Charlie Thomson
Inside Info are specialists in business analytics, financial reporting & enterprise performance applications also improving accuracy and reducing budget preparation time.
The Key to Data-Driven Digital Transformation: Qlik’s 3rd Generation BI Approach. The business intelligence (BI) and analytics landscape has and is continuing to evolve rapidly in Australia.
We’re now heading into what’s termed as 3rd Generation BI to help businesses better harness the potential within their data for a competitive edge. Qlik is at the forefront of this new approach that revolves around a crucial principle, the democratisation of analytics. Here we’ll explore how BI has evolved and what makes Qlik’s 3rd Generation BI platform and approach unique. Data has always held tremendous value, but for decades, most of that value has remained inaccessible due to technical limits and complexities. The centralised approach of the 1st generation of BI, known as ‘The Ask/Wait/Answer Cycle’, was based on a centralised approach to BI, usually too reliant on a few people within IT that possessed the necessary technical skills, often overworked and under-resourced, and therefore slowed down and diluted the full potential of value from analytics.
4 Fundamentals For Businesses To Improve Financial Analytics - Finance and Business Magazine. To be an effective business partner, finance teams need to get faster in the areas that matter the most to the broader business they support.
This is especially true of finance analytics and reporting that can often account for a large proportion of the finance function’s time. However, manual data manipulation, disparate data sources and unwieldy systems lead to inaccuracies, difficulty finding the right information and slow execution. The key is to ensure finance teams are equipped with and embrace a modern approach to data and analytics to overcome these issues. Here we explore four fundamentals that drive great financial analytics approaches. 1. We talk about getting your house in order first, well this holds true when talking about data and analytics as well. 2. 3. Don’t succumb to the trap of focusing on standardised reporting, reliant on multiple spreadsheets that focus on accounting the numbers as opposed to answering “why” something is happening behind the financial results.
Why Data Management Is Now Business Critical. The impact of data management and data governance on a business - particularly as it evolves to become a digital enterprise - is potentially huge, as data supports decisions, processes, customer experiences and new business models.
Last year was a big year for data management with the introduction of global privacy legislation to mandate how organisations need to protect and use their data. However, let’s face it, data management can have the reputation as being boring, tedious and complex. Data, once relegated to individual business groups for their internal business applications, now needs a carefully planned, modernised data platform to deliver on the promise of deep, transformative insights across the enterprise. Despite how much the data management landscape has already evolved, it has now become even more business critical to get right. Using Analytics To Drive Smarter Engineering & Construction Decisions. Australia’s construction business is facing major challenges at the moment.
The release of the latest Performance of Construction Index (PCI) by the Australian Industry Group (Ai Group) shows that activity levels are continuing to weaken while margin pressures are intensifying. Where productivity is paramount, misjudging risks and underestimating project costs can prove disastrous for engineering and construction firms.
In a business with typical margins of 5-7%, underestimating a bid by 10% without the ability to recover costs or overpricing a project, can have serious consequences. Many are combating these challenges by turning to data analytics as a vital tool to foster data-driven decisions to improve capital project outcomes and reduce risk. Here we explore some simple ways effective data management and analytics can help. The pressure Is On With new work hard to find and cost pressures mounting, firms are cutting staff at the fastest pace seen in nearly six years. 1. 2. Why Data Analytics Is A Challenge For Australian Businesses. A recent study of Australian businesses by the Melbourne Business School and A.T.
Kearney, found that Australian enterprises are falling short of their international counterparts in leveraging data analytics to improve business performance, profitability and decision making. A lack of appropriate skilled in-house resource and lack of leadership in the area, cited as the main contributing factors. The Analytics Impact Index, is a study of more than 400 businesses with an average revenue of $1 billion across 34 countries, of which 50 were Australian.
The benchmarking study was conducted by Melbourne Business School & A.T. Kearney between January and July 2018 to determine the impact analytics can have on a company's profitability, while also identifying any areas that show the most opportunity for improvement, according to the authors of the study. Laggards. Why are Australian Businesses Not Making The Most of Analytics?
It’s Time To Skill Up In Analytics. Qlik Sense BI Software for Desktop.