When it comes to incorporating technology into the wine industry, organizations have so many opportunities to apply analytics and technology. However, there is a huge discrepancy in terms of dollars invested towards IT.
A recent WBM Technology Survey by Wine Business Monthly magazine analyzes the top IT priorities for wineries based on various categories such as winery size, job function, and IT job function. Most wineries have the same top IT issue, which is “providing better data to our trade sales team.” Better data can result in gained insights into areas of the business and opportunities to spur company growth. Let’s examine how wineries can better understand their top priorities and implement the technology to support them. (more…)
In healthcare, the phrase “data-driven decision making” is a popular one, meant to describe how organizations integrate objective information to inform and improve all sorts of decisions. However, it’s an admittedly abstract concept.
Exactly how can healthcare organizations use data to shape better decision-making? How do they sort through the deluge of healthcare data to find the insights that can truly effect change? Let’s see what practical steps we can learn from a Maryland healthcare system that used data-driven decisions to catapult itself from “worst to first” in quality.
Like many other industries in the U.S., the wine industry is currently experiencing a large change in its workforce. The traditional model in which generations of family members have managed the business is not sustainable for many wineries. Instead, they are now looking to millennials to fill roles, but in many cases, unsure of how to best utilize their talents.
One issue is that many wineries still operate as “paper” businesses. This business model does not resonate with new, younger employees, and can prove to be inefficient. To best capitalize on the talents they have in front of them, wineries need to embrace new technology, including data analytics, to improve efficiency and productivity. Here, we’ll look at how they can do so. (more…)
But how do you build that team? What roles do you need to fill? Here are 4 roles that are critical when you’re assembling your healthcare analytics team, keeping in mind that more than one of these roles might be filled by the same person. (more…)
Business intelligence is causing a paradigm shift in the IT world, especially when it comes to healthcare. It’s not every day that you find someone who is an expert at coding and who also intimately understands the clinical side of the house and the objectives it is aiming for with a business intelligence implementation. Yet that’s what is required in healthcare today, and it is causing a big headache for many hospitals who need to bridge the gap between clinicians and IT, but can’t figure out how to do it.
What hospitals need is to find clinical people who have a data mind. Without that person, there will continue to be this disconnect where IT can’t understand what the clinical side needs and the clinicians can’t understand the technical work that goes into that. This results in a less-than-ideal business intelligence implementation.
So how can you find that rare gem of a clinician with a data mindset? Here are 3 tips. (more…)
Anyone in the business world has heard the urban legend about “Big Data” and how it’s growing at an abnormally fast rate, leaving companies in shambles. But how much of a threat can it really pose? It’s not like it’s growing at an alarming rate (oh wait, it is), or costs businesses money (oh yeah, that too), or leads to less accurate decisions (whoops).
But really, let’s forget the facts for a moment. Implementing a business intelligence (BI) tool is clearly a horrible idea. Here are 5 reasons why. (And yes, this is totally meant to be taken tongue-in-cheek, with a nod to BuzzFeed.)
Another example of how a simple Gap Analysis BI application can help you solve common business challenges.
Imagine this common scenario… Your “gut” tells you sales are up for your sales team, but you are behind on your revenue target. Let’s look at how, with the right tool, you can perform a 2-minute analysis to see where the problem lies.
First, let’s look at the numbers for your biggest region.
All the sales reps in that region look like they are lagging. Let’s check the product mix to see if there are any problems.
Several product categories are down from last year, but the numbers for Draught Kegs are alarming because they are the most important revenue driver.
With a few clicks you can see that 3 products account for the majority of the drop in sales.
Now you can craft a “get well” plan, reaching out to customers who have dropped off and promoting the products that are under-performing.
Most businesses are swimming in data. But they struggle with the challenge of harnessing that data and delivering it to business managers in a way that allows them to quickly make strategic decisions.
Commonly, business managers perform gap analysis to compare actual performance against potential performance, to drive greater focus, efficiency and profit. Without the right tools, gap analysis can be a massive undertaking.
Here’s a demo showing how a business manager equipped with the right tool can dive into the data and determine the most profitable product, and which customers are buying them, in about 1 minute.
CFOs are paid to think strategically, identifying profitable opportunities and creating new business models. Yet in reality, they still spend too much of their time on nuts and bolts accounting, which distracts them from the strategic work that could help grow corporate profitability and remain ahead of competitors.
One reason for this disconnect lies in the area of revenue and expense reporting. Despite significant technological advances in budgeting, forecasting and compliance, revenue and expense reporting is still a time-consuming manual process that saddles the finance department with inefficient and unnecessary workloads.
In this blog post we’ll look at three major expense and revenue reporting challenges that face CFOs. (more…)