaviours. The data can be very valuable in enabling the accurate delivery of financial and business impact analysis. Widening the amount of range of data can enable financial businesses to generate information that traditional systems cannot provide.

Alternative data is based on delivering better returns and generating smarter investments. This, however, is only possible if the information gathered is analysed properly and translated into clear actionable strategies. As with all data management, alternative data generation requires the right technology and skills and without this available alternative data will generate little benefit to a business. Only when data is properly analysed can financial businesses be in a position to accurately assess and measure risk as well as the opportunities available.

The need for collecting data and information from customers continues but for how, where and who in regards to sourcing the data will continue to transform in the future. Standard data collection is tried and tested processes in which businesses understand and know what to expect in terms of accuracy and reliability. Diverging your approach towards the alternative will likely generate deeper results yet it needs to be supported by further assessment. Businesses need to ensure any additional data insights are clearly evaluated at the source, to ensure validity and effectiveness.

Data reliability is a challenge for financial organisation. If alternative data used for business processes is found to be unreliable, it can result in significant implications for a business. Key considerations with data evolution are due diligence, ensuring data comes from reliable sources, data and privacy are secure and all information is compliant with the latest regulations.