When it comes to making your most important business decisions, there are a plethora of factors to consider. Many company leaders probably rely on gut instinct to guide them—what we think of as the ‘art’ of strategic decision making. But what about the ‘science’ side of the equation, data and analytics? We believe superior decision making—done with confidence, clarity, and agility—is only possible through a new combination of art and science.
Based on findings from PwC's Global Data & Analytics Survey 2014: Big Decisions™, Dan DiFilippo, Global and US Data and Analytics Leader, shares insights on how executives can cultivate and hone the role that instinct plays in our increasingly data-driven world (or, conversely, hone the role that data plays in our intuition-prone decision-making process).
Business development during recent decades has involved extensive use of technology designed to drive business competitiveness and expand new business horizons. Integrating data analytics into your Internal Audit approach can help you achieve your audit objectives in a more reliable and cost-effective way. This white paper highlights what Internal Audit can be doing to help utilize analytics across their audit plan.
While information has always been an important ingredient to driving business models, now it’s frequently the most important ingredient that talent and algorithms transform into the company’s primary product or service output. As “Big Data” and more sophisticated analytics become a critical business differentiator, three lenses help explain how companies can reframe their strategies to maximise market impact – and the capabilities they need to do it effectively.
It’s an opportunity hidden in plain sight. In 10Minutes on transforming the tax function, we discuss how the tax function is often overlooked as an area for improvement, unlike more obvious choices such as supply chain or business services. However, shining a light on the tax group can reveal untapped opportunities where changes in technology, process, people, and data can lead to benefits for the broader business.
The challenge for finance has not fundamentally changed over the years. Providing more for less, streamlining and reducing transactional costs, providing an effective control framework, and helping the business make the right decisions to improve business performance—we know all this. The challenge is in execution. The PwC benchmark data confirm that the leading finance teams are achieving results that are very different from the norm. In this report, we focus on organizations that are achieving significant change and improvement.
The current regulatory environment around Bank Secrecy Act / Anti–Money Laundering (BSA/AML) compliance and the evolving nature of money laundering risks mean financial institutions cannot simply rely on traditional compliance testing. It is imperative for today’s organizations to adopt a more analytical approach to BSA/AML compliance testing that demonstrates independent verification and adequate assessment of compliance-related risks.
In PwC’s most recent Productivity Stars survey, we asked 300 US company executives for their thoughts on the opportunities and challenges presented by new trends on productivity. Executives are paying attention to how new drivers such as knowledge intensity, complexity, relationship networks, globalization, digitization of products and services, and moving operations to the cloud are impacting productivity, but say they struggle with what to do about them. What can you as a c-suite executive do to improve your business’s productivity growth? We’ve defined five concrete steps you can take to create policies that will drive your productivity growth.
What’s the critical link between investment and shareholder return for any business? Productivity. As the key to growth, it should be top of mind for the C-Suite at all times, and that means facing some tough, interrelated short and long term challenges: converting innovation investments into better products and services; building operating models to improve top and bottom line performance and reinvesting to create the right conditions for the next wave of growth. Getting a positive feedback loop working across these areas to drive productivity growth is a management triathlon, but one worth winning.
This global survey, in conjunction with MIT Forum for Supply Chain Innovation, assesses the supply chain operations and risk management practices of global companies, and looks at the effects on resiliency and performance. It proposes a framework and a set of principles to help companies manage today’s risk challenges, prepare for future opportunities, and to gain awareness of where a company – and its competitors – stand.