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Peerview Data Insights

"I had no idea!"

Ever been sucker-punched by a problem you didn't even know you had?
Of the many benefits of big data, analytics and benchmarking — alongside improved growth, productivity, profitability, etc. — is one that doesn't get mentioned very often: unexpected insights.
These insights could be reveal a strength or opportunity, but it's generally the ones that reveal a weakness or threat that matter most.
This came up recently as we were piloting our Practice Management, Analysis & Benchmarking Tool for an East Coast accounting firm. They took a few minutes to upload some client trial balances. We mapped them to our database and then did a Go-to-Meeting to review the results at the firm, practice and individual client level.
All the clients they'd selected for their pilot showed at least one key performance metric where they were under-performing by a substantial margin.
"I had no idea," said one of the partners.
Topics: Analytics big data Benchmarking CPAs Accounting Trends Accountants Competition Warren Buffet

10 Simple Rules For Your Big Data Analytics Adoption Strategy

Data-driven companies do better than their peers in a whole host of fundamental performance metrics, including productivity, profitability, efficiency and the speed of decision-making.
(That's probably why so many companies are trying to become more data-driven.)
With that in mind, here are  10 simple rules to follow as you map out your analytics adoption strategy.

  1. Every company is a data company, whether they like it or not.
  2. The risks of being an "analytics early adopter" are nothing compared to the gains.
  3. The biggest gains come from getting analytics out of the hands of statisticians and into the hands of decision-makers.
  4. To be accessible, insights should be readable, shareable and actionable.
  5. You don’t have to start big. You can start small and scale.
  6. The key is to make sure you start now, because the performance impacts of being "data-driven" increase over time: according to McKinsey & Co., the profitability gains from big data investments are 6% in the short term, but increase to 9% in the long term.
  7. There are three key roles to successful adoption, though none need be full-time in the beginning: owners, facilitators and evangelists. Owners are senior leadership. They decide what to do and when to do it. Facilitators are the ones who actually go and do it. Evangelists then spread the word about it. Owners and facilitators are usually evangelists, too, but evangelists can be just about anyone who gets it — a CEO, a junior partner, a frontline manager or even a client.
  8. Customized solutions, proprietary calculations and exotic metrics can be useful, but most companies will get great insights analyzing the data they already collect.
  9. Don't let perfect be the enemy of good
  10. Data can drive decisions, but it can't make them. That's why it's important to position big data, analytics and benchmarking as powerful tools to assist people, not scary ways to replace them.
Topics: Business Performance Analytics big data Benchmarking CPAs Accounting Trends Accountants Competition Warren Buffet

Are You Swimming Naked?

Warren Buffett has this great quote: “Only when the tide goes out do you see who’s been swimming naked.”
Topics: Analytics big data Benchmarking CPAs Accounting Trends Accountants Competition Warren Buffet