Over the previous 2 weeks, I highlighted how some finance organisations are embracing the analytics and machine learning technology today to become SMARTER. and adopting Cloud technology to help them work FASTER.
In my final edition of this 4 part series I want to explore how using all data available to you can make you drive RICHER decision making in your organisation.
Today most organisations have siloed information across many operational systems such as ERP, CRM, Supply Chain, Customer Experience, Point of Sale etc. This creates a myriad of data across the organisation which leads to many different systems in each line of business to analyse that data. Some invest is departmental BI tools which proliferate the disconnected organisation, so the most common tool used to analyse data is ends up being Excel.
We all know that using Excel to analyse data inherently creates a time overhead, produces inaccuracy, creates other inefficient processes and more concerning, introduces risk in decision making. This is not a good use of anyone’s time and stunts the ability to innovate and most importantly get deeper insight across the organisation to drive better decision making.
To move towards an Extreme Finance organisation, you need to implement a Richer analytics platform to enable all decision makers in your company to do root cause analysis. You need to consider all information by intelligently connecting all of your data; internal, external and personal; on a rich analytics platform and reduce risk and time and replace Excel as a reporting tool. By considering all relevant information which is still subject to sufficient governance, you will confidently make better, more informed and accurate decisions.
A richer analytics platform will also allow you to improve strategic decision making by leveraging all of your data. You can apply machine learning to help discover unseen anomalies and trends you had not even thought of. Improved processes make it possible to evaluate more information or scenarios to make the best decisions.
Machines don't sleep, don't get tired and don't have bias, so you can use them to analyse your data and present patterns, anomalies and answer questions you have not thought of asking your data yet. By considering all of the data in your organisation, finance can truly guide the company in making strategic decisions to drive growth and not just be custodians of financial performance.
By adopting a rich Analytics platform, an Extreme Finance organisation achieve Richer decision making
• Intelligently connect any data; corporate, external or personal
• Consider all relevant information for the most accurate decisions
• All information required without mashing in Excel or waiting on IT
Next week I will make this blog series available in a summarised whitepaper. If you would like a copy feel free to email me sooner or check back in next week.