New York, NY and Cambridge, MA, U.S.A. — (METERING.COM) — March 14, 2013 – The Massachusetts Institute of Technology (MIT) and Accenture have entered into a five-year research collaboration to develop advanced analytics solutions for the energy and other industries.
The alliance’s research aims to close the gap between the advance of analytics technologies and their successful application in specific industry and government environments. The two streams of collaboration cover the challenges of harnessing big data and new approaches to improve the science of decision making,
“Organizations recognize the need to develop analytics capabilities that turn data into actionable insights in order to attain a competitive edge and growth,” said Narendra Mulani, senior managing director of Accenture Analytics and co-head of the alliance. “The challenge comes in fine tuning and applying analytics technologies to very specific issues and our alliance will help our clients achieve better outcomes driven by their analytics efforts.”
The alliance combines Accenture’s industry and analytics expertise with MIT’s scientific and technological leadership. Other priority industries of application include banking, retail, health, communications and insurance.
“Through our collaboration with Accenture we believe we can make important progress in creating new knowledge and in tackling some of the many data challenges faced by organizations today,” added the other co-head, David Simchi-Levi, professor of civil and environmental engineering and engineering systems at MIT.
The research on big data will cover how organizations can exploit the insights available from the growing volume of external, unstructured data. Ways will also be identified to combine disparate data sources such as geolocation data, social media data and payments data, to solve unique industry problems in innovative ways.
The decision science research will explore differentiators of effective decision making and identify factors critical for its successful execution. Projects in this stream will help companies apply trends in visualization, mobility and collaboration to improve decision-based processes. They will also look into the role cognitive science plays in decision-making.
As part of the program, MIT and Accenture will also undertake further research to explore the correlation between analytics capabilities and investments and the resulting business outcomes. The quantitative analysis will benchmark organizations’ analytics capabilities to help them determine strategies that are appropriate to their level of analytics maturity.