We are halfway through 2012, what trail has your business blazed? What trail would you like to blaze? In this increasingly mobile generation, companies are working diligently to capture data from every available source and more importantly, utilize that data in their decision making. Gone are the days when accounting and financial statements were printed, reviewed, passed around manually and eventually left in a dusty file cabinet. Cloud technology has made it possible for companies to analyze and share these vast amounts of information virtually anywhere and anytime. What you do with that data is the real question. CFO Advisors, LLC believes the answer lies within analysis. Analysis is THE force behind innovation.
Analysis is defined, by Merriam-Webster, as the separation of a whole into its component parts. For many companies, that means taking the end data and breaking it into digestible and usable data segments. They see their sales but they want greater insight into what drove or killed sales? That is where the real analysis begins. That is where the answers lie. "Business Intelligence (BI), analytics and performance management (PM) have been identified as one way to filter vast and growing amounts of information to reach insights and decisions in the digitized world, which is transforming industry after industry," said Dan Sommer, principal analyst at Gartner, during the 2012 Gartner Business Intelligence Summit in Los Angeles.
Looking backwards, we see where our business succeeded and where it failed. To truly capitalize on hindsight, analysis should provide an insight and vision of where to go from here. Deloitte Consulting LLP's Principals John Lucker and Nemitt Desai, along with Senior Manager, Mo Masud, discussed during a Technology Executives Dbriefs webcast, "A common and effective use of business analytics is to deliver uncommon insights that can drive business value. That starts with asking the right kinds of questions, and ends with getting the answers you can trust." Take the necessary steps to elevate your company to the next level: 1) Analyze 2) Adjust 3) Visualize
As Henry R. Luce advised "Business, more than any other occupation, is a continual dealing with the future; it is a continual calculation, an instinctive exercise in foresight." Companies need hindsight, insight and foresight. Don't just let the reports lay untouched. Utilize them. Absorb them. Focus on how to understand the information which will ultimately allow your company to grow and flourish during the remainder of 2012. Analyze and Innovate! This will be the difference between letting the road carry you and blazing your own trail!