With an ever-increasing volume of data and information underlying most operations, Data Science has become an evolving and rapidly maturing aspect of each organization's day-to-day work. For those organizations early in their journey, there are a few important areas of consideration for where to invest your efforts.
Topics: Solving Business Problems, CEOs
Small & Medium Businesses: Kick starting the analytics journey
Small & Medium Business Enterprises (SMBs) are typically characterized by having less than 500 employees. Forbes publishes an impressive list of these ‘small giants’, who showcase the best in American entrepreneurial spirit.
COVID-19 has disrupted the SMB sector and as the US begins to reopen, the US Chamber of commerce playbook recommends analyzing your sales data, customer behavior and ROI in order to understand what’s working and what you may need to adjust.
In many cases, the pre COVID-19 business model no longer works and a new value proposition needs to be evolved. Kickstarting analytics may be a competitive advantage for small enterprises -including non-profits, as the economy recovers.
In order to adopt and jump start analytics, here are a few key factors that need to be considered:
Topics: Solving Business Problems, Competitive Edge, CEOs, Cloud
Why Financial Analytics is Failing Your Business, and What You Can Do
Most leaders today understand the importance of financial analytics and have invested their time and effort to monitor and disect their financial performance.
Oftentimes, however, financial analytics can be simple repetition of outcomes, and masque the actual drivers of performance, while failing to provide a sense of the road ahead.
Why Financial Analytics is Failing Your Business
According to Gartner, the misuse of financial analytics can cost companies almost 1% of revenue per decision.
This misuse frequently comes down to a lack of clarity in the business problem, and and ineffective use of data and insights in a way more commonly applied to operations, marketing or sales. But, there are changes you can make to your approach to financial analytics that will help drive outcomes and insights.
Topics: Solving Business Problems, CEOs, Financial
People in other departments can't get the financial impact their actions have on the business as a whole.
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.
Topics: Operations & Logistics, Solving Business Problems, CEOs
We can't analyze our financials across the business at the depth we need to.
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.
Topics: Recruiting Data Scientists, Operations & Logistics, Solving Business Problems, CEOs
We're not seeing the results we thought we would. What did we miss?
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.
Topics: Operations & Logistics, Solving Business Problems, CEOs
We aren't meeting current production/service expectations. How do we change that?
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.
Topics: Operations & Logistics, Solving Business Problems, CEOs
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.
Topics: Operations & Logistics, Solving Business Problems, CEOs