About Data Science

You have spent a great deal of money on financial analytics, so your whole company benefits from insightful financial forecasts and insights. However, not every department can view the impact their part of the business is having on the whole. Here are some possible reasons why this is happening and a solution to help you solve this problem.

Why Financial Analytics is Failing You

With the advent of Industry 4.0, many companies are applying analytics to enable leaders throughout the organization see and understand the impact their area has on the financial health of the larger business and uncover strategies to advance their performance.

However, many firms that employ financial analytics are reporting immense challenges with executing their significant data initiatives. Here are some common challenges CEOs like yourself are facing.

Keeping track of your business financials is vital to the success of your company. Unfortunately, the traditional way of looking at your financial reports will only give limited insight into risk exposure or which customer segments will pull in more significant margins, for example. More and more CEOs are adding data scientists to their existing financial teams to dive deep into the health of their business.

As the volume and sources of data has grown, so have the possible applications of analytics and data science. And with the advent of techniques such as machine learning and other AI-based solutions, the demand for access to data will continue to accelerate.

Leading organizations are responding to this acceleration by treating their data as an asset that can help them improve operational performance and identify opportunities for new revenue generation.

However, while certain industry sectors have quickly adopted analytics and data science — namely professional services, finance and insurance — there continues to be room for growth in the use of data in other industries, as well as an untapped usage of the data and analytics talent needed to support analytical efforts.

The amount of information and analytics organizations have access to today compared to years ago has increased exponentially. This deluge of data and information has created challenges and opportunities for CEOs who are accountable for the potential and actual achievements of analytics.

We aren't meeting current production/ service expectations. How do we change that?

When you became the CEO of your company, you understood the demands to manage effective functions and logistics of the organization. You also understood that building relationships with suppliers, shipping services, and warehouses were key to success. However, when you discover that your company is not meeting its production and service expectations, you realize that relationship building is not enough. If you do not have the appropriate tools in place to accommodate the desires of your customers, then your business relationships will crumble.

Enterprises of all sizes should be using data to drive their business decisions. Yet, many businesses are lagging behind the business intelligence made available by data analytics. This is largely due to one massive misconception: Analytics is too complicated.

Fortunately, analytics can be simplified. It all depends on using the right tools and finding and hiring the right talent.

Better Understanding Data Analytics

In our information-based economy, data is the foundation. Effective data analysis, management, and information delivery can make the difference between the rapid growth or plateauing of a business.

The mission of Chisel Analytics is to help your business gain access to top data analytics consultants to help you pursue insight-driven improvements to your company’s operations. Chisel’s platform pairs businesses with analytics consultants with the insight and expertise to turn your data into action and transform your business, and allows you to manage your analytics efforts and scale your capabilities up or down based on your unique needs.

Data analytics, through Chisel, can help you reduce inefficiency and optimize operations to save time and resources. That means more growth, faster.

As a CEO, you know you need data to help create efficient operations and logistics. However, like most companies, you are having trouble transforming your data into action. Focus on this problem becomes real when you hear your department heads lamenting about not getting the information and insights they need. Having access to analytics and information is vital to the growth of your business. Without access, you can not make insightful business decisions and you may miss information needed to help prevent you from starting unprofitable projects.

As more companies realize what an incredible corporate asset their data can be. finding the right analytics talent has become increasingly critical to pursuing impactful, data-driven strategies. However, the market for analytics talent is one of the most competitive. The Bureau of Labor Statistics predicts a 30 percent market increase within the field over the next seven years. The field is growing faster than data analysis jobs can be filled.

Pursuing Analytics in the Gig Economy

Like their peers, data-focused professionals are increasingly pursuing opportunities in the “gig” economy. Using their talents through freelancing gives analysts the flexibility to pursue tailored career options and achieve work-life balance.

The growth of the gig economy is helping these professionals realize their goals, and, conversely, organizations of all sizes are beginning to pursue a freelance workforce as a service strategy to tap into this growing base of talent.

Imagine the flexibility it could afford your organization to have on-demand analytics talent ready to jump in at a moment’s notice. You can easily see the advantage of tapping into this resource, especially if you have different data analysis needs on a weekly, monthly or quarterly basis.