Optimising financial processes

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Something to Consider 2: September 2018

Something to Consider September 2018 – Does Your Business Understand the Data Opportunity?

Data Opportunity & Skills Gap 

We experience the impact of data-driven companies in our daily life, whether it is Amazon, Apple, Uber, Netflix or through the rewards app that records our morning coffee experience on the way to work.

We have heard the clarion call to embrace big data, analytics, AI and machine learning in our own businesses.

But, according to a recent Harvard Business Review study, the biggest obstacles to innovation in large companies are politics, turf wars, cultural issues, and the inability to take action on critical signals or developments.

It is becoming ever more crucial for leaders to understand and to ‘speak data’. Data is the rocket fuel of digital transformation.

Gartner is urging organizations worldwide to foster data literacy programs. Despite the unrelenting press and business discussions, we have too few leaders who are actually equipped with the skills and knowledge to deeply understand our customer, business, supply chain, and ecosystem data, and the real potential and pitfalls of artificial intelligence processes, machine learning algorithms et al.

There are even fewer who are able to effectively communicate, and explain and use these insights with decision makers.

This skill gap represents one of the biggest challenges to digital transformation. It is not a technology issue, it is primarily a data issue.

Machines will augment us, not replace us, but roles will change significantly. Soft skills will have even greater importance placed on them and those that are able to communicate the insights from analytics will be highly valued leaders.

This article delves into the types of skills we should be investing in now to prepare us for the future of the workplace. You can read it here​​​

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.