Ensure your financial data adds value
Research indicates that businesses generally spend 80% of their time collecting management data and only 20% of their time turning it into something of real value to the business. That effectively means that in a 5 day working week the only beneficial work happens on a Friday! To get the most out of your data this clearly needs to change.
We often see the following issues with data:
- The same data needing to be entered multiple times
- Data that should be identical differing
- No logical flow of data
- Time consuming updates
- Difficulty in flexing data to create sensitivities
- Confusing and out of date spreadsheets
- Hard data used to achieve a “balance”
- Ownership of data resting with one individual
Any system must address the above common issues to help your business operate more efficiently. An easy to use, consistent system with inbuilt balance checks and the ability to run sensitivities in seconds won’t necessarily mean you can only work on a Friday but it will certainly help.
Let us know if you would like us to explain more.