Build or buy. Which analytics solution is best suited to your organization?
In today’s fast-paced environment, decisions are being made faster and more data is available. Nonetheless, 65% of Canadian leaders say they still base their important decisions on judgment rather than algorithms.[1]
To enable companies to make sound decisions based on tangible data and have a view of their activities in real time, the various advanced analytics tools have become indispensable. Whether for supply chain optimization, performance monitoring, consumer behavior analysis, risk management, or other questions, all this information can now processed through data.
The question then arises: Is it better for an organization to develop a bespoke solution or buy a preconceived analytics application that can be configured to meet its business needs?
In search of the tailor-made
You are looking for insights into standard business processes, such as your supply chain, production schedules, procurement, or acquisition and attrition rates. Are your many mission systems common types? If so, then obviously an already existing analytics solution will suit your needs.
To name just a few: SCOOP (Supply Chain Opportunity and Optimization Platform) optimizes the different stages of your supply chain. SAM (Spend Analysis Machine) is a shopping and spend optimization and analysis solution that shows you: what you spend, what products and services you buy, where to optimize your prices, and how to optimize your suppliers. CIP (Customer Insights Platform) is focused on customer acquisition, growth and retention.
Existing solutions are not necessarily a synonym of standardization. They can easily be configured to fit your current needs and answer your business questions accurately and efficiently. It is therefore a question of opting for a basic solution to which we add secret ingredients, specific to each company to create a customized solution!
Although already existing tools are the first option to consider, some organizations from niche industries will find it more difficult to find turnkey solutions for their needs. For example, the nuclear field or police services that have highly specific organizational models and business issues. In these cases, designing an analytics solution of their own becomes the most relevant option.
Efficiency and return on investment
The ability to respond to changing markets and customer expectations is a strong competitive advantage. To avoid being at the mercy of new, more innovative competitors, you have to know how to diligently make the best decisions. Opting for an already existing solution gives you that leg up. You’ll be able to implement the solution faster within your organization, providing fast access to coveted analytics. In addition, as the solution is generic and basic, the investment in money for its implementation remains relatively low.
Conversely, fully custom-designed data analysis software requires significant human and financial investment, development, creation, and enforcement.
Increased performance
Using proven tools, you will have the privilege of working with technologies that have already been implemented in companies like yours. You will benefit from the good practices of your peers. Over time, programmers have been able to integrate various features requested by platform users, resulting in the creation of increasingly powerful and proven technologies. As a result, the programs are constantly being improved, which will allow you to obtain up-to-date analyses, according to your needs.
Collective expertise has helped develop a high-performance, high-quality solution with the know-how of thousands of specialists around the world. In other words, the return on what you can get with the money invested in the existing solution is far superior to what you get from a self-created technology.
In short, analytics solutions remain indispensable tools to get the most out of your business. Whether you choose to build your analytics systems or work with existing platforms, you will need to prepare your team to welcome them. PwC has several analytics solutions as well as a multidisciplinary team to ensure a healthy and sustainable adoption. For more information contact us.
[1] https://www.pwc.com/ca/fr/services/consulting/analytics/big-decisions.html
