A recent report on how big data is accelerating business transformation found that 92% of the C-level executives surveyed plan to increase their investment in big data in 2019. However, only 28% expressed having a “data culture” in place. Clearly, leaders understand how critical effective data and analytics is to remain competitive in their industry. But, only a few have implemented the use of big data into their business operations and decision making. This week, we’ve curated a list of a few of the must-read articles on the importance of integrating thoughtful analytics into every decision your company makes and how data can be accessed and utilized with ERP software.
3 Actions to Foster Mature Financial Analytics
Most financial leaders know that data science and business intelligence will help them deliver better information and insights that guide business decisions. However, it’s time they also realize that to reap the benefits of data, they need to take deliberate steps to mature their financial analytics. In this article, Gartner identifies three actions companies need to make to foster more sophisticated financial analytics.
Set out an analytics strategy.
To demonstrate the benefits of the use of data and analytics in concrete business problems, you need to quantify the potential for increase ROI to see meaningful results.
Redefine financial analyst roles.
By redefining the role of the financial analyst from a generalist to a more focused decision-support expert, you ensure that analysts are more accountable for measurable operational decision outcomes in their area of focus.
Make analytics delivery seamless.
One way to do this is by establishing an expectation of collaboration and unifying efforts around one final report to the business decision-maker. Collaboration around data helps to ensure ongoing cross-functional communication while presenting all trade-offs related to a decision in a single place.
3 Ways CFOs Can Build a Data-Driven Company
In today’s fast-moving business landscape there’s a tremendous opportunity for CFOs to spearhead their company’s application of data to decision-making. In this article, Accounting Today outlines three things CFOs should focus on to advance and support their organization’s big data transformation.
CFOs must foster collaboration and embrace an agile mentality.
The role of the modern CFO has evolved. Today, CFOs must collaborate with marketing, sales, and many other departments. Embracing collaboration across departments, allows CFOS to deliver better forecasts and deeper insights into how to drive growth while remaining flexible to a changing competitive environment and new opportunities.
Hire for departmental weaknesses and build an insight factory.
It’s not just about bringing in the brightest CPAs and CFAs anymore. CFOs need to fill their teams with data scientists and take the time to understand the technology team members use. To manage and maintain analytics, CFOs need to have the technology, and business-savvy people in place.
Recalibrate the analytics process.
CFOs need to recognize the importance of moving beyond spreadsheets to scale the value of analytics across the organization. Invest in and experiment with new capabilities and technologies like simulation powered by machine learning that will run analytics at the speed in which decisions need to be made to remain competitive.
Acumatica’s Business Intelligence & Analytics
Acumatica’s Business Intelligence goes beyond simple reporting and provides you with information about your business to help you spot trends, identify inefficiencies and make more informed decisions. With tools like the Microsoft Power BI integration, Acumatica can help you aggregate data from multiple sources like Excel files, and applications such as Salesforce and Marketo. Further, the software allows you to extract actionable information for strategic and tactical decision-making, like finding your most profitable products and sales regions or identifying the weak links in your supply chain (with natural language querying you can ask the program for this information directly). Power BI also helps you present this data visually to stakeholders. You can select the best visual format for the info you need to represent – from data tables and pie charts to traffic lights and fuel gauges.
Want to learn more about how Acumatica’s Cloud ERP Software can take your business to the next level? The Aqurus team is passionate about smooth implementation and ongoing support. Reach out to us to find out more!