Executives’ view of portfolio management continues to evolve as organizations shift and adapt to the new influences of the ever-growing amount of data. With the abundance of data, C-Suite executives are realizing that it’s not the ability to get data from their projects but it’s the speed to decision that is the most important lever available to them.
Senior-level executives are realizing that the right data can be leveraged to give their organizations a competitive advantage if it can be viewed quickly enough.. With data analysis tools—like portfolio management software--organizations are equipped to find meaningful insights from their data that will allow them to differentiate themselves from their competitors, drive down costs, and generate profit. These tools provide their organization the flexibility they need to anticipate trends, pinpoint profitability, prevent disasters and bridge gaps in information. This gives executives the ability to make more data-driven decisions, instead of relying on instinct. This is not a new concept but traditional approaches required teams of people crunching data for weeks to get the proper information. Customers and competitors are moving faster than ever so moving toward real time decision making is critical to long term success.
By harnessing these tools and capabilities properly, data-driven companies are more productive than their competitors and are ultimately more profitable, according to recent research.
As the C-Suite continues to integrate data management into their decision-making process, more organizations are beginning to appoint Chief Data Officers (CDO). This new role bridges the gap between IT and operations and takes overall responsibility for data management. The addition of this new role shows that organization leaders acknowledge that data has a value that, if leveraged efficiently, can drive profitable business. This is a good start but the key to success for this new role is to present the information to the C-Suite in a readily digestible format. If they don’t know how to quickly understand the information and make decisions then this new focus will fail like many others have over the years.
These C-Suite conversations have the focus shifted from managing the volume and storage of data to how that information can be used to increase revenue and reduce costs. By deriving this information from data, organizations often utilize data analysis tools and portfolio management software. A nimble, unified system can directly improve an organization’s bottom line, the highest priority for senior-level executives.
A portfolio management system gives organizations the ability to do this. With this system, you can collect, organize, and visualize data in meaningful ways for the C-Suite. Learn more at www.coras.com.