What is in this article?:
- What to do Now: 7 Ways to Collect More Relevant Analytics and Metrics
- Learn what matters most in your industry.
- Look for solutions appropriate for the size of your organization.
- Find out whether data quality and availability are prominent issues.
- Compile a list of the most important analytic capabilities.
- Determine who is responsible for funding improvements in finance analytics.
- Assess your organization's willingness to make changes to its analytic capabilities.
- Expose the issues spreadsheets create and present alternatives to them.
Recent benchmark research from Ventana Research found mixed feelings and intentions regarding the use of analytics in finance. Almost 90 percent of participants said they can improve their use of them. About half the participants said they are satisfied with the processes used to create analytics, but the other half said they are not. Those who are dissatisfied cited multiple reasons: It takes too long to produce the analytics they need, they are difficult to build and maintain, once in place they are not flexible enough to accommodate change and the results of the analysis often aren't readily actionable.
For analytics to deliver full value, companies must provide more timely, relevant and actionable analytics and metrics and address the root causes of shortcomings they find. But companies must also be willing to address these shortcomings. Here are seven recommendations for re-examining your organization's analytics and metrics. This is the second part in a three-part series of business analytics' history, capabilities, problems and solutions. Later this week, we'll provide seven more ideas for ways to restructure and improve the way analytics are valued, used and collected.