With over 2.5 Million terabytes (2.5 exabytes) of data created each day,
it is not surprising that companies find themselves awash in data. Many
are frustrated that they are not managing to create or extract as much
value from these data stockpiles as they would wish.
Earlier this year, Oliver Wyman formally established Oliver Wyman Labs
(OW Labs) to use innovative approaches to technology to drive business
impact for clients.
The mission of OW Labs is to help clients to unleash the power of the
information they already have or could capture – essentially to become
knowledge-powered businesses – and through that to drive competitive
advantage and sustained impact.
OW Labs is working with clients in three ways:
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Undertaking advanced analytics on very large/complex data sets to
create new insights and understanding;
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Building MIS reporting and dashboard applications that put the right
information in the hands of the people that need it, when they
need it;
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Providing decision support solutions that allow key decision makers to
make better quality decisions faster and more easily, and to massively
streamline the information and workflow for those decisions.
Many of the solutions that OW Labs has developed are being used by
front-line decision makers in the field on mobile devices such as iPads.
OW Labs has the technical capabilities to provide comprehensive
solutions including data discovery, heavy duty analytics, application
development, deployment, and ongoing hosting, maintenance, and support.
“The establishment of OW Labs as a new unit formalises a capability that
Oliver Wyman has been developing over the last eight years in sectors
that have been at the vanguard of using Big Data to drive business
decision making, such as retail and technology,” said Scott McDonald,
Chief Executive Officer of Oliver Wyman Group. “OW Labs is now taking
those leading edge capabilities across all of the sectors and
geographies we serve,” he added.
Matthew Isotta, co-head of OW Labs said: “The ability to capture and
deploy knowledge to make better business decisions is an increasingly
important driver of success for businesses across the globe. We have
pioneered new approaches that combine innovative technology, consulting,
and OW’s leading intellectual capital to equip our clients to make
decisions better, faster and more easily. These approaches have
consistently delivered major financial benefits for our clients that are
being sustained for the long term.”
“The merger of high calibre consulting skills and leading technology
capability allows us to deliver for our clients a quality of outcome
others can only dream of,” said Colin Cobain, co-head of OW Labs
(previously Group Chief Information Officer for the Tesco Group). “My
whole career has been about driving business change through the
application of technology and now we’re able to deliver on this at pace,
no matter what data mess you’re in, and with web tools that are
incredibly simple and intuitive to use.”
OW Labs will be led by Oliver Wyman Partners Paul Beswick, Colin Cobain,
and Matthew Isotta. Beswick and Isotta were previously the co-leads of
Oliver Wyman’s retail practice and Cobain served as Group CIO of Tesco
from 2000-2007.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices
in 50+ cities across 25 countries, Oliver Wyman combines deep industry
knowledge with specialized expertise in strategy, operations, risk
management, and organization transformation. The firm's 3,000
professionals help clients optimize their business, improve their
operations and risk profile, and accelerate their organizational
performance to seize the most attractive opportunities. Oliver Wyman is
a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For
more information, visit www.oliverwyman.com. Follow
Oliver Wyman on Twitter @OliverWyman.
Copyright Business Wire 2014