CFOs are known for having analytical minds. But how do they apply that trait to capitalize on the vast amounts of customer and performance data now at their fingertips? Mastering “predictive analytics” — the practice of organizations extracting information from existing data sets in order to determine patterns and predict future outcomes and trends — is not easy.
As the authors of “Mobilizing the C-Suite for Big-Data Analytics” explain (see below), “crafting and implementing a big-data and advanced-analytics strategy demands much more than serving up data to an external provider to mine for hidden trends. Rather, it’s about effecting widespread change in the way a company does its day-to-day business.”
What can businesses actually achieve with data analytics? A lot, according to the stories below, if they have a management team that embraces the concept. Still, success is not assured. As the carmakers say about gas mileage, “your results may vary.”
Sears wanted to wring out costs and elevate productivity within its $3 billion home services operation. Using predictive analytics, it was able to eliminate 450,000 unproductive house calls. Read the story.
Free-standing big data businesses can evolve from the expansion of data gathering and analysis within a single company. Full story.
This report expands on prior research and focuses on two issues identified by respondents as being next in importance to streamlining process and improving productivity: improving the management reporting cycle and achieving real-time visibility across the organization.
Authored by Netsuite
Companies claim that predictive analytics has earned them rich returns on their investments, but the numbers may not be as solid as they appear. Is calculating ROI for predictive analytics even important? Read more.
Leadership-capacity constraints are undermining many companies’ efforts, but new management structures can be part of the solution. Read the column by two directors at McKinsey.
Finance chiefs, the impartial guardians of the truth, can use analytics to debunk myths or accepted wisdom that hold the company back, writes Frank Friedman, CEO of Deloitte.