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DATA SCIENCE AND BUSINESS INTELLIGENCE

Unleash the infinite power of data to positively change your business. Definitely - it's a super exciting challenge to transform your business data into actionable results. Data is, in harmony with your employees, the most valuable resource you have in the company.

In order to make corporate data lucratively usable for tangible business impact, you need competent consulting/support from data experts and flexible business intelligence  software that is appropriate for the data science application.

Have companies in German-speaking countries already missed the train today?

Experts, software providers and consulting/consulting companies will be happy to show you what is possible and feasible in the area of controlling. However, the reality in our latitudes often looks completely different and many things are still absolute dreams of the future. Although companies would like to be up-to-date, they are still struggling with outdated IT systems that are not up to the new requirements. Have we missed the jump on this train? 

In my opinion, the answer is "mmhh, uh...yes". I would describe it like this, the controllers in the German-speaking world are very good at what they do, but unfortunately they and the management often lack the committed drive and courage for a future-oriented implementation. Other countries and companies set a different pace - but they are not always as conscientious and correct as we are!

Of course, it's not all about the infrastructure, the role of the controller and his tasks is changing in this digitization process.

So how can we overcome the courage to leave the gap?

Acquire the know-how and confidence to formulate the right questions about the use of your company data. With the support of modern analysis methods, you will be able to generate targeted values from your data so that the desired results become reality. Stay one step ahead of your data and analyze the data relationships that give you further important insights. Good to know - no master has fallen from the sky yet! Through more practical experience and the further development of data science models, you will increase the data-driven performance in your company step by step for a sound basis for decision-making.

Business intelligence software helps you to combine your data in a businesslike manner and visualize it in real time, so that new trends can be identified, hypotheses can be made and assumptions can be questioned. Well-founded business decisions thus become more reliable and significantly more agile.

According to Statista in 2019, the situation is as follows: In research and development, the technologies of data science and machine learning are used most quickly in the departments of companies. Around 71 percent of the respondents from research and development stated that they would already be using data science and machine learning in their work from 2019. We can see that the finance department is clearly lagging behind.

AI will re-transform companies that allow it

Artificial intelligence (AI) brings a completely new change for companies, their positioning in the market and the general business success. In the context of a holistic approach, AI technologies support productivity and the reduction of efforts - in addition, AI creates more freedom for more demanding tasks and increases the business growth opportunities. Finance departments should make more use of this opportunity.

Always stay well informed

Stay informed about the latest developments and trends in the market and make proactive business decisions using Data Science instead of trial & error and your personal gut feeling. Data does not lie!

Understanding data and gaining insights from data solutions and all other available data sets should become an essential part of your business. However, results and forecasts are not only interesting for the board of directors, the executive board or the management in the company, whole departments benefit from the information, as Statista 2019 has already found out, and offers you an enormous added value in your daily work. Both data science and business intelligence are enormously important for companies or departments that want to exploit their full potential.

Create a structured environment to exploit the enormous potential of data and minimize its untapped value.

What will controlling look like in the future?

Sluggish to grandiose, just like it has always been. Many companies will continue to perform their controlling tasks without having the future in mind, others, which are more agile, will actively address the issues and redesign controlling for themselves. We must be aware that it can be very time-consuming in the short term, that it can cause various costs and that we have to accept possible setbacks. In the long term, the effort and expense will pay off in order to remain competitive.

Not to forget, the modernization will not only generate new knowledge for the company, but also create new tasks or jobs in the area of controlling.

AUTHOR

Tim Erben, Head of Marketing, has been working for CoPlanner Software and Consulting GmbH since 2019. Prior to that, he was Head of Digital Marketing at pmOne AG for over 9 years and worked for various companies in the fields of Business Intelligence, Performance Management and Enterprise Content Management. Tim Erben focuses on topics such as corporate / online marketing strategies, modern marketing: content, automation and analytics to drive growth.