Terry Corbell, The Biz Coach
By Terry Corbell
Business Consultant

Issues to Consider Before You Buy Business Analytics



If you’re the company’s chief information officer screening the sales pitches for business analytics, take a long look and ask the right questions for your company’s welfare.

CIOs would seem to be the biggest interest in acquiring data functions and business analytics.

But hold on, CFOs have an even bigger interest. So you have to collaborate and make the chief financial officer happy.

Don’t pre-judge. For CFOs, it isn’t all about the cost of investment.

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CFOs and their employees will be the chief users.

More importantly, CFOs increasingly have big picture – or strategic – concerns.

They’ll want to know how the data will enhance efficiencies and how it will cut expenses companywide.

So your screening process will need to examine the desired deliverables of the new products.

Specifically, you’ll need to learn several insights:

Determine how the analytics will insure compliance; mitigate risks; enhance long-term financial planning and reporting; accelerate growth; meet the challenges of globalization; and help solve marketplace challenges.

At the minimum, consider the following issues:

1. Why outsource business analytics?

An exemplary sales pitch should reveal to you how the outsourcing will help your company maximize the value of your investment.

The responses should explain they stay current and will advise you on changes and functionality.

You should learn if and how your finance-department employees can best analyze the results, make recommendations, and it’s security to be worry-free in the process.

2. How will outsourcing benefit operational planning?

Of course in this digital age, your CFO and staff already use data. It’s important to isolate the inefficiencies in the hunt for profits.

So to buy new software, the CFO will only be impressed about achieving new efficiencies.

3. How will the outsourcing promote growth?

Determine the productivity and passion of the vendor.

In the midst of marketplace turbulence and changing customer preferences, it’s an overwhelming challenge to identify changes and their causes.

“Our technological powers increase, but the side effects and potential hazards also escalate.”

-Alvin Toffler

Credible cutting-edge solutions are important to identify and analyze problems to implement the right changes.

By picking the right vendor and software, your company will benefit because savvy service providers have the broad experience to advise you as a strategic partner should.

4. How will outsourcing provide better insight on the marketplace?

Your vendor, as an outside participant, should demonstrate their expertise and how they’re objective.

Objectivity enables the identifying of trends, and it leads to better decisions to acquire customers and to retain them; to shrink costs; and to monitor key financial indicators.

It also helps for better risk management – to spot negative events and trends and how to mitigate them.

From the Coach’s Corner, editor’s picks:

For Profits, CIOs Must Agree with CEOs on 5 Issues — Despite the increasing importance of information technology, many companies are losing profit potential from a lack of productive discussions about achieving strategic goals using technology initiatives.

4 Tips to Fine-Tune Strategies to Win in Digital Economy — To win, you must become adept in the interactive process inherent in the digital economy. Everything depends on your ability to rapidly make decisions – to protect your turf and grow your business for a competitive advantage.

Strategy: How You Can Capitalize on Predictive Analysis — The promise of predictive analysis: Obtain forward-looking insights to innovate and quickly recognize opportunities for growth.

Improve Your Customer Retention with 6 Digital Tips — Outstanding loyalty programs for stellar customer engagement play an important role to improve your prospects for lifetime customer value. That goes for e-commerce, too.

Financial Management – 6 Keys for Best ROI on IT Projects — In financial planning, there six steps you can take to solve the mystery surrounding information technology projects – how to assess and prioritize for an excellent return on your investment.

10 Best Tech Strategies for Stronger Financial Results — Businesses that use 10 digital best practices are achieving stronger financial results than those that don’t.

“Our technological powers increase, but the side effects and potential hazards also escalate.”

-Alvin Toffler


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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.





Photo courtesy watcharakun at www.freedigitalphotos.net


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Seattle business consultant Terry Corbell provides high-performance management services and strategies.