Count Me In® Ep. 84: Jason Krantz - Data and Analytics | Driving Business Strategy
Contact Jason Krantz: https://www.linkedin.com/in/jasonkrantz/
Strategy Titan:
- www.strategytitan.com
- https://www.linkedin.com/company/strategytitan/about/
- "Data & Analytics in the Boardroom: Raising Your Digital Quotient" Video Series: https://www.strategytitan.com/blog/data-analytics-in-the-boardroom-raising-your-digital-quotient-video-series
- Build out your “business and finance” centric data and analytical skills with our practice dataset. Perfect for accounting and finance pros looking to develop their data skills: https://www.strategytitan.com/blog/titanized-real-world-dataset-to-develop-your-analytics-muscle
Podcast: https://anchor.fm/transformationnation
Additional Work: Using data and analytics to make business decisions with confidence during times of uncertainty: https://www.forbes.com/sites/brentdykes/2020/04/29/why-your-business-must-double-down-on-data/#6e180f597a68
FULL EPISODE TRANSCRIPT
Adam: (00:05)
Welcome back to Count Me In, IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson. I'm here to bring you episode 84 of our series. Today's feature presenter is Founder and CEO of Strategy Titan, Jason Krantz. Strategy Titan is a strategic management data and analytics advisory firm, and Jason is a business professional with over 10 years of business analytics, data science, and strategic leadership experience. In this episode, he shares his perspective on data, analytics and strategy and explains how these functions of the organization need to ultimately drive your overall business strategy. Jason talks about the products that have great opportunity to increase your firm's revenue by connecting these strategies, and how aligning your businesses strategies helps mitigate risk. Keep listening and will now head over to a very insightful and analytical conversation.
Mitch: (01:05)
Alright, so Jason we just were having a brief conversation before we started here and, you know, we were talking a lot about the importance and the value of this conversation. So to start us off, why is a data and analytics strategy so important for innovation today?
Jason: (01:21)
Yeah, in my mind, really what it does is it gets down to identifying opportunities. They're going to move the needle strategically and financially ever. All of us have financial goals, revenue, goals, growth goals, whatever it may be. I'll just give a real example. I like to use examples to illustrate these concepts, to move them from fuzzy to concrete. I used to work for a company $2 billion company. We are an industry consolidators. We acquired numerous companies. We had everybody on different ERP platforms, something I'm sure a lot of people can relate to. Each company really had a different behavior profile on the way that they did things. So, me being in analytics for practicing this company, one of my first jobs was to consolidate all this information and start looking at it, look for opportunities. Now we had pretty big, EBITDA growth goals. We were tightly focused on EBITDA growth as, our strategic objectives. And so as we're looking through this, we find out that we have well over $10 million in uncollected freight. Now this was freight that we're owed. You know, we just had not gone out and collected it. And as we looked at it, started asking questions saying, Hey, why is it that we do this? Like, Oh, well, you know, it's in our contract that we can do this, but we typically let it go. Or, you know, it's just, we we've done it this way for so long. So every company was doing it a different way, but the common theme was this freight recovery. So as we looked at it, we're like, you know, we can actually make about $14 million if we just collect the freight that we're owed. Not only, let's not even account for freight increases for gas, whatever it may be surcharges. And as we brought to some management team, they're like, how could this be? And this is, we got everybody aligned behind it, they said, this was a serious opportunity. This is a process improvement opportunity. This is real money that will impact the bottom line and help us meet our objectives. Now, the reason I share that story is analytics by itself didn't do anything. We didn't actually collect that money or drive that force forward. But what it did is it served as a tool to identify the opportunity that if we never went, I would have gone through that process. We never would have identified that opportunity. We would not have socialized it and gotten everybody to see, wow, this is something...