19 Sep 2018
Modern businesses need to consider how they are using the data they are producing in order to unlock its true potential in an increasingly digital world, according to ANZ Head of Wholesale Digital, Institutional Leigh Mahoney.
Mahoney says the insights provided by effective data analysis present a tremendous opportunity for businesses due to how it can help them better understand customers.
"The increased breadth of data, plus data coming in real time will help businesses with greater insight, better prediction and optimisation.” - Mahoney
“It helps us understand our customers better and what their buying behaviours are,” he told the ANZ Institutional podcast series. “And that can inform marketing efforts, inventory management, expansion opportunities in terms of where you might put new stores, new outlets and so on and so forth.”
Mahoney says the opportunity for corporates to utilise this data is significant and can assist with decisions that relate to suppliers and partners, particularly around analysing financial health.
“Look at things like vendor management,” he said. “[It can] help you manage your vendors better - days payable, outstanding. Look at those types of optimisations. [It can help] aid your strategic buying decisions and also help you understand your competitors as well.”
For Treasurers specifically, data can help look at things like capital risk and liquidity management.
“The increased breadth of data, plus data coming in real time… will help [businesses] with greater insight, better prediction and optimisation,” Mahoney said. “I think it’s clear the opportunities will grow as more data from various sources are commingled.”
According to Mahoney, businesses should adopt a focussed use-case approach before settling on a strategy around data.
“What were the things you always had a hunch about or you were never really able to prove? Compliment your own intuition with data,” he said.
Mahoney says businesses keen on using data needed to be realistic about the investment required, in terms of people, processes and technology.
“It's a significant but worthwhile investment if, like ANZ, you use it to help yourself and your customers - as well to drive internal improvements,” he said.
“[But] don't underestimate the shift in mindset and the skill set you require to move to a data-driven business.”
Mahoney also touched on importance of security around data and the responsibility of business to protect it. Listen to the podcast above to find out more.
Shane White is Content Manager, Institutional at ANZ
This article was originally published on ANZ’s Institutional website.
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
19 Sep 2018
06 Feb 2019