Tax and advisory services provider EY has established a Global Analytics Center of Excellence to help organizations develop strategies to analyze the ever-increasing volume and variety of business information, in order to gain insights that can help improve business performance and manage risk.

Most organizations have made only modest progress at a strategic level, and have yet to develop a comprehensive framework for how to drive value out of data analytics, the firm says. EY says it will commit to a $500 million, multiyear investment to help clients combine analytics with business acumen, domain and functional skills.

The investment will include deploying technologies, systems and processes that support sector and issue-based analytics solutions; acquiring talent in areas such as data sciences and advanced statistical modeling to complement the firm’s existing 3,500 analytics professionals; expanding EY’s Analytics Research & Innovation team; and building on the company’s previous 10 acquisitions in the analytics market with additional acquisitions and alliances.

“For business leaders, analytics is no longer just a technology issue, it is a strategy and operational issue,” Chris Mazzei, EY Global Analytics COE leader and global chief analytics officer, said in a statement.

EY says it has imbedded analytics into all of its service lines and is expanding its analytics offerings.