You have spent a great deal of money on financial analytics, so your whole company benefits from insightful financial forecasts and insights. However, not every department can view the impact their part of the business is having on the whole. Here are some possible reasons why this is happening and a solution to help you solve this problem.
With the advent of Industry 4.0, many companies are applying analytics to enable leaders throughout the organization see and understand the impact their area has on the financial health of the larger business and uncover strategies to advance their performance.
However, many firms that employ financial analytics are reporting immense challenges with executing their significant data initiatives. Here are some common challenges CEOs like yourself are facing.
Lack of Talent
The number one challenge of data delivering financial impact on a holistic level is a shortage of talent. Syncsort surveyed 230 analytics leaders, and 38% of respondents said that their top challenge is lack of staff and staff with necessary skills.
Successful data-driven businesses plan their data use to ensure it’s consistently managed throughout the company. If you do not consider “who,” “what,” “when,” “how,” “where,” and “why” of your data, your company can not extract the value it needs to create a positive financial impact.
Access to Data
When one department refuses to share data, it has consequences on other parts of the organization. With how integrated more companies are, a gap or delay in one area can have cascading effects through the larger organization.
Keeping Data Up to Date
For example, you could be facing the challenge of syncing all your SQL databases located on different servers and with different structures. When databases aren’t structured appropriately, your ability to leverage the information decreases. These conflicts can limit access or produce unreliable outcomes. Any analysis or decisions made on unreliable data could lead to wrong interpretations and bad business decisions.
If you are experiencing any one or all of these challenges, the first place to focus is talent. Without a qualified data science team and appropriate capacity, you can not properly plan your data use. Your data stays siloed, your databases remain unusable, and your analytics initiatives lag behind.
Having access to the right data analytics talent will help you tackle the above challenges. As a result, all of your departments will be able to see and understand the financial impact they are making throughout the business.
Because of the data science skills gap, a myriad of businesses big and small are using a freelance workforce. Other organizations invest in adding team members permanently and prioritize hires based on critical needs. In both situations, understanding the skills, competencies, outcomes, and technologies involved is fundamental towards a successful implementation of any significant data analytics initiative.
Working with a talent analytics partner will help you find candidates who understand how to sync your databases, democratize your data, form a solid data use plan, and keep you on budget. Data Scientists with these skills are essential to bringing financial impact to your company on a holistic level.
Chisel Analytics can find the right data science and analytics talent to provide growth throughout your business. 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. Chisel accelerates the time to hire, so your company sees 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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