Staying ahead in the game is paramount for any business organization to survive in this competitive world. The future poses challenges that need tackling in the present. Every decision made today has a significant impact on the future of that organization. The rate at which a company responds to challenges in the present and the future is what determines their rate of success. Data Science and Big Data analytics can help organizations in decision making and drive the company to a realistic future.
The Deciding Factor
It is paramount for businesses to understand the big data concept and how it impacts the organization activities. Discussed below are ways in which Big Data facilitates faster and better decision making;
The time cycle for decision making is decreasing rapidly. Companies have to make decisions more quickly in this period than in the past. Accelerating decision-making time is crucial for the success of any organization. The use of Big Data doesn’t change the urgency of decision making. Big Data analytics mitigates.
Customer reaction to a product is an important factor to consider when making a decision. Using data resources to understand the preferences of customers is one way of pointing out gaps existing in the market. However, the problem is how do you integrate and act in real time? The key is to know how to combine Big Data with your traditional Business Intelligence to create a more convenient data ecosystem that allows for the generation of new insights while executing your present plans.
Accelerating your time-to-answer is crucial for customer satisfaction. For example, if your answer time is usually in minutes, Big Data can reduce it to seconds. If it takes weeks for a client to have their problem tackled, then reducing it to days is more convenient for your customers. Customer retention is critical to the success of your organization.
Corporate Performance Management (CPM) activities time-consuming and labour-intensive, usually because they rely on spreadsheets, old data and outdated manual processes. With financial controls growing increasingly tighter, CPM must be performed effectively. Recently there has been talk of needing Finance and Supply Chain integration to achieve increased corporate performance with them now being key business partners.
The Corporate Performance Management Summit will take place on January 27 & 28, in Miami. Over the two days, the summit will gather over 120+ Finance & Supply Chain professionals to discuss the challenges related to internal performance management and external decision-making. There will be 25+ industry expert keynote speakers, interactive workshops with industry pioneers and over 8 hours of networking opportunities to take advantage of.
Ever considered how to execute performance management initiatives? How to manage external factors in performance management? Or even the role of the CFO in corporate strategy? The summit will explore hot topics such as these, as well as explicitly covering how CFOs can drive strategic performance through acquisitions and harness data to drive decision making. A key component to this summit will also be face-to-face communication and the opportunity to learn from your peers in a truly open environment. ‘The creation of a thought-sharing and interactive setting was always a key aspect for me when creating this summit,’ said Aaron Fraser, International Events Director. ‘I wanted to cultivate a forum for cross-pollination of ideas and advice for those involved in corporate performance management”.