Small & Medium Businesses: Kick starting the analytics journey

Posted by Sumit Dhar on Jun 1, 2020 6:09:00 AM

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:

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Topics: Solving Business Problems, Competitive Edge, CEOs, Cloud

People, Process & Technology Levers to Optimize Analytics

Posted by Sumit Dhar on May 21, 2020 5:45:00 AM

COVID-19 Is changing analytics spending, with 97% of companies pursuing cloud-based analytics and collaboration technologies for the growing number of analytics professionals now working remotely.

Today, businesses expect analytics to be fast, scalable and easy to use. The key to achieve this is to empower business users and reduce reliance on centralized shared services. The primary challenge remains that only “80% of time [is] spent in cleansing and prepping data and 20% on actual analysis”, increasing the lead to deliver insights and reducing ability to action quickly.

An optimized analytics architecture helps reduce the degree of separation between data and business to bridge this gap. Gartner defines this as self-service analytics.

Here are key levers to optimizing self-service analytics to improve time to decision.

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Topics: Collaboration, Cloud, Self-serve

Effectively hire and retain a Data Science team in the midst of a crisis

Posted by Sumit Dhar on May 12, 2020 7:54:54 AM

The 2012 article ‘Data Scientist: The Sexiest Job of the 21st Century’ talks about the emergence of Data Science, with LinkedIn as a case study for how to get started.  Since then, many more companies have realized the value of Data Science, driving up the demand for talent.

The US was projected to need 2,720,000 data professionals by 2020, Until Q1 2020 Data Science roles showed year-on-year growth of 32%.

With the COVID-19 slowdown, companies need to do more with less and ensure that Data Scientists are engaged to predict the unforeseen while maintaining business continuity in face of possible recession

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Topics: Recruiting Data Scientists, Retention, Engagement

Evolving your analytics programs for the current moment

Posted by Chisel Analytics on Apr 22, 2020 6:13:54 AM

Complete your transition to the Cloud

More than ever, managing your information in a distributed way is important. Not only can it help you realize efficiencies in processing, but it can also allow you to scale up your volumes of data, distribute your support needs and improve overall performance of your software and data driven efforts.

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Topics: Collaboration, Cloud, On Demand Teams

Why Financial Analytics is Failing Your Business, and What You Can Do

Posted by Chisel Analytics on Mar 24, 2020 6:45:00 AM

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.

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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.

Posted by Chisel Analytics on Feb 25, 2020 6:45:00 PM

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.

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Topics: Operations & Logistics, Solving Business Problems, CEOs

We can't analyze our financials across the business at the depth we need to.

Posted by Chisel Analytics on Feb 11, 2020 6:45:00 AM

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.

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Topics: Operations & Logistics, Solving Business Problems

We're not seeing the results we wanted from our current initiatives. What did we miss?

Posted by Chisel Analytics on Jan 28, 2020 6:45:00 AM

As the CEO of your organization, you understand the vital role analytics plays in gaining a competitive edge. You built an analytics team and invested a significant amount of time and resources building a data-driven culture.

While you understand that an analytics strategy is never a 'one-and-done' task, it is not unreasonable that you were anticipating results more quickly than you are. If you find that your data team is unable to transform your analytics and ML/AI programs into actionable insights and scalable projects on the time table you anticipated, you are not alone. McKinsey & Associates has reported that data-driven companies are slow across the board realizing the real value advanced-analytics initiatives offers. But this doesn't suggest stopping your data efforts, however. Rather, it's a necessary first step towards unlocking inefficiencies and discovering new processes that will transform your business.

With that said, there are trouble spots you can act on to improve the results of your analytics programs now.

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Topics: Innovation, Competitive Edge

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

Posted by Chisel Analytics on Jan 13, 2020 6:45:00 AM

In today’s market, customer expectations are high, and competition breathes heavy down your neck. Meeting customer expectations isn't enough. Rather, to gain a competitive edge, you have to anticipate what customers want - even before they know. The key to doing so rests with harnessing the potential of analytics.

As a CEO, you feel the pressure to enhance innovation and create a competitive advantage. Step one is to ensure that you are meeting current expectations, and step two is to use data analytics to help you predict future demand.

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Topics: Innovation, Competitive Edge

People in various departments can't get reports that they need.

Posted by Chisel Analytics on Dec 31, 2019 9:34:00 PM

As a CEO, you understand the innovation that data and analytics can unleash within your company. You know of course that companies like Google, Amazon, and Facebook leverage their information to beat the competition – but more importantly, there are a multitude of smaller to mid-size companies also using Big Data to create opportunities to stay ahead of the competition.

However, you have a problem. Your leadership is not getting the information and insights they need to help them stay aggressively positioned. Without insights on operations and customers, your company can not begin to utilize the power of data and could fall behind competitors in your industry.

To solve this problem, it is important to first understand the causes of your information bottleneck. After you understand the cause, then you can begin to get your leaders the information and insights they need.

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Topics: Innovation, Competitive Edge, CEOs

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