THE BLUEPRINT TO AN ANALYTICS CULTURE FOR DATA DRIVEN DECISION
This article was written by our partners, Finance Analytics Institute. To learn more about them, visit their website here: Finance Analytics Institute
This is the second of four articles describing the Finance journey towards becoming a world class strategic partner. In this article we describe the Roadmap for implementing an analytics culture that enables business leaders to take data driven decisions.
Much has been written about improving Finance business partnering and how Finance should move from the trusted scorekeeper in the back office to a front-line strategic partner. Finance wants and needs to have a seat-at-the-table for strategic and operational decisions. To get there requires a disciplined, step by step journey that is benchmarked along the way to assure focus and prove attainment.
Gaining a seat at the table requires delivering insights; that is, to tell the business something that it both does not know and when known could influence or change a decision. Even more value is provided when foresight is delivered; that is, an often-reliable prediction of the future. As such, insights influence decisions, and foresight impacts the strategic direction. The former provides knowledge about the past and the latter a forecast of the future (with all things being equal).
Building an Analytics Culture
Building the culture to advance Finance from average to world class has four key components: (1) Mindset, (2) People, (3) Processes, and (4) Systems. These components, when aligned, institutionalize the practices about data driven decisions for business optimization.
Creating a “culture” of data driven decisions with analytics requires a Roadmap to advance Finance to the world class strategic business partner. Depicted in the Figure, illuminates the four components of culture as a tightly integrated and interdependent framework.
Continue reading more on this topic on our partners website: Finance Analytics Institute – FROM AVERAGE TO WORLD CLASS – THE ANALYTICS ROADMAP