Welcome to our discussion on a portion of Oracle Netsuite’s latest White Paper: The CFO’s Guide to Structuring for Growth.
Applying data to decision-making processes is far from new. What has changed is the amount and types of data now being used and relied upon to make more informed, well-rounded decisions that have deeper, further-reaching impacts than in the past.
While baseball, and the book and movie Moneyball helped bring data analytics into the mainstream, its applications are finding homes in a number of business segments, including the industrial sector. Here, we take a look at how to establish and implement data collection and analysis processes. In this short video, we discuss:
- Creating a virtuous cycle - basically, growth means more data that can be used in more ways.
- Expediting growth – how more data ideally means more and better decision making.
- Learning about customers – to grow, you need to know as much about your customers as possible, especially as product lines become more diverse and preferences change.
- Improving coordination and building trust – leveraging data should lead to stronger insights on how to use your resources most effectively, and create KPIs and goals that are transparent to employees, which should lead to stronger internal connections.
- The 7 questions data analytics can answer.
- Developing the data analytics your business needs.
- Consider the appropriateness of your KPIs.
- Being data-informed vs. data-driven.
And for additional resources to assist on your digital transformation journey, you can go to www.netsuite.com
