Over the past 35 years, corporate business players have added some key leaders to their board management with the so called functions as C-Levels to overcome global business challenges by having specialized positions and calls in the company. Among wide-variety of titles, there are several famous titles besides CEO which are CMO (Chief Marketing Officer), CFO (Chief Finance Officer) and COO (Chief Operating Officer) to lead numerous departments delivering the company to its tremendous visions. These titles were never there before but to help companies address increasingly complex and fast-changing global markets well.
Today, the business world is challenged by a newcomer of problem yet a locked-treasure called as big-data. The wealthy treasure of data does profoundly alter the business landscape and thus needs to be considered as a child that needs to be nurtured and treated well to finally be the answer for every business solution in each department, especially for C-level leaders. But how actually these big-data can help the top management to lead the company?
When we talk about big-data, it always gets connected to the utilization of analytics. Big-data is the numerous information including numbers, facts, statements, statistics and more that are obtained from various sources such as websites, social networks, transaction logs, inventory lists, sensors, reports and other million others. On the other hand, analytics is the process of making sense of those unstructured raw data to be translated into readable and actionable insights. By analytics, it is not only your data scientists and other engineers who can read the output, but also non-engineers can read and be inspired by the insights.
By the understanding that big-data analytics can cover all granular activities of company’s activities, it opens the possibilities for every C-Level within its complex scopes of daily tasks they face to run the company. Companies have started to open their eyes that the analytics don’t only happen to be there only for CMO alone to thrive their marketing strategies, but it is useful for the whole C-levels with a different function of data.
To illustrate this, let’s have a hypothetical company which runs on Consumer Goods company that has different goals for different C-levels.
CMO (Chief Marketing Officer)
The main goal of analytics for CMO is to deliver growth for its marketing performance indicators in both sales and market-shares, depending on company’s goals, by understanding their customers better. This also leads for a great potential to make differences in increasing cross-selling efforts, optimizing marketing mix and improving pricing optimization.
COO (Chief Operating Officer)
Analytics help COO to control spending-costs in everyday activities by creating a more efficient business and better supply chain. By utilizing analytics, COO can make a difference in delivering process innovation, improving resources usage and improving inventory management.
CFO (Chief Financial Officer)
CFO always talks about Risk Management which challenges everyday tasks of each company. Analytics help to improve both profitability and risk management to handle by knowing the visibility of markets, competitors, suppliers, retailers and customers to spot and calculate the risks far earlier. It also leads to establish financial risks management, corporate reporting and identify cost efficiencies.
Under almost any scenario to utilize big-data, companies will need more analytics experts who are able to capture the relevant data by infinite opportunities to improve revenues, boost productivity, and, possibly, create new businesses that create new demands for the companies. Let’s open our eyes that big-data analytics are not only for specific position handling markets and campaigns to execute, but also for all C-levels and even frontlines to create a better strategic management.
Here in Dattabot, we have all the experts of engineers and experienced business analyst to support you by unlocking the values of your data for your challenging business.