We know that analyzing expenses is vital to an organization and is surely being done by the CFO or individual responsible for this business task. But what’s important here is how it is being analyzed, what’s being analyzed and how much time is the analysis taking.
Analytics always seems to be the hot topic at board meetings and continues to make it in strategic planning documents. Many decision makers, such as a board of director, are now pushing to understand data analytics, how it can improve the company and how it can support the board for better decision making and help with meeting efficiency.
It used to be that we needed specific skills and talent to create our data visualizations. It was nice to have but often companies were not communicating their data in a visual way. All of that has changed now. For managers, visual communication is key to leading, communicating and inspiring teams to understanding the work they do.
Yes, even Mr. Santa Claus himself uses data to determine who is on the naughty and nice lists. With all the kids in the world he needs some sort of monitoring and decision making tool. So throughout the year Santa sends his elves on a mission; to check in on the behaviours of all the children and report back to Santa.
Most companies collect mountains of data, with some not even realizing how much they really have. The challenge for most is to turn this valuable asset into something that generates dollars. Some companies sell their data or subsets of the data but for most of us, this is not an option. So how do we leverage this very real asset?
As an avid auto enthusiast, I’m always amazed to see the innovations that the auto industry is bringing to the highways these days. However, have you ever taken a step back for a moment to see what kinds of new things are coming to the market? Auto makers have pretty much nailed how to make a car accelerate, corner and brake with confidence and their styling is leaps and bounds above what it used to be. So, what do they seem to be focusing on more so these days?
We hear it far too often. Your ERP system is not providing you with the quality reports you need so you’re shopping around to replace it or repair it. Guess what? You don’t need to do either!
Your system should support your business plan and it should support your other software systems. Perhaps your ERP system was never a good fit from the start or maybe it’s just not consolidating your data sources to help you make insightful decisions.