Business Transformation Tip of the Week – Data Do’s and Don’ts
This Week’s Tip – On Data – Do’s and Don’ts
You’ve got the data, but what should you do with it?
Effective finance leaders are continually refining their strategies for compiling data and extracting meaning from information. Here are some data do’s and don’ts that will help you to make the most of your data and turn information into insight for better decision-making.
Do: Integrate your data sources for visibility
Bond Brand Loyalty, a rapidly growing marketing firm that represents some of the world’s most influential and valuable brands, partnered with CRGroup to get integrated data. Now, Bond uses Microsoft Power BI to increase pipeline and project delivery efficiency and effectiveness.
The Situation –
Bond has nearly 500 employees dispersed across offices in Toronto, Detroit, New York, Atlanta, and Denver, and had grown more dependent on each other to deliver increasingly complex solutions to its customers. However, their reliance on ad hoc communications and anecdotal decisions risked their ability to deliver.
Bond’s internal Data and Analytics Team had to work across three different business systems to support client solutions: Oracle NetSuite for CRM and financial management; Compass for preparing proposals and quotes; and Easy Projects software for project management. Compiling data manually across decentralized sources created costly inefficiencies and delays. Brian Kim, CFO of Bond Loyalty Group, said:
“Not having access to the right data and metrics on a timely basis, to measure the success of each project and report on its progress, was a significant hindrance to our ability to scale our rapidly growing business.”
Brian Kim, CFO – Bond Brand Loyalty
Do: Follow these 7 Axioms to Turn Gold (Data) into Rhodium (Actionable Insights)
Data allows businesses to become more competitive, tap into new markets, better develop products and services and generally increase profits.
But just like ore, data alone is useless. It must be processed and shaped into something useful before it can add value to an enterprise. This transformation of data or “data alchemy” is often described as big data, Internet of Things, predictive analytics, machine learning and artificial intelligence.
Companies are turning to their C-level leaders to lead this operation, specifically, the CFO.
A CFO’s traditional role has been to focus on the end-state aspects of financials. But in today’s data-rich environment, CFOs are expected to understand and use data to predict, influence and ultimately shape financial results.
So how can modern CFOs turn data into actionable insights?
In this CFO Corner, follow Dr. Vijay Jog’s guide to Data Alchemy. Data-driven, high-performance companies require CFOs to be at the forefront of understanding the business model and performance/value drivers of the enterprise…
Don’t: Go at your data blindly
Data is, simply-put, numbers on a page – if not brought to life through comparisons and graphs. Explore the solutions businesses are using to bring their data to life, and to bring their teams visibility.
Do: Explore leading solutions that will turn your data into insight
CRGroup is your partner for data centralization, integration, reporting & insights. Contact us to learn how we can help you leverage technology for data centralization, integration and reporting for improved performance
and business growth.
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