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Management Consulting Tools – 5 Ways Consultants Use Spreadsheets (That Could Be Improved)

Management Consulting Tools – 5 Ways Consultants Use Spreadsheets (That Could Be Improved)

June 22, 2017
Of all the management consulting tools out there, the spreadsheet is possibly the most prevalent. Consultants use spreadsheets on a daily basis in the analysis stage of their projects, ultimately creating models that draw conclusions from a data set to inform the outcome of a project. Lately we’ve examined how the spreadsheet is becoming an outdated tool with alternatives that automate many of the things that must be done manually in spreadsheets. But in order to really understand how consultants would benefit from replacing spreadsheets with more updated tools, it helps to take a closer look at exactly what consultants do with Excel. Here are a few examples of common ways consultants use spreadsheets and the problems that accompany them. Model Creation Consultants use spreadsheets to create data models, a combination of formulas that manipulate data to form the main analysis of a project. Models need to provide accurate [...]
Spreadsheet Replacement, The Evolution of Data Analysis

Spreadsheet Replacement, The Evolution of Data Analysis

June 15, 2017
Since the 1980s, the electronic spreadsheet has been a staple in many industries. Accounting, business and research analysis, management consulting, finance, and other industries that manipulate large amounts of data rely heavily on spreadsheets. Yet when compared with much of today’s technology, it is apparent that the spreadsheet is rapidly becoming outdated. It’s surprising, in fact, that we rely on highly manual processes to ultimately make decisions when some studies suggest that 88% of spreadsheets contain major errors. There’s no doubt that the spreadsheet has served us well, but the time has come to begin thinking about a spreadsheet replacement as data analysis methods evolve. We at 9Lenses really enjoyed this recent podcast by NPR’s Planet Money that describes how the spreadsheet’s adoption was initially slow as it replaced bookkeeper jobs and was hard to understand without context. Ultimately, people realized that the spreadsheet provided productivity gains that enabled more [...]
Four Ways to Make a Data Scientist a True Business Asset

Four Ways to Make a Data Scientist a True Business Asset

December 3, 2015
Within the past couple of decades, businesses have become highly cognizant of the value that big data can bring. More recently, they have realized that access to big data in and of itself is insufficient – volumes of data by themselves do not suggest how to improve a business, and thus it is also necessary for businesses to acquire someone who can interpret the data. Enter the data scientist, now known as one of the most desirable positions of the twenty-first century. Even more recently, however, businesses have come to realize that simply hiring data scientists to interpret data is not necessarily sufficient to drive business outcomes, either. Interpretation of data without direction or context leaves business leaders with little more idea of how to use that data than they had before. The ultimate goal of the data scientist, therefore, cannot simply be to interpret data and produce insight; [...]
What if you are looking at the wrong kind of data for business success?

What if you are looking at the wrong kind of data for business success?

October 2, 2015
Unless you were hiding under a rock, you are probably aware that people analytics has emerged as a big piece of the business data landscape – not just in HR departments, but across organizations! While businesses have long realized that their people are their greatest asset, it is only now that we are really starting to capitalize our workforce through people analytics. Not only do employees hold increasingly valuable intellectual property, but each employee knows something about the business better than anyone else. Identifying these internal experts in businesses and mining for crucial information or big ideas give executives a better understanding of their organizations. Simply put, the intelligence the workforce holds sets businesses up for success by keeping employees engaged and allowing businesses to make more informed decisions. In fact, a 2013 study by Deloitte noted that businesses that placed an emphasis on people analytics had stock market [...]
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