Bringing together commercial and data expertise is part of our own DNA at L.E.K. Consulting, and we are particularly focused on it. This combination of strategic thinking and analytical skills is alive in every one of our teams — each led by consultants with real expertise and experience in commercial strategy, supported by data-focussed and highly analytical people. Many businesses create separate analytical units, but we believe that integrating talent gives our clients the best of both worlds — deep commercial experience from partners and strong analytical ability from their team members. For our clients, this is an exciting opportunity to work with advisors who occupy the sweet spot where strategy and data merge. We bring an external perspective and an understanding of the potential of data. Where and when to use data, why data matters, what data is needed and how to use it to make a difference are all important questions we regularly help clients answer.
The year ahead
Looking forward to the year ahead, we have identified three particularly exciting opportunities to help our clients navigate these complex and volatile times more quickly, and also allow them to identify, monitor and react to other opportunities or threats that may arise.
By creating a commercial twin of the full economics of a business, we can play out scenarios and model performance improvements in a lab to better prepare them for an increasingly uncertain and rapidly changing world. Digital twins have been common for 10–20 years in the world of engineering and science, but we are now using them to model business initiatives/enhancements and strategic options.
Understanding what matters to customers has never been more vital. We are using analytics to exploit externally available data generated by (and about) businesses to track changes, predict developments, spot early signs of new trends, and come to grips with what is really going on beneath the surface. Experience shows how businesses that were already utilizing analytics to their full potential were best placed to react to the disruption of the past two years.
Analytical tools targeted at key functional needs
Having the right analytical tools in place is essential — whether that be network optimisation, understanding customer behaviours or optimising operations to minimise supply chain costs in a high inflationary environment. Our tools create the insights needed to make clear, data-driven decisions on a daily, monthly or annual basis. Choosing the right areas of a business to focus on is critical — our strength is creating or adapting the toolkit so that it reflects the way your business really works.
Our combination of strategic thinking and deep analytics makes us the natural choice for businesses looking to harness the power of data to uncover new growth opportunities, spot early-stage trends, and anticipate and understand fundamental changes in market dynamics ahead of the competition.