The five-year Alliance in Business Analytics will bring together Accenture's analytics portfolio and MIT's technologies in an effort to develop a solution that can extract insights from big data and support decision-making processes, MIT said Wednesday.
Accenture analytics senior managing director Narendra Mulani and MIT engineering professor David Simchi-Levi will head the partnership.
“Organizations recognize the need to develop analytics capabilities that turn data into actionable insights in order to attain a competitive edge and growth,“ Mulani said.
“The challenge comes in fine-tuning and applying analytics technologies to very specific issues and our studies show that organizations are not currently satisfied with the return on their analytics investment.“
The study on the science of decision-making will seek out factors necessary to enable companies to:
- visualize trends
- mobilize efforts
- collaborate for improved processes
Some of the projects will include event monitoring, behavior data integration and social media casual monitoring.
MIT and Accenture will also analyze the relationship between analytics capabilities and investments and business outcomes to help organizations identify strategies that correlate to their analytics maturity level.