Teradata's RACE service comes at a time when the potential return on investment and strategic business impact of any analytic solution is expected prior to investment, despite the complex variables in calculating projections. Key factors such as the inflow of new data sources, including IoT sensor data, as well as the proliferation of new analytic techniques, complicate the deployment and use of analytic solutions by business users. Armed with detailed visibility from the applicable Teradata Business Value Framework, RACE clients will begin projects with a clear roadmap about when and how the project will deliver a return on their investment.
The RACE method involves three primary phases:
- Align – Using the Business Value Framework as a starting point, Teradata analytic business consultants assist the client in identifying and aligning around the highest potential value uses cases, and validate the availability of key data assets to support the use case.
- Create – Teradata data scientists load and prepare the data, and develop new or existing analytic models for the selected use cases. This phase involves rapid iterations with the business sponsors to ensure the analytic insights will produce the targeted business outcomes.
- Evaluate – Teradata analytic business consultants analyze the results and document the potential ROI of deploying the analytic use cases at scale, and develop a deployment plan for the client.
"When companies use analytic consultants, they expect experience-based insights about what works, and what does not. Teradata consultants understand this and use proven tactics to routinely drive accelerated, high-impact business outcomes for our clients," said Dan Harrington, EVP, Consulting and Support Services, Teradata Corporation. "Along with our unique consultative perspective, Teradata can also leverage its deep technical capabilities to architect, implement and manage innovative analytic ecosystems. This end-to-end program execution – something Teradata alone can deliver – makes life simpler for our clients and significantly reduces their risk."
Teradata Business Value Frameworks provide a proven foundation for Teradata Consulting teams to help companies:
- Identify and prioritize the use cases that align with the company's strategic imperatives and deliver measurable business impact;
- Define the detailed elements of each analytic use case, including business questions addressed, required data elements, proven analytic techniques, relevant key performance indicators and demonstrated improvement ranges; and
- Assess the maturity of existing analytic capabilities to identify sometimes-subtle gaps and recommend solutions to ensure that investments in analytic capabilities are directly aligned to strategic business imperatives.
Ready-to-use Business Value Frameworks define hundreds of analytic use case across two dimensions; business functional domains and industry. The business functional domains include, customer & marketing; supply chain; product; operations; infrastructure and asset; as well as finance and risk. These business functional domains are then augmented by industry specific content when applicable. Examples include the recently announced use cases: Customer Satisfaction Index and Communications Compliance.
"We already trust Teradata to excel as a technology provider for analytics, but as soon as we engaged with them for analytic business consulting and data science services, it became clear that we would quickly benefit from their breadth of experience," said David Bloch, Head of Analytics and Data Strategy, Vodafone New Zealand. "Using the communications industry Business Value Framework, Teradata came prepared with practical, real-world use cases to ensure we were driving the utmost value from our data. In a matter of weeks, using the RACE methodology, we had a customized, tailored project plan and best of all, we were confident that our investment would deliver on the expected business outcomes."
"Our research shows that users in 79% of organizations don't have the skills necessary to apply advanced analytics. This lack of skills is the major reason for dissatisfaction with their projects," said David Menninger, SVP & Research Director, Ventana Research. "Teradata's Business Value Frameworks will help provide the skills and best practices companies need to achieve successful outcomes and a solid return on their investment."
Rapid Analytic Consulting Engagements (RACE) and Teradata's Business Value Frameworks are available immediately.
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