The Ledger

Why an Outcome-Driven Enterprise Data Strategy is Critical for Decision Making

A business cannot be successful without the processes to manage data and gain insightful analytics from it. Some processes can be automated via business rules, while others still require manual input. Whatever the approach, it’s important that data management processes are as simple, automated, and designed according to standards specific to the organization. Data life-cycle processes are critical to decision makers because they are a key component of any outcome-driven business strategy. The volume of data and enterprise landscape complexity are growing, and poor data processes often lead to poor data quality and unfounded decision making. Business can create a successful outcome-driven enterprise data strategy that is unmatched by combining a data life-cycle process with the right tools and technologies that provides actionable and real-time business insight.

A well-implemented data management system enables businesses to gain insights into customer behavior, market trends, and operational efficiency. It helps businesses make informed decisions based on reliable and accurate data, leading to better performance, reduced risk, and increased profitability.

To achieve efficient data management, businesses must first define their data requirements and establish data governance policies that ensure data is consistent, secure, and accessible to authorized users. This includes selecting appropriate data management tools and technologies, such as data warehouses, Name Matching, data lakes, and data analytics software, that align with their specific needs and goals.

By prioritizing data management, businesses and companies can leverage the power of data to drive innovation, streamline operations, and stay competitive in today’s fast-paced and data-driven marketplace.

Gaining Actionable Business Insights Through Continuous KPI Reporting

As organizations continue to put greater emphasis on facts-based decision making, ensuring relevant measures and timely access to data becomes increasingly important. Often organizations will pinpoint a handful of key performance indicators (KPIs) to gauge the organization’s operational performance. The reporting structure for these KPIs is critical in allowing decision makers to the pulse of their business by identifying performance issues and drill-down to identify opportunities for improvement. Best-practice manufacturing organizations understand that consistently tracking operational and financial KPIs directly related to profitability and productivity are key in gaining actionable and accurate insights into their business.

Read More at Industry Week >

Digital Technologies Are Enabling Cost Management to Support Strategy

Today’s digital innovations represent a major evolution in cost management strategies, providing companies with the opportunity to gain a much deeper understanding of their business’s prime value levers, which they can use to fundamentally and sustainably change their cost structures, seize opportunities, and grow profitably. Businesses that are successful with their cost and revenue strategies all have three things in common. First, these companies are employing digital technologies to enable “next-generation” cost management. The second factor is a strategic, rather than tactical, view of costs across the organization that enables decision makers to answer questions like, “where should I be cutting my costs?” or “What will happen if…?”. Finally, these organizations have established effective and transformative cost management programs enterprise wide. As a result, they can provide faster and deeper data-driven insight on what’s driving value and what are the cost drivers.

Read More at The Wall Street Journal >

Achieve Business Process Optimization with End-to-End Visibility

Many businesses have found that their existing business processes have simply outlived the intended reason for which they were initially designed. Once business leaders realize the way they are doing business is not effective or profitable, they seek ways to improve and optimize their existing processes. This search for workflow optimization is prompted by a very real need to improve productivity and operational efficiency – a need that is evident across all business segments and vertical industries. Most can easily identify areas where improved efficiency is needed, but without a clear understanding of the problem, there is a general reluctance to simply throw time, money, and resources at a solution. The key is to implement a tool that can help the business clearly identify the issue and potential solutions.

Read More at Workflow Magazine >