Next Level Analytics Can Lead to Retail Innovation
“New analytic technologies are expected to radically change analytics – and retail – as we know them.”
Retail leaders are focusing on artificial intelligence (AI) tools because they provide better insights to optimize retail execution. AI can be used to automate customer data, upsell options, and pricing engines, to name a few. Retailers are already able to collect large volumes of transaction-based and behavioral data from their customers. As the volumes of data continue to grow, machine learning becomes increasingly essential to further optimize business processes and drive more impactful personalized and contextual consumer experiences and products.
New Business Climates Require New Practices
There are serious demands being placed on finance leaders to generate top-quality business performance practices with major focus on planning and management accounting. In finance, the key performance indicators to examine fall under three main categories: costs, staff productivity, and process efficiency. It is tough in any organization to change business practices, but what you have always done may not be good enough anymore in this new business climate. Re-examining your processes means you will likely discover ways to create better information more efficiently.
A Strong D&A Function Takes More Than Technology
Having the right tools when it comes to data and analytics is critical, but executives tend to overlook the importance of the people and structure required to build strong business processes. Creating a strong data and analytics strategy requires people who really understand both the business challenges and how the business works. They then need to set and work toward realistic goals with executives involved along the way. In an age where data is created on a scale far beyond the human mind’s ability to process it, business leaders need data and analytics they can trust to inform their most important decisions.
“D&A should be the pulse of the organization, incorporated into all key decisions across sales, marketing, supply chain, customer experience, and other core functions.”
Innovation in Healthcare
Creating innovation in highly regulated industries, such as the healthcare industry, is very challenging but necessary. Often times we forget that healthcare is a business, not just a service when we are sick. Even the healthcare industry relies on innovation to gain a competitive edge and thrive. The first step in bringing innovation to the table is talking to all the right people. You must talk to legal, regulatory and compliance colleagues early and convince them of the benefits before moving forward. It is easier to get buy-in when you start early and they help tweak the plan from the beginning to ensure it follows the organization’s protocol. Regulated industries need time to adapt, and they need to understand innovation, its risks and benefits.
Overcoming the Obstacles In Your Analytics
Business analytics platforms have evolved over the past decade and are now being used enterprise-wide extracting new types of insights from vast volumes of data. This evolution, while encouraging for many finance professionals, also brought a few obstacles to realizing analytics’ full value. Surprisingly however, these obstacles are not related to the technology- but to the people. There are three significant hurdles that most of these firms are facing- their company structure, culture, and approach to problem solving. Once this is realized, executives can find resolution by putting the appropriate processes in place that will take away the human obstacle in their analytics, and be on their way to making more strategic business decisions.