Lean Analytics for Finance: Using Big Data to Generate Strategic Insights
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Big data is transforming 21st century business. How can strategic financial professionals take control of business analytics initiatives instead of waiting for “experts” to deliver answers? As the 4 V’s (variety, velocity, voracity, and volume) soar, information is coming in from a dizzying array of internal and external sources. Think of manufacturing, customer relationship management (CRM), supply chain, sustainability reporting, financial systems including ERP, as well as GPS and RFID product tagging. The nature of data is changing too, exposing sales and marketing trends in far more unexpected and granular levels. Rather than turning to old analytic models that no longer work, or “rip and replace” enterprise data systems that cost more than they deliver, is there a better way?
This one-day program shows how analytics-driven inquiry is accessible to virtually any finance leader. Using lean principles, and based on critical business thinking, this program guides participants in how to develop and oversee a big data analytics strategy within their firms. The course addresses the core challenges of using data analytics to transform business strategy, as well as the significant organizational change required. Through class discussion and case studies, participants will receive clear guidelines on getting the benefits from a big data investment to improve the strategic financial planning process.
- Why expensive, “Big Bang” data analytic investments don’t work
- Building a data-driven finance organization
- Big data analytic techniques, hypothesis-driven inquiry
- Organizational dynamics
Program Learning Benefits & Outcomes
Strategic finance leaders will learn how to:
- Quickly turn virtually any strategic data source into a platform for rigorous inquiry by thinking lean
- Construct sophisticated business analytical inquiries from a business-oriented, business hypothesis research-driven frame of reference
- Know how to correctly position big data business research outcomes to drive strategic decisions
- Build a data-driven organization prepared to act with a financial analytics team in place that is either collocated, embedded, or with dotted-lines of matrix authority
- Assess whether other groups in the organization are going to be successful delivering analytical insights - and to offer mid-course correction when IT or data research teams get off-track
Who should attend
Business and finance leaders who drive business strategy, strategic finance, strategic planning, portfolio management or want to better understand drivers of cost and profit. Also relevant for leaders in charge of leading business transformation who to know how to capture the value exposed in the avalanche of data stemming from internal business transformation processes.