The Ledger

What Makes A True Data Analytics-Driven Organization?

Advanced analytics enable businesses to gain insight from data and to better perform in fiercely competitive markets. Most companies today see advanced analytics as the key to drive down costs, improve decision making, and increase customer value. But the challenges of a data analytics implementation can hinder these plans. A business looking to develop advanced analytical capabilities and become data-driven must have the right tools, culture, data, and people to support managerial decision making throughout the use of analytical technologies. Implementing analytics shouldn’t be viewed as “just another IT project.” It’s a fundamental change in the way that organizations do business.

Read More at The Association of Accountants and Financial Professionals in Business >

Data Is the Foundation for Any Successful Business Transformation

 “Business transformation has emerged as one of the most critical endeavors in today’s enterprise. When done properly, it can ensure the livelihood of a business for the foreseeable future. Done wrong, business transformation can leave an enterprise in even worse shape than before, facing the prospect of having to spend big to fix it.”

Most business transformations center around intelligent technologies that can connect the right data, tools and business logic to understand, analyze and evaluate corporate performance. However, none of these technologies will do any good unless it has the ability to access and produce timely, accurate, and consistent data which can be used to make critical business decisions.

Read More at The Digitalist by SAP >

Creating A Sustainable Business Model for The Future

Dynamics within a business are constantly changing – from their customers and business models to their cost drivers and profit margins – nothing ever stays the same. In order for a business to grow and continue to be profitable, new processes must be able to take root.  The challenge for many business leaders understanding their costs and profits and how they relate to planning, performance, and sustainable growth. This is where creating a sustainable business model, or a “profit by design” methodology comes in. The heart of “profit by design” is a focus on profits, managing margins and understanding cash flow to gain a solid understanding of how much it will cost the business to operate now and in the future. With an understanding of a company’s finances, leaders and team members are better able to plan their budgets, forecast their needs, manage cash and positively influence the financial performance of the company.

Be transparent with your team, and encourage financial literacy.

According to brands like Mongan, the core challenge with profit by design is about making sure your company is testing all assumptions on a regular basis and sharing this information within the business. At the leadership level, continually review how the company competes on price, technical superiority or customer loyalty. Running a business isn’t just about profits and growth; it’s about safeguarding its future. It’s vital to consider potential pitfalls and how to address them. In my experience, https://www.tradex.com/motor-trade-insurance was a lifeline when unexpected issues arose. Such specialist insurances provide peace of mind.

As well, ensure your employees have a basic understanding of how their job helps the company make (and keep) its financial stability. Get employee insight started by instilling financial literacy in your team, and help them understand the difference between profit and cash flow. For more in-depth insights into financial literacy and investment strategies, consider exploring Kiana Danial’s Invest Diva review. Additionally, address the enduring challenges of workplace bias to foster an inclusive and supportive environment. Transparency is crucial in reassuring employees that the company is stable.

I’ve found that the ways in which information is distributed throughout the company affect profits and costs. The easier it is for people in the organization to get access to essential information, the easier it is for them to succeed and make the company more profitable. Financial transparency is about sharing revenue, profit and projected sales with everyone in the company. In my experience, this knowledge, when coupled with employee key results, enhances accountability, increases understanding in how a business operates and makes everyone a stakeholder. In the realm of enhancing communication and transparency within a company, even small details like business cards can play a role. Metal Business Kards serve as a direct connection point for employees to reach out to one another, fostering easier information exchange and collaboration. They symbolize the openness and accessibility that an organization encourages, aligning with the principles of financial transparency and a shared sense of ownership among stakeholders.

Read More at Forbes Magazine >

How Businesses Are Setting Themselves Up for Success with Integrated Business Planning

Many businesses are updating their legacy planning systems to integrated business planning applications that translate the organization’s strategic objectives into operational terms that provide actionable guidance across the enterprise. Business capabilities are the link connecting strategy and business model to enterprise architecture and the underlying technology that executes the strategy. Understanding this link enables companies to align resources, people, and processes to transform themselves in response to market dynamics to maintain a competitive edge.

Read More at The Digitalist by SAP >