Think tank: Deloitte and EDB launch $10m Data Analytics Institute

The Institute is the second one to be established by Deloitte, joining its flagship facility in the US.

According to a release, Deloitte & Touche LLP and the Singapore Economic Development Board announced the official launch of the ‘Deloitte Analytics Institute | Asia’ – a data analytics think tank dedicated to developing cutting edge strategies and tools to help business leaders unlock the significant value of their organization’s data.

The Institute represents a multi-year, multi-million dollar joint-commitment between the EDB and Deloitte. The Institute is the second one to be established by Deloitte, joining its flagship facility in the United States. A third is proposed to be established in London later this year. The Institute is an important next stage of developing Deloitte’s Asia Pacific analytics strategy and capability.

Tim Phillipps, Global Leader for Deloitte Analytics, said “Deloitte is investing in excess of $10 million to provide analytics solutions across Southeast Asia. The decision to base the Institute’s 15 full-time research and training staff here firmly establishes Singapore as a regional hub for research and innovation in the analytics industry.”

“It is impossible to say how much data exists in the world today – it is simply beyond calculation. What we can say, is that the amount of data created increases exponentially every year and many business leaders are becoming increasingly overwhelmed.”

“The virtue of analytics is its ability to provide insights into business forecasting and performance, predicting trends, identifying risks, and refocusing management strategy to adapt to changing environments,” said Phillipps.

“Most clients know their organization’s data is full of potential. Stored and siloed throughout their business, it represents a wealth of possibilities. Clients turn to Deloitte for our combination of deep industry experience and advanced analytics capability. It is that unique combination of business advisory knowledge and deep analytics capability that enables us to turn everyday information into useful and actionable insights for business leaders,” he added.

According to Gartner, a leading information technology research and advisory firm, the global analytics marketplace is currently $25billion.

“In a global analytics marketplace anticipated to grow to USD $50 billion by 2015, we are very pleased to be partnering with the EDB in launching the Deloitte Analytics Institute |Asia in Singapore”, said Phillipps. He went on to say that “we commend the EDB for their forward looking approach to developing Singapore as a regional and global hub for advanced analytics activity. We considered a number of locations in the Asia Pacific region to base our Analytics Institute, but we believe that with such strong government support Singapore offers the best opportunity.”

Globally, the research agenda for the Analytics Institute will benefit from direction provided by Tom Davenport, Senior Advisor to Deloitte Analytics and a Senior Research Fellow with the Deloitte Analytics Institute. 

Photo credit: Sean MacEntee