Driving business value in the age of analytics

We’re in an age where the boundaries of competition are becoming ambiguous. Industries are converging, technological advances are bringing new products to market faster and customer buying patterns are altering, among many other changes.

As this business landscape evolves, so too do certain roles within the business. Finance is no longer focused on book closing and reporting but more on strategy.

However, planning occurs in every business function. Integrating business plans across the organisation increases agility and drives faster, more informed decisions.

This all sounds great, but here’s the problem. Many organisations face a significant gap between the importance of analytics capabilities and their effectiveness in delivering them.1

So, as a service provider you’re probably interested in what’s holding these organisations back? Here are the common obstacles:

  1. They rely too much on spreadsheets
  2. They lack adequate insight into what’s driving their business
  3. Their forecasts are based more on ‘gut instinct’ than on concrete data
  4. They can’t react quickly enough to rapidly changing business conditions

Find out what our recommendations are in our IBM Planning Analytics smart paper.

Sources
1 – Redefining Performance: Insights from the Global C-suite Study – The CFO perspective, IBM Institute for Business Value, February 2016 2015

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