The future of data analytics for mid-market managers is bright because data is now accessible to all. The concept of data democratization is not new, and it’s not unlike other technological advances that have followed similar paths, including the role of the Internet and mobile devices. As data analytics solutions become more mature and customized to industry application and job functions, data analysis is available to meet everyone’s needs.
This broader access to data means business people use data to gain information specific to them, helping drive their work forward by reducing time to market, increasing product quality and meeting customer expectations. Adapting to this mindset of “data for all” is crucial to those in IT, accounting and sales management, who have traditionally used and controlled the data. Gone should be the gatekeepers and bottlenecks. Your teams need access to data, and the tools that can empower them to cut through the clutter, analyse what matters so they can make better business decisions.
Here are some useful data trends and tips for mid-market managers to help ensure data is ubiquitous across an organization.
Build a frictionless tech stack
As businesses become increasingly digitized, IT managers are spending more time managing the effectiveness of the tech stack and helping pick the best of breed from an ever-growing catalog of options. Matters can get messy and complicated when several different tools are used.
As companies become more dependent on data to drive decisions, IT managers need to ensure the integration is frictionless and suits the needs of all internal and external customers. A company’s tech integration needs to deliver reliable data results and the software tools need to bring everything and everyone together in an easily accessible place.
IT managers need to make sure that the technology they choose aligns with how the rest of the company works. With tech stack integration, it becomes easy to see what tools are the most valuable, or which are the most integral to running your business. As the systems are linked, more data becomes available, improving business performance and scalability within the organization. The beauty of accessible data is that everyone can get involved at any stage, which can help streamline production and delivery. As business SaaS companies take on database management and security, IT Managers can also redirect their energy into ensuring the rest of the business is getting the most value from the tech stack integration.
Accounting for the environment
Achieving a balance of sustainable production, maintained growth and a protected environment is a challenge with today’s supply chain — but it is a necessity.
Societal concerns over climate change mean that stakeholders — from customers to regulators — are putting increasing pressure on companies and their leaders to respond. In fact, 76% of global CEOs say their organization’s growth will depend on their ability to navigate the shift to a low carbon, clean technology economy.
Businesses and their supply chains are changing, with the finance team helping to influence behaviors at all levels and supporting sustainable decision making. The use of financial data analytics is helping finance teams carry out full cost accounting, improving the efficacy and accuracy of the costs they calculate and report. This style of reporting highlights previously hidden or overlooked environmental costs, helping meet management’s new demands for measuring for example its water, waste and social footprint.
Move over month end reports
Finance and accounting teams have always turned to numbers to solve problems. What happens when less concrete issues arise? Now, CFOs advise CEOs and are also tasked to help COOs and CIOs accomplish their goals while staying on budget and in line with the business strategy. When CFOs share financial data with other executives soon the entire company becomes data driven.
Accountants are transforming static reporting by adding visualizations and can provide analysis on the go by using slice and dice capabilities embedded in their financial data tools.
The future of financial statements provides a real-time profit and loss summary for every department in the company to view live profit information down to the earnings before income taxes level for all of customers. This is so everyone is aware of year-to-date revenue and understand the true cost to serve and account for returns, order size and second orders.
The era of preparing month-end and quarter-end accounts is transforming to active analysis.
Download the Free eGuide by clicking here.