Because data is one of an organization’s most critical assets, monetizing it should be a top priority for business leaders. Data monetization is the act of generating economic benefits from data, either internally or externally through selling data to third parties. Benefits typically fall within three broad categories, increase revenue, lower costs, and manage…
Financial analytics is the process of collecting, analyzing, and interpreting financial data to gain insights and make informed decisions regarding an organization's financial performance and strategy. Advanced financial analytics uses more sophisticated techniques, algorithms, and tools to extract insights, recognize patterns and make predictions from large data sets. Using advanced financial analytics, organizations can…
Gartner defines data governance as the specification of decision rights and an accountability framework to ensure the appropriate behavior in the valuation, creation, consumption and control of data and analytics. Data governance is vital to ensure that your data is consistent and trustworthy and doesn't get misused. One of the first steps you’ll need to…
The Data Management Association (DAMA) International defines data governance as the “planning, oversight, and control over management of data and the use of data and data-related sources”. Given this definition, should you view data governance as a necessary compliance chore on your long to-do list or a strategic investment that can grow your organization’s…
Data observability is a specific aspect of data management that gives organizations a comprehensive understanding of the health and state of the data within their systems. This helps to understand the relationships and interdependencies between data elements and components within an organization’s data ecosystem, including how data flows from one source to another and…
Implementing sustainability initiatives is a huge win for manufacturers who are not only helping the environment, but also helping themselves, since sustainability and profitability often go hand in hand. In fact, according to Bank of America Merrill Lynch, firms with a better Environmental, Social and Governance (ESG) track record than their peers produced higher…
Generative AI is a subset of Artificial Intelligence (AI) that focuses on creating artificial data or content. It uses deep learning algorithms to generate images, videos, or audio based on the data given to it. Instead of learning from data, generative AI creates brand-new data. Generative AI is transforming data analytics in the financial…
Gartner defines data governance as the specification of decision rights and an accountability framework to ensure the appropriate behavior in the valuation, creation, consumption and control of data and analytics. Data governance is vital to ensure that your data is consistent and trustworthy and doesn't get misused. One of the first steps you’ll need to…
In a recent Martechcube survey, only 18% of retail leaders believe that they could significantly improve the post-purchase customer experience. In contrast, a whopping 80% of consumers feel otherwise. Providing a poor post-purchase customer experience can prevent you from building customer loyalty. Customer analytics can provide valuable insights and data-driven strategies to help you…
Customer journey analytics interprets data from various touchpoints and interactions that a prospect or customer has with a company from end-to-end. Insights into the customer experience, behavior, and points of friction in sales and service help optimize the customer journey to improve customer satisfaction and drive better business outcomes. However, to derive these benefits…
What is an Object-Oriented Database Management System? An object-oriented database management system (OODBMS) is based on the principles of object-oriented programming. Data is created, modeled, and stored as objects, which are self-contained units that contain both data and the operations or methods that can be performed on that data. Should your organization’s enterprise data…
According to the Association of Certified Fraud Examiners, organizations lose 5% of their revenue to fraud each year. It’s no wonder that financial analytics for fraud detection is in such high demand given this alarming statistic. Fortunately, financial analytics can play a crucial role in helping businesses detect and prevent fraud by analyzing various…
We live in a data-driven world. The amount of data/information generated, gathered, copied, and consumed is forecast to reach 180 zettabytes by 2025. With this rapid expansion comes tremendous opportunities for organizations to gain actionable insights to improve business outcomes. However, to realize the full potential of data, comes the need for effective data…
Is Financial Trouble Brewing? There are many financial metrics that can indicate that trouble is brewing in a company. Most of them tell you what’s happening in your business, but they don’t tell you why. Let’s explore the more important metrics, revenue, profit, and contributing indicators that will help you gain a comprehensive picture…
Most, if not all, organizations need to understand their financial performance to improve business processes, identify the risks they face, and focus on the right goals. Harvard Business School provides an excellent list of important financial key performance indicators (KPIs) that companies should track, measure, and analyze across a wide range of categories, including…
It may not seem like it, but Artificial Intelligence (AI) has been around for a long time. The earliest successful AI program was written in 1951 by Christopher Strachey who later became director of the Programming Research Group at the University of Oxford. ChatGPT Is a chatbot that uses AI to perform a variety…
