Corporate executives are usually in charge of the basic
operations of the company from top to bottom. Obviously, they don’t have
constant control over everything everyone working for the company does, but
they have the responsibility of monitoring profits and losses, managing where
the company spends its money, and how to improve the business for its customers
without putting itself in a precarious financial position. Corporate executives
have to constantly run cost analyses to find out if their company is spending
its budget in a way that will maximize profits over the long term. Chief
Financial Officers, Chief Executive Officers and more have to constantly
analyze (or delegate the task) their books and come up with solutions that will
improve the company.
In the past, some of this analysis was done with estimation and
guesswork. While no one can see the future and make the right call on budgetary
issues every time, the use of big data analytics has greatly improved the
prediction powers of executives in corporate offices. Using advanced analytics
cuts down on some of the guesswork by creating statistical models that executives
can use to more accurately predict the many folds and rolls of their market.
Neil Castaldi is a Profit and Loss Manager for Nottoway
Plantation, a large property in southern Louisiana that hosts guests for
overnight stays, as well as special events and tours of the historic property.
Many people have come to see the fully restored antebellum-style architecture
of the property and learn about the people who lived there hundreds of years
ago.
