GOOD DATA ENABLES GOOD ANALYSIS
Anyone with a background in analysis knows that data is worthless unless you have a high degree of confidence that the data was gathered, recorded and stored accurately. In other words, any significant amount of confidence in the findings from data analysis relies fully upon the correct methods being used for data acquisition.
HOW DO YOU GATHER DATA?
Most businesses have systems in place to track key performance indicators relating to the financial health of their organization. Knowing accurate numbers for financial projections, project status and employee productivity can make all the difference in whether you end up in the red or not. Despite that, these systems oftentimes rely on employees to keep track of the data themselves. You’ll see any number of methods used to track the data, from simple memory to scribbles on notepads to the venerable spreadsheet. Employees often forget to keep track, or simply don’t have time to devote to the tracking efforts which can lead to you questioning why your projections were so far off.
HOW YOU SHOULD GATHER DATA
Automatically, of course! Automating the tasks that need to be tracked is a win/win solution. You get the data you needed and at the same time get to enjoy the benefits of automation (reduced labor costs and turnaround time, increase in cost efficiency and accuracy, etc).
The most common type of performance-based analysis involving data is undoubtedly financial projection. Every business should have financial forecasts for projected earnings and spending for the next several years at any given time, and for that reason it is absolutely imperative that a business be able to fully depend upon the data pulled from their system. Cost of labor, equipment use, time spent on projects, total scope of tasks undertaken, and a whole circus of other data points can all be grossly over- or underestimated when not tracked carefully.
HOW TO USE THE DATA
As mentioned earlier, one of the greatest benefits to automating any task is the data which comes along with it. Task automation requires a heavy amount of data in the first place. Once you’ve set up the automation, you will also have what you need to keep track of every aspect of that task! Metrics like project total cost, time spent on individual task functions vs total time, user access and change history all enable much more accurate financial projections among many other applications.
Financial projections are always going to be uncertain, but one way to gain back some of that certainty is by taking control of your financial processes from start to finish!
For Over 63 Years – American Micro Company | Dedicated to helping organizations gain independence through transition from improperly stored documents to automated data management and workflow solutions.