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A
n uncertain business climate
doesn’t have to mean uncertainty
in your business, says data
analytics expert Laura Timms. Despite
complex challenges on the horizon, the
wide availability and adaptability of
data analytics means proactive steps can
futureproof their organisations.
How can analytics be used to
reduce unnecessary expenses?
In Deloitte’s Analytics Advantage report,
revenue generation or cost reduction was
reported to be the most valued outcome of
using analytics.
How? By aligning budgets and resources,
funds can be redeployed to meet critical
objectives and lower costs.
Analytics acts as a strategic tool which
can be used to give insight into areas such
as investment opportunities, financial
performance and key financial drivers;
to give managers peace of mind that
resources are always allocated in the right
place at the right time.
Think of the number of different
spreadsheets in your department alone
and think of how many hours are spent in a
typical week updating these . . . the answer is
probably ‘too many’.
While spreadsheets are widely seen as the
building blocks of planning, relying on them
alone is neither a reliable or efficient way of
preparing for the future.
Repetitive administration tasks can hold
companies back and are not always
necessary. A better approach may be
to utilise a ‘planning analytics’ solution
to reduce these time-consuming jobs
and simplify planning, budgeting and
forecasting processes.
This eradicates the need for data input-led
roles and allows the costs associated with
these positions to be better utilised in higher-
value tasks.
Not only does this provide financial benefits
in terms of ROI, but it also works to the
How can analytics be used to
see and respond to changes in
real-time?
With analytics, businesses can provide
products and services that meet changing
customer requirements, match outputs to
available resources and ultimately make
smarter decisions.
How can analytics free up time
to spend on tasks that matter?
Chances are, businesses that are not using
analytics to carry out their planning are
probably relying solely on spreadsheets.
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advantage of employees by allowing them
to focus on ‘what they’re trained to do’ over
routine tasks.
Ultimately, analytics frees up more time to
spend on the initiatives that really matter,
positioning organisations in the best place to
meet objectives.
Why is it important to have a full
organisational view of planning?
Without a holistic picture of the
organisation, it’s impossible to safeguard it
against future changes.
While localised planning limited to individual
departments and teams may be convenient,
it doesn’t offer the scale of impact needed
for success. To truly prepare for the future,
the whole organisation has to be on board.
Another downside of relying on spreadsheets
alone to plan is that they’re simply not
designed to tell the whole story. With
different teams using different spreadsheets,
input methods and analysis techniques, and
little collaboration between this data, the
task of collating and making sense of it isn’t
an easy one.
On top of this, manually inputting data into
Excel documents leaves room for human
error, with various studies even suggesting
that almost nine out of 10 spreadsheets
contain errors.
To futureproof a business, it is necessary
to evolve from a ‘hindsight mentality’ that
tries to accompany change once it’s already
happened; to an approach that identifies
and responds to changes as they happen in
the moment.
This is where analytics comes in. Business
intelligence and analytics technology can
provide a real-time view of an organisation
so that employees can easily adapt systems
to changing business strategies and realities.
FEATURE: ANALYTICS
Planning analytics software puts all this
sporadic data into one centralised place to
give a 360-degree view of an organisation.
Laura Timms, Product Strategy Manager
at MHR Analytics
Through this, you’ll be able to see and
understand your business at a granular
level so that you can gain early insight into
the health of your organisation and plan
with confidence. n
WITH ANALYTICS, BUSINESSES
CAN PROVIDE PRODUCTS AND
SERVICES THAT MEET CHANGING
CUSTOMER REQUIREMENTS.
INTELLIGENTCIO
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