Traditional Data Analysis Won’t Cut It Anymore
Donald Allan, CFO of Fortune 500 toolmaker Stanley Black & Decker, discusses his thoughts on the increased use of advanced analytics in the manufacturing industry in a recent CFO Magazine article. Traditional data analysis is still often used, but finance professionals need to add analytics into the mix for there to be any real value extracted from the analysis process. It requires looking at competitor pricing, costs, and at manufacturing-cost alternatives from vendors and things like that. With that data, using artificial intelligence and machine learning algorithms, insights can easily be developed for evaluating your business model.