In today’s hyper-competitive global economy, it’s becoming increasingly difficult for companies to differentiate themselves by price or product. However, one distinction that every company has to its advantage is unique information about its customers that it’s able to act on.
Predictive analytics can help CFOs and other business leaders examine a full range of market and operational data that can help them better forecast business outcomes (e.g., revenue, profits, operational costs).
A common mantra for many analysts is that they don’t get to spend enough time analyzing data to extract vital insights because they simply spend too much time preparing data for analysis.
Customer surveys and focus groups can help organizational leaders better understand their customers’ needs and preferences. However, the responses offered by customers in these forums can often be biased as a result of how the survey questions are couched or how the respondents believe the questions should be answered.
Organizational leaders who make decisions based on pockets of business data don’t get a 360-degree view of operating conditions. This lack can lead them to take actions that aren’t completely informed, resulting in lowered accuracy in projected business or operational outcomes.
When it comes to the performance of their working capital, companies aren’t making much progress. In fact, in 2013, the three components of working capital – receivables, payables, and inventory – showed scant change from 2012. That’s according to the 2014 CFO/REL Scorecard that evaluated results from 997 non-financial US companies.
Retailers are constantly looking for the right opportunities to combine, cross-sell or upsell products or services to consumers so as to maximize revenue lift. However, the probability for success rises dramatically when retail leaders are able to target those combinations of products that consumers are most likely to purchase based… Read More →
By Lou Bajuk-Yorgan (@LouBajuk) Director, Product Management Spotfire, TIBCO Software In recent years, millions of statisticians and data scientists have flocked to using the R language for computational statistics, visualization, and data science. While there are a number of adaptations of the open source R language, it’s important to recognize that not… Read More →
Companies that put data science at the heart of their strategies and operating business landscapes are seeing tangible bottom-line benefits. That’s the conclusion of a new white paper from A.T Kearney and Carnegie Mellon University that details how leading companies are driving innovation through analytics.
Spending on cybersecurity is expected to rise this year as a growing number of organizations shift spending from defensive-minded approaches to detection and mitigation of cyberattacks and data breaches. Nearly 70 percent of CIOs expect security spending to represent one of the top segments to gain share of overall IT… Read More →