Article first published on diginomica.com
Smart analytics is changing our lives. Although we can’t see it, it is prevalent in every app and smart device and finding its way into our homes, our cars and our everyday lives. For the first time we can start to utilize the huge amounts of available data all around us currently lost to cyberspace. By linking it to our personal needs and preferences it will support all types of day to day questions and tasks. It will impact all of us in a big way by making our lives easier; better even.
2014 has been called the “Goldilocks Year” for professional service organizations (PSOs). Businesses saw incremental improvements that were not too high and not too low, but rather the steady level of growth required to ensure stability and success. According to the latest professional services benchmark report from SPI Research, these organizations make far more money on gradual and predictable growth than they do on big revenue swings brought on by mega-projects that cannot be repeated. “By applying ‘The Goldilocks Principle’ to professional services in the future… incremental growth, productivity and profit enhancements combine to deliver results that are ‘not too hot’, ‘not too cold’ but ‘just right!’”
To keep your business on the fast track to success, you have to take the proper steps to be cutting edge and ahead of the competition.
When it comes to enterprise resource planning, or ERP, even the best-laid plans can only be executed properly with a modern system that “self-drives” and fully empowers people. A self-driving ERP system supports six essential pillars to make your business smarter, sharper, more cohesive and, most of all, successful.
The intake of digitally advanced Millennials is a great thing for employers but at the same time is creating the most diverse workforces we have ever seen. There is a big divide between people’s digital abilities and willingness to embrace a new way of working.
The final stage of the model is where you bring it all together. CFOs are becoming increasingly involved in general business strategy, and need to display a full understanding of the company’s operations.
Maximizing business information performance and driving reliable information are big parts of this function, along with leveraging data to stay ahead in an increasingly competitive business landscape. At this level, CFOs learn how to utilize the data and insights provided by the previous stages to make more knowledgeable business decisions and increase the bottom line.
The focus at this level is applying business intelligence to drive overall business growth. This centers around forming a clear data strategy and specific protocols for increasing the performance of your finance information system. In turn, it also involves increasing opportunities and expansion. You must be able to leverage financial data technology to make crucial information available to the people who need it as soon as they want it. The main goal should be putting an accessible, intuitive and automated self-service system in place to provide the necessary functionality. Continue reading