The Ledger

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Tag Archives: data visualization

SF Magazine: Storytelling in Data Strategy

“If you’re sharing a forecasting model that’s created through the coding language Python, for example, and you know your audience members aren’t coders, avoid detailing lines of code and explaining the testing. Instead, explain how the forecasting was done covering criteria, confidence levels, and other relevant data. If you’re speaking to members of the finance data and analytics center of excellence, you might want to go through the robustness of the model and testing done. They would love to get technical.”

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SF Magazine: Explanatory Data Visualizations

“Given the speed and volume of data collection in business, managers need ways to make sense of large sets of data to help inform decision making and to help communicate results. Data visualization is a powerful tool that can be used to both facilitate and influence decision making. The power of data visualization is in the ability to identify what might have otherwise gone undetected. It not only helps to make sense of large sets of data but can also help to uncover patterns or trends that might otherwise go undetected.”

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SF Magazine: The Digitization Essentials

This article from Strategic Finance Magazine lists competency in information systems, data governance, data analytics, and data visualization are the keys to an effective digitization strategy.

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Give Purpose to Your Data to Drive Value

This McKinsey Digital article highlights the eight elements leadership teams should leverage to exploit their data analytics practices and make more informed, and ultimately more profitable decisions. “Performance — not pristine data sets, interesting patterns, or killer algorithms — is ultimately the point. Advanced data analytics is a means to an end. It’s a discriminating tool to identify, and then implement, a value-driving answer.”

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A Systems Approach to Navigating Process Complexity

A system, at its most basic, is the interaction of various discrete components or parts. It’s easy enough to visualize and consider each of these parts in isolation; however, business leaders almost always underestimate the difficulty in predicting the outcomes and behavior of the system during the design stage. While the engineering and business fields have developed several methods (including root-cause analysis, scenario planning, etc.) to try to understand and address these issues, they still rely heavily on teams calculating or forecasting outcomes of systems. However, even systems with few elements create outcomes that cannot be calculated or predicted. Modern finance teams have found that leveraging existing technology solutions can increase process visibility and reduce risk. When considering how to approach different problems, key systems-thinking concepts need to be applied – considering that the impact of internal and external factors and changes can help address a challenge more comprehensively and in a timely manner. This approach also allows businesses to become increasingly agile in meting ever-changing customer demand.

Read More at The Digitalist by SAP >


Why Intelligent Businesses Are Focused on Comprehensive Reporting

An intelligent enterprise is one that leverages data strategically to improve business performance and better serve customers. Leading businesses are focusing on improving data visualization to catapult their efforts modernizing and optimizing their data landscape to support their overall strategy. While traditional reporting is still the main source of information for decision support, enterprise reporting tells the story of business performance over time and can be a key factor to being competitive. By revamping data visualization and enterprise reporting with advanced technologies, companies can extract more value from their data and move closer to becoming an intelligent enterprise.

Read More at The Digitalist by SAP >