Data makes the foundation successful business ventures as it is the raw material that is used to generate quality information to inform quality decisions. Data collection continues to accelerate in the business world. Companies which still lag behind in implementing accurate data collection risk losing out in the market. Accuracy, real-time and insightful data is what is needed right from the point of collection.
At the end of the day, data is meaningless unless it meets the need to inform decisions in organization. Business Intelligence and analytics is critical to ensuring quality processing of data, simplification and quality presentation to ensure proper understanding of the data by the end users. Now, let us look at the advantages that come with data-driven decisions.
Organizations benefit from increased data accuracy
The Financial Executives Research Foundation conducted a research in the US as well as Canada. The findings revealed that close to two-thirds of Finance departments still use manual systems. This means that the value of the data generated and captured is diminished. Take for instance a stock brokerage firm. Working with a manual system would heavily cost the organizations. With every second that passes, there are more changes in the profits that could be generated from trading.
The use of automated systems would give a great boost to quality decisions. Most automated systems would ensure accurate capturing of data as well as the subsequent processing of the data. At the click of a mouse, the CFO is able to get all the daily, weekly, monthly, quarterly and yearly reports. Data driven organizations are better placed to adhere to all the legal requirements.The bottom line is that with accurate data, there is increased market exploration, increased profitability, more efficiency and effectiveness.
The year 2014 is yet to experience more of the real time-BI benefits. The CFO who invests in real time-BI is bound to be much more successful at his role than the one who does not bother to invest. Given that the role of a CFO somehow correlates to all other departments in the organization, a delay in relaying information to the rest of the departments will surely have a ripple effect across the organization. The aftermath cannot be estimated.
Real Time BI offers the benefit of up-to-the-minute data and information. It makes use of modern data mining technologies as well as processing technologies to relay important and actionable information. With this information, the CFO can swiftly identify opportunities and invest within real time in growth markets. The leadership can instantly inform product manufacturing and distribution according to the real time information. With real time information, complex relationships are easily resolved and benefits relayed to each and every leader or decision maker. At the end of the day, there are less costs, faster growth and more profitability.
Are you up to date on your information exchange in the enterprise? Does your CFO have an efficient process or system in place to manage those contracts and inventory on a global basis? Contact us today to learn more from the team at RAY ALLEN INC and how we can make an impact in 2014!