Keeping track of your business financials is vital to the success of your company. Unfortunately, the traditional way of looking at your financial reports will only give limited insight into risk exposure or which customer segments will pull in more significant margins, for example. More and more CEOs are adding data scientists to their existing financial teams to dive deep into the health of their business.
First of all, financial analytics blends your internal business data and operational data with external information from sources like social media, and demographics and advanced analytics. Also, financial analytics gives you actionable answers to essential business questions fast and easy.
Some of those vital questions answered include:
While your existing finance professionals have been and will continue to provide the ultimate analysis and recommendations, they are not being equipped with all the tools they need if they don’t have the support of qualified data professionals. From data wranglers to data visualization specialists, adding these skills to your finance team will transform the quality of the data and the insights which can be gained. Better data means better results.
Here are some results you can expect with financial analytics:
Getting an in-depth analysis of your financial report relies on your data science team. Therefore you need to ensure your team possesses fundamental data science skills, advanced analytics skills, and experience working with financial reports. Because these professionals will work with data and conduct data analysis, they need a background in statistics, operations, and predictive analytics. While there may be some overlap, the skills required by each your finance team and your data team are different. Once cannot be expected to do the work of the other. Plus, blending these two areas of focus will support innovation based on real data…the goal of any CEO.
Having access to the right data analytics talent will provide you with an in-depth analysis of your financial reports. As a result, you can leverage your data to make insightful operational and investment decisions.
Because of the data science skills gap, competition for talent is fierce. Whether your organization works with freelance temporary workers or adds team members permanently, working with a talent partner will help you find candidates who understand the hard skills and experience required. Data Scientists for these financial analytics roles work with data technologies such as Hadoop, R, and Python. Are you comfortable evaluating the competency of these candidates?
Chisel Analytics can find the right data science and analytics talent to help you grow a strong analytics team. Chisel vets top talent with our proprietary skill assessments across 6 key elements to ensure you hire the most qualified analyst for your critical needs. We ensure that the addition is seamless, giving your company the efficiency and reliability you need from your workforce, providing the in-depth analysis you want.
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The need to leverage data has created a new arms race for data science and AI professionals. Chisel Analytics can help organizations find the professionals they need to quickly scale their capabilities. #DataScience #AI https://t.co/rkrLit9Lju pic.twitter.com/kLrIhcPkEp— Chisel Analytics (@chiselanalytics) April 23, 2019
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