Written by Heather L. Cole, August 18th, 2023
In a world driven by data, the quest for higher returns on investment (ROI) from analytic solutions is a common pursuit among executives. Surprisingly, the answer to enhancing ROI isn't solely in the tools themselves. After more than 25 years entrenched in the realm of analytics, I've uncovered a fundamental truth: the journey to optimizing ROI begins from the top. For CFOs, CEOs, CIOs, CTOs, and beyond, it's time for introspection. It's time to recognize that the key lies within you. Using our PROFIT Framework, I will shed light on this revelation... so you can Unleash Profits with Strategic Analytics.
The Basics: Shaping a Data-Driven Future
In the ever-evolving business landscape, the supremacy of data-driven decision-making is indisputable. The ultimate goal for any thriving organization is to amplify profits. But this entails more than just investing in tools; it requires a well-structured framework. The flaw in the strategy of too many companies lies in adhering to the "Build It and They Will Come" philosophy. Unfortunately, this approach works only in movies, not in the complex realm of analytics.
If you're eager to harness data and analytics to propel your profits to new horizons, then look no further than our "PROFIT" Framework for Analytic Success. PROFIT is a holistic approach that empowers businesses to unlock the latent potential of analytics, translating it into well-informed decisions that propel profits to uncharted heights. If you're searching for a transformation in your Planning, Budgeting & Analytics process—one that marks a pivotal shift in your profitability trajectory—circle Thursday, October 19th, 1:00-2:30 PM Eastern on your calendar. Join us for an event poised to reshape the trajectory of your business.
The Pain of Outgrowing Excel: A Path to Relief
In this event, we delve not only into the realm of outgrowing Excel or your existing planning and forecasting models, but we also unveil our PROFIT Framework for Analytic Success. The PROFIT Framework comprises six steps that serve as the pillars of your journey toward profitability optimization.
1. Precise Vision Definition: Illuminating the Path to Success
At the core of the PROFIT Framework lies the Precise Vision Definition. This initial step involves formulating a clear and succinct vision statement that becomes the guiding star of your journey. A potent vision encapsulates your organization's aspirations, goals, and core values, acting as the bedrock on which strategic goals are crafted. Every subsequent move is directed toward a shared purpose.
2. Rally Team Communication: Forging Unity in Purpose
However brilliant a vision might be, its potential remains untapped until shared and embraced by the team. The Rally Team Communication phase breathes life into your vision. It's the point at which you effectively disseminate your vision to your workforce. By fostering alignment and motivation, you create a unified front that collaboratively pursues your goals. Success in your analytics initiative hinges on the dedication and comprehension of your team members.
3. Optimize Data Discovery: Precision-Fueling Decision-Making
When your vision is embraced, the Optimize Data Discovery phase comes into play. Here, you orchestrate a Requirements Discovery Workshop—a platform for exploring the data prerequisites of your team members. This step ensures that your collected data isn't just vast, but also pertinent and in sync with your strategic objectives. As informed decision-making hinges on accurate and timely data, this phase takes a pivotal role in your journey. (Reference our earlier blog on this topic.)
4. Formulate Advanced Analytics: Forging Gold from Data
Armed with the requisite data, the moment arrives to harness the potential of analytics. The Formulate Advanced Analytics phase is where your organization assesses prevailing tools and methodologies, uncovering ways to employ cutting-edge technologies. These technologies, including IBM Planning Analytics, Cognos, SPSS, and Watson, breathe life into raw data, transforming it into actionable insights. By decoding data into actionable intelligence, you forge a pathway for daily decisions that inherently bolster profitability. (What is IBM Planning Analytics?)
5. Increase User Adoption: Bridging the Success Gap
Yet, deploying advanced analytics solutions like Cognos and Planning Analytics is merely half the equation. For these solutions to catalyze profitability, they must be embraced by end-users. The Increase User Adoption phase, the fifth stage in the PROFIT Framework, centers on crafting a user-centric environment. It's a phase of comprehensive training, ongoing support, and an ecosystem designed for intuitive user engagement. By making analytics tools accessible and understandable, you cultivate an environment where users seamlessly integrate data-driven insights into their daily decision-making routines. (Reference our earlier blog on this topic.)
6. Track and Enhance: Navigating the Path to Unceasing Profits
The final stage, Track, and Enhance, propels your PROFIT Framework to unceasing progress. Here, you perpetually monitor and evaluate your analytics initiatives. By tracking your trajectory, you glean vital insights into the efficacy of your strategies. Moreover, you're poised to identify realms for refinement, fine-tuning your approach to optimize profits. Given the dynamic nature of the business world, this stage perpetuates the evolution of your framework, ensuring it stays aligned with ever-changing demands. Indeed, agility becomes the crux, and the PROFIT Framework for Analytic Success unfurls a repeatable method to surmount business, industry, and global changes.
Ready for a Journey Toward Enhanced Profitability?
If you're primed to ascend your Planning, Budgeting & Analytic process, and unshackle untapped profitability, don't overlook our event on October 19th. The PROFIT Framework stands as the gateway to recalibrating your business through precise vision formulation, effective team communication, optimized data discovery, advanced analytics formulation, increased user adoption, and unceasing tracking and enhancement. Embrace the potent force of analytics and embark on a voyage toward fortified profitability and strategic decision-making.
On Thursday, October 19th, immerse yourself in an exploration of the PROFIT Framework. Here, you'll delve deep into its facets, glean success stories from industry trailblazers, and connect with peers who share your ardor for profit amplification. Secure your spot today, and together, let's drive profits to realms beyond imagination through the power of data-driven decisions.
RSVP for the Event Today:
Explore the PROFIT Framework for Analytic Success, dissect the pain of outgrowing Excel, and unleash profits with strategic analytics.
Join us on Thursday, October 19th, from 1:00 PM to 2:30 PM Eastern for "The Pain of Outgrowing Excel: Midmarket CFOs Discover Relief with IBM Planning Analytics."