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Horváth & Partners launches Steering Lab, Big Data and Machine Learning-based excellence center

Management consultant Horváth&Partners announced it launched an excellence center in Romania, Steering Lab, AI-based and using tools of Big Data and Machine Learning.

2019-07-16 15:11:21

According to a statement of the company, Steering Lab features state-of-the-art Big Data and Machine Learning solutions available through Artificial Intelligence systems. At the Steering Lab center of excellence, 150 experts work in Budapest and Munich and implement projects for customers in any part of the world. Based on a company's digital data analysis, Steering Lab creates qualitative and quantitative models and offers solutions for different business challenges: from sales growth, to product development, productivity gains, cost reduction, development and implementation of cross-selling strategies and so on The value of a consulting project, which includes the solutions from the Steering Lab, averages between 100,000 and 200,000 euros, and its duration may vary from three to six months, depending on the complexity, the themes and the amount of data to be analyzed.

The Steering Lab uses databases containing digital information about the company, such as: number of transactions, sales and customers, value of purchases and profit, figures related to the industry to which the customer belongs. "Through the Steering Lab, we provide our customers with all the necessary knowledge and tools to transform data into prediction, decision, optimization, and learning models. We have developed the Steering Lab excellence center in about two years, delivering successful projects for major customers in areas such as pharmaceutical, oil, banking, FMCG or energy companies. We considered that, in the context of the acute need to increase digitization, it is the best time to apply Steering Lab solutions in Romania, "said Kurt Weber, General Manager of Horváth & Partners Romania.

Steering Lab operates with tools such as: Business Radar, where companies benefit in real time and in a personalized way from a look at the entire business environment; Dynamic Pricing and Demand Management models, through which prices are optimized, cross selling and up-selling strategies are made, promotional campaigns and appropriate responses to new competitors' products and services are designed; Risk models that can quickly detect fraud and a company can avoid or better prepare for potential crises; System and Process Optimization, using real-time planning systems, with exceptional response to all logistics, production and service processes; Predictive Analysis, through which databases can be processed that can exceed 100 million text documents and make forecasts based on them; Artificial Intelligence Systems.

According to European Commission (EC) statistics quoted by Horváth & Partners, Romania ranks last in terms of company digitization, and in 2019 it advanced only two positions. But our country has a great potential in terms of the percentage of companies using strictly Big Data. Thus, 11% of companies active on the local market use Big Data solutions, while the average percentage in the European Union is 12%. Horváth & Partners specialists claim that 2019 may be the beginning of an accelerated growth of Romania in the segment of digitization and integration of solutions that use Artificial Intelligence to improve the performance of companies and overall economic development at the local level.

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