Machine learning and advanced business analytics are increasingly being deployed in various business situations across industries. The vast quantities of data warehousing now in place, is allowing firms such as Netflix, Nordstrom and Amazon to provide personalized services to their customers. However, merely deploying the same may not have the desired effects. For better utilization, certain aspects need to be checked in beforehand. The first of them is whether the data being used is clean, and not factually compromised. A proper data governance measure needs to be put in place across the organization’s functions. Equally, the data management team must be comfortable with the external, unstructured data, as that may bring in valuable inputs. Proper tools need to be identified to ensure connected planning across functions. Dedicated time needs to be allotted for curating an end-to-end organizational planning. Finally, capabilities need to be built or existing ones utilized to ensure the right business partners are identified.

Source:https://www.financialexecutives.org/FEI-Daily/October-2018/How-Finance-Can-Use-Machine-Learning-To-Improve-FP.aspx

Uploaded Date:31st October 2018