IT Services - Business & Financial Analytics
Preface:
Over a period of time, knowledge retention is moved to the service providers
In fact access to data, available to service providers are more than their Vendors.
ERPs had enabled large amount of data available to managed services companies,
Businesses requires critical inputs from time to time, to improve business outcomes,
Use of qualitative data and insights is the constant challenge to Global Business Services.
Needless to reiterate, Analytics enable long term sustainability of processes and a healthy receipe for success. Also read the following articles;
The Challenges:
Understand what kind of Data that are available from different ERPs & Legacy systems?
How to channelize data for productive purposes and with in limited time available?
Can I produce a quality and sustainable product to our customers without failure?
Built number of accuracy checks as part of the data gathering process to ensure quality
Accuracy of data sets, the numbers reconciling with SLAs, KPI and other figures
Effectively use the SME skills, to tap the right data and use them appropriately
Review the results with concerned stakeholders for necessary follow-up action planning
Sustain the improvement journey to ensure, the process is part of the SOP.
Management of Data ~ The real issues:
Repository of Data to support at right time - Ability to retrieve and use the data at the right point and making it regular practice
Create right data sets and use them for data decisions thru Data analytics. Lay down Standard operating procedures for daily use.
Use business knowledge to use them timely. Knowledge remains with certain people and attrition takes away the knowledge.
Look at the future, from what the data is directly or indirectly telling us Example: Big Data analytics for large chunk of data.
The Utilitarian Aspect - This is the key:
Maximize the use of data for day to day decisions - Data means objectivity
Build relationships with the senior leaders and spearhead the Data revolution
Usage of right tools - Analytical & Visualizations tools to tell the Powerful Story
Seek inputs from various stakeholders and involve them in the decision making process
Do not stop the continous improvements. Schedule for improvement planning and make it operational.
Share Data dashboards, Visuals and key metrices for keeping the interest going and improvements are identified
Make it as a long term sustainable solution rather than a temporory fix.
Conclusion:
The Operations & Business Controllers, Purchasing, Sales, CFO office, Treasury, Receivables Management team and Risk requires continuous flow of right data. The changing business topography and competitive landscape reinforces the need for Data today, more than any other day.
The Managed services business could tap this great opportunity, and use the right Data sets for analytical and visualization tools. This will make them stay relevant and make them close to the Business.