It’s no question that AI and data analytics are disrupting traditional professional services models. Ranging from research and trend analysis, risk identification and monitoring, to stakeholder engagement and social listening.
“When we started co-creating our cloud-based data analytics platform Datamaran in 2014, we knew we had to build it with the market for the market,” explains Marjella Alma (CEO and Co-Founder of Datamaran).
"We had to teach a machine how to read documents like a human; the best way to do this was to replicate how industry experts and consultants would read, analyze and draw conclusions from sources. Beyond this practical necessity, we wanted to free up people’s time to focus on strategy and action, rather than on manual research. This is where data analytics comes in,” Marjella adds.
We asked a selection of our consultant customers to explain why they chose to integrate Datamaran into their service offerings.
Barb Brown, Principal of the US-based consulting firm BrownFlynn explains:
Similarly, on the other side of the Atlantic, Josée van der Hoek of the Netherlands-based consulting firm Finch and Beak explains:
What Does the Data Show?
Recent examples in today’s headlines – from an automaker’s emissions scandal to the head of the world’s largest investment management firm calling on CEOs to invest for the future – illustrate how non-financial issues might carry financial, legal, reputational and competitive risks.
Companies are increasingly aligning their digital transformation journeys with enhanced risk and business intelligence journeys, as they rely on data-driven decision-making and data analytics to manage these risks. Our data shows that more and more formal corporate reports reference the concept of “data-driven decision-making”:
Source: Datamaran; based on the corporate reports issued by over 7,000 of world’s largest companies between 2010 and 2016.
Consultants are uniquely positioned to help companies on this journey - their expertise coupled with robust data analytics equips their clients with an attractive package. Why choose when you can have the best of both worlds combined?
Jerome Basdevant (CTO & Co-founder Datamaran) says: “Before joining Datamaran I worked as a consultant in IT. Already then, we tried to speed up most of the tedious research work and create data insights that were replicable and robust. Ultimately, you want your client to have the best result and my view is that the client benefits most when the consultant gets to think and strategize with you. Let the machine do the heavy-lifting. And the more people that get on board with this idea, the more affordable it gets.”
What Are the Benefits?
With high demands, time scarce and the consulting market crowded, notably the highly specialized consulting firms are keen to get their hands on these kind of tools. They benefit from the agility and the competitive edge in the market.
Their expertise is complemented, and backed-up, by data-driven analysis enhancing their overall value proposition. They can speed up their research, get real-time access to reliable data points, identify opportunities early on and stay on-top of trends.
As a result, clients are better informed, and can rest assured that their consultant will monitor new developments through real-time dashboards.
We’ve built Datamaran Benchmark for consultants and service providers for these reasons – and are pleased to see it come to fruition.
Katherine Smith from Boston College Center for Corporate Citizenship also raises an interesting point:
With Datamaran Benchmark, users have access to millions of data points on non-financial reporting trends by over 7,000 companies worldwide. Datamaran will spot patterns previously unseen by the human eye.
In one dashboard, consultants and advisors gain immediate insight into company and industry reporting trends with 4 simple steps:
Based on a consistent methodology developed by Datamaran’s industry, legal and data science experts, these insights support benchmarking, materiality assessments and business development activities.
- A month worth of research can now be done in one afternoon.
- A peer-benchmarking exercise on 100+ non-financial issues can be done through a few clicks.
- The process is replicable and the methodology is transparent – so you can repeat it anytime and it’s easy to explain to others.