Using Data & Analytics to Grow your business

Transcription

1 Using Data & Analytics to Grow your business International Business and Finance Summit (IBFS) March 2,

2 Major themes: 1. Share KPMG s contribution to moving the dialogue of Digital in The Bahamas forward 2. Define digital in the context of an actionable strategy for industry and private sector, and how it presents an opportunity to grow your business. 3. Use case study approach to introduce technology elements, so as to present clear opportunities: 1) Tourism analytics 2) Insurance analytics 3) Financial management 2

3 Session expectations SHORT ON BUZZ WORDS BLOCKCHAIN IS POWERFUL, BUT NOT A PANACEA TO ALL OF OUR PROBLEMS 3

4 1. KPMG s contribution International Business and Finance Summit (IBFS) 4

5 1. KPMG s contribution: 1) Lighthouse KPMG has launched its Center of Excellence - Lighthouse in The Bahamas The building o Technology Layer Advanced technological innovations that facilitate solving some of the world s most complex issues blocks o Competency Layer Skill set required to deploy digital tools in a way that is decipherable o Local Insight Practical understanding of public and private sector applications, in order to design and implement relevant solutions Lighthouse is KPMG s new advanced digital capability, which facilitates management efficiency and transformation of antiquated operating models, in the public and private sector 5

6 1. KPMG s contribution: 2) Defined competencies For example: required competency for proficient delivery of data & analytics Visualization Specialists Strong experience in designing visualizations to perform data discovery and highlight insights. Strong experience with visualization tools (Tableau, QlikView, JavaScript, etc.) Knowledge of how specific visual components drive usability and understanding Competency Layer D&A Consultants Strong business consulting acumen and statistical background, combined with realworld experience in applying analytics to solve business issues. Practical understanding of advanced analytics methods and big data software; client solution expertise. Software / Data Engineers Strong experience with large scale and/or distributed processing methodologies such as Hadoop, Storm, Spark, and many others. Sophisticated ability to rapidly ingest, transform and mine data. Ability to evaluate, design, build, test and manage big data architectures Data Scientists Strong experience in analytics, statistics, data mining, machine learning, natural language processing and/or mathematics. Problem-solving ability through the use and/or development of algorithms, models, testing, etc. Generally MS or PhD-level math, statistics, or engineering. 6

7 1. KPMG s contribution: 3) Academic partnership As a result, KPMG has partnered with the University of The Bahamas Full academic scholarship Paid student internship Faculty Research 7

8 1. KPMG s contribution: 4) Local talent development Ebonette Bain-Minnis Data Scientist KPMG Bahamas Mandelia Morris Data Scientist KPMG Bahamas Albert Wilson Visualization Specialist KPMG Bahamas Success requires a local commitment to people 8

9 2. Digital demystifie d What is a Digital Strategy International Business and Finance Summit (IBFS) 9

10 Digital strategy Data and Analytics ( D&A ) Process Automation X Tech (Fintech, etc.) Complexity level Delivery mediums (online, mobile, etc.) 10

11 (1) Data and analytics Digital strategy Data and Analytics ( D&A ) Management reporting D&A enabled issue solutions Operating model transformation Converting traditional static reports to interactive dashboards that drive insights Deriving insights from large and typically unmanageable sets of data Reforming core business process using D&A and process automation 11

12 3. Case studies International Business and Finance Summit (IBFS) 12

13 (2) Case A: Tourism Analytics by KPMG A PUBLIC SECTOR EXAMPLE FOR OUR NATION S LARGEST BUSINESS 13

14 (2) Case A: Tourism Analytics by KPMG Using the arrival card data of a leading jurisdiction in the Caribbean >2.7M records, analyzed over a 5-year period 14

15 (2) Case A: Tourism Analytics by KPMG 15

16 (2) Case A: Tourism Analytics by KPMG 16

17 (1) Data and analytics ~75% >$5,000 17

18 (2) Case A: Tourism Analytics by KPMG 18

19 (2) Case A: Tourism Analytics by KPMG 19

20 (2) Case A: Tourism Analytics by KPMG 20

21 (2) Case A: Tourism Analytics by KPMG o Data and analytics applied insightfully gives an opportunity to grow your business, by providing a fact driven basis for decision making 21

22 (2) Case A: Tourism Analytics by KPMG There are essentially four (4) processes involved in building a data and analytics platform from the ground-up, disrupting the traditional software acquisition model The complex case Data capture OCR, ICR machine learned Key processes and related technology elements Cleansing and organization Data analysis D&A engine, R, Python (Alteryx) Data hosting Visualization and insight MS Power BI, other Azure 22

23 (3) Case B: Insurance Claims Analytics There is a broad range of disruption in insurance Process Automation Data & Business Analytics Claim Dynamic Customer Reserve Model Analysis Pricing Optimization Analytics Change Example 23

24 (3) Case B: Insurance Claims Analytics The time to enter the claim 6 mins, 7 seconds The time to process the claim 3 seconds 24

25 (3) Case B: Insurance Claims Analytics Medical o Suspicious activity detection based on patient and provider profiles o Defining a model for the elective or optional (unnecessary) procedures o Determine errors in care / lab / DI groupings o Identifying patients at risk, and using D&A enabled tools to proactively address high risk (and cost) populations Claim Analysis Operating model transformation without claim optimization: Which public clinics had the best outcomes? o Medical claims analysis meets TOURISM analytics 25

26 (2) Case A: Tourism Analytics by KPMG o Data and analytics gives an opportunity to interrogate claims in a manner beyond the capacity of your best claims analyst, with predictable accuracy levels 26

27 (3) Case C: Public Financial Management CEO The great divide Accounting (Controller) G/L keeping CFO Financial Planning & Analysis 1) Traditionally, a financial function is structured in such a way that the controllership, did not necessary interact with advanced financial planning processes 2) As a result, the relevance of D&A to accounting was not properly put into perspective until recently Policies / regs Accruals Lease acc ting Revenue rec 27

28 (3) Case C: Public Financial Management A parallel in Government Financial Secretary or similar i.e. CFO Traditional Responsibilities (Technical) Debt raising Treasury dept. Minister Planning (Operational) Budgeting Active Management Measures Conflict of interest examination (Fraud) Payroll verification (Near) Real time and interactive view of revenue collection Line-item detail at Ministry level for all expenditure categories Loan Guarantee Exemptions Data & PM MoF Min analytics 28

29 (2) Case A: Tourism Analytics by KPMG o Data and analytics is a key tool in ushering in a new era of public sector financial reform 29

30 3. Next steps To be done in a proper and insightful way, the implementation of data & analytics requires local understanding, world class analytical talent, and a holistic approach Technology stack Advanced Analytics D&A Strategy Information Management Big Data Architecture Cognitive Automation & Machine Learning Reporting and Visualization Making insights clear, interactive and actionable Creating a vision for D&A that is aligned with business goals Building trust in the Artificial data, how it is managed Intelligence and stored, as well as confidence in reporting - Access Ensuring architecture is - Security scalable, reliable and flexible to - Validation business change 30

31 Thank you kpmg.com.bs 2018 KPMG Advisory Services Ltd., a Bahamian limited company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.