10 things we learned at the Business Analytics Forum.
The Business Analytics Forum is back, and in the flesh too. Wednesday 13th October saw the forum’s in-person return at the Mowbray in Sheffield. We welcomed a range of speakers from across our business and our wider network to discuss all things analytics. Here are 10 key insights we learned from the event:
It’s great to be back
Yes, BAF has been running as a purely online event over the last 18 months, but there’s nothing like getting back to in-person networking. We welcomed Bernie Smith, Simon Harrison, Chris Jackson, Matthew Robinson, Julian Shaw and Sherin Mathew to the stage, with each speaker commenting on just how fantastic it was to be back again. We couldn’t agree more, and we know it’s a sentiment shared by all our attendees too.
So, what did we learn?
Get your fundamentals in place
Whether you’re looking to scale your business or make the most of AI, it’s so important to get your fundamentals in place. Setting targets and incentives that work, choosing the best possible software and most importantly putting the right strategy in place will all play their part. A key take away from the day, echoed by all our speakers, was don’t run before you can walk – for example, you can’t put AI on bad data.
When it comes to planning, Excel can only get you so far
It’s difficult to ignore Excel. Everyone is familiar with it and is used to working with it – we all know how difficult it is to shift finance teams from their Excel safe space. And whilst it is easy to use and flexible, it relies on manual processes and creates analytical silos with multiple versions of “the truth” across various departments of the business. It’s also difficult to maintain and not secure. So, what happens when it breaks? You need a solution that works for your business.
IBM’s Matthew Robinson talked us through the capabilities of IBM Planning Analytics with Watson, specifically how the planning software plays on the familiarity of Excel whilst removing its inherent problems. By offering integrated planning across an organisation it enables organisational strategy alignment and collaborative business decision-making which in turn leads to better results. And whilst users have a dedicated planning and analytics workspace or dashboard, the Excel integration keeps things simple, familiar and efficient. Put simply, IBM Planning Analytics with Watson brings essential agility right across your business.
It’s all about real-time reporting when it comes to data
With the flexibility and scalability on offer from platforms such as Snowflake, businesses of all sizes can accelerate analytics in the cloud, and crucially benefit from accurate real-time reporting.
Chris Jackson was on hand to detail the potential of Snowflake when it comes to solving the many challenges businesses are facing today. From continuously ingested data that’s available in minutes to the lack of worry around infrastructure and software installation, to the enhanced security benefits on offer.
Yet, software alone is not a solution
Simply putting new software in place won’t automatically convert your organisation into an analytics and data-driven business. It’s just one step.
You need to understand what’s possible – getting the best insights from your data is key to this. But you also need to apply proper controls to your planning and analytics, as well as building the right team to act on those insights and make business-focused decisions. A key point, well made by DeeperThanBlue’s Simon Harrison.
Read the full article here: https://www.deeperthanblue.co.uk/10-things-we-learned-business-analytics-forum/
