AI — artificial intelligence — is all the rage in the world of business analytics. But, focusing on AIGT — all in good time — may serve your organization better, today and tomorrow. Developing and building an intentional analytics progression plan toward AI will not only help your organization now, it will make future jumps into AI and other emerging business analytics capabilities much easier.
Why start with fundamentals? Think about it like diving into the deep end before you learn to swim. You wouldn’t do that! You need to learn to swim before you even go near the deep end of the pool. It’s the same with business analytics. Build a solid data infrastructure first, build your analytics team bench strength, then dive into advanced analytics and AI.
If you’re worried your business is late to the party, don’t be. You’re not! Business analytics buzzwords like “artificial intelligence,” “big data,” and “machine learning” represent exciting opportunities in our field. But they’re still so early-stage that very few organizations are in a position to immediately leverage these cutting-edge fields. There are, however, valuable steps every company can take today to better leverage business analytics, long before these popular buzzwords come into play.
Rest assured, it’s not rocket science — it’s data science! If you’re thoughtful about implementing the fundamentals now, and you’re deliberate enough to do it right, it will pay dividends in the long run. After all, various fields of AI are beginning to transform jobs, revolutionize how companies make decisions, and differentiate eventual winners from losers. You’ll want to be part of that.
Here’s our roadmap to put your organization on the path to better analytical capabilities now and AI readiness in the future:
Data integrity is essential. Make sure your data is correct. Incorrect data will skew your outputs and business decisions. The old adage “Garbage in, garbage out” is true. Behind the scenes, even the biggest and most advanced companies currently have large teams focused on getting their data organized and accurate. Do you?
Once you have data you feel good about, you can stand up the infrastructure to do basic analysis, generate reports, and automate those reports to support decision-making. Many medium and large organizations are at this step today.
Analytical infrastructure and hypothesis-driven decision-making empowers your business and creates bottom-line impact.
Welcome to advanced business analytics!
You’ve arrived, and you did it AIGT!
Ready to follow the roadmap to put your organization on the path to better analytical capabilities now and in the future? To get started, figure out where you stand today, and set a realistic goal for where you want to be two years from now. Then implement your plan by collaborating with business analytics experts — like Spinnaker, to help you get there faster.
Want to learn more? Keep an eye on Spinnaker’s blog as we explore business analytics and its importance in delivering real bottom-line value across your business. Follow Spinnaker on LinkedIn and receive updates in your LinkedIn feed.
For many small and early-stage businesses, serving customers and running day-to-day operations can be enough to overwhelm the day. But it’s critical that these organizations carve out time to tend to their financial health daily, or at the bare minimum several times a week. With so many different metrics to track, it’s important to identify those that give you a line of sight into how your business is performing, as well as those that help you pinpoint issues brewing below the surface.
Spinnaker News, Business Analytics & Data Management 1 minute read
Steady and reliable cash flow is essential to a company’s daily operations. Knowing when to expect revenue gives owners confidence in paying their own expenses, but understanding cash flow cycles is just as important to business growth – and having a buffer in case of a crisis. Good cash flow analysis can confirm that there’s money to keep the lights on, but deeper analysis can uncover ways to best capture cash from every revenue stream.
Customer Channels & Operations Management, Business Analytics & Data Management, Risk Management & Regulatory Compliance 1 minute read
The Big Picture The coronavirus pandemic has taken a still-almost-unimaginable hit on our nation’s economy. Millions of people have lost their jobs, and millions more are facing financial insecurity with paychecks that cover fewer hours. With concerns rising over an imminent recession, is your bank prepared to offer consumers the right help and resources to prevent charge offs with its Home Equity Line of Credit (HELOC) business?
HELOC 1 minute read
Like how we think? Subscribe to have our articles delivered direct to your inbox each month.
Headquarters: 8000 Franklin Farms Drive, Suite 100, Richmond, VA 23229
©2021 Spinnaker Consulting Group. All rights reserved.