Develop a Strategy based on Data and Collaboration
Have you ever watched a movie where there was a “war room”? A room where lots of people huddled around computers, satellite images, monitors, and there is someone barking orders. I have seen these types of places in lots of action movies. So, what is so special about those rooms? The resources in that war room represent continuously monitored data silos. The team was able to take the things that they did know about their target and develop a strategy based on data and collaboration. The result added up to a very efficient team. The war rooms like we see in movies are representative of the achievable capabilities we have when business intelligence and data required for timely business decisions is within our grasp.
The word grasp is a beautiful description of where most of us are. We are grasping for data, grasping for answers, and grasping for intelligent business decisions.
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Piecing the Data Together
There are many companies out there that are still piecing data together through emails, spreadsheets, and reports that don’t always provide all the data needed in one place. The task of budgeting is a prime example of how companies can cripple by inefficient processes.
When management requests a company budget, each department head typically prepares the budget in excel and sends it to the accounting department for someone to assemble and integrate. Depending on the number of departments, this could require multiple sheets in excel and take a considerable amount of time to compile, integrate, and complete. The problem is not merely the inefficient manner in which companies prepare the budget, but also where they obtain the data.
Without the efficiency and clarity provided by ERP Software (ERP), Business Intelligence (BI), and Corporate Enterprise Management (CPM/EPM), a task like budgeting is not only cumbersome, but it is more than likely inaccurate.
Budgeting isn’t the only business process that suffers because of a lack of automation. General business reporting, business trends, company productivity, and other daily functions are also more accurate and efficient when used with ERP, BI, and CPM/EPM.
The Aberdeen Report recommends the following to become more efficient and effective:
- Automate Workflow – Utilize consolidation capabilities and work sequencing to reduce the time and increase accuracy.
- Provide Easy Access to Data – Creating a centralized location for data eases communication and provides decision makers with the most up to date data. Centralizing data is beneficial for single location companies with multiple departments, as well as multi-site companies that need to share site data.
- Enable Data Sharing – Sharing site data allows for greater collaboration efforts, and overall better decisions.
- Compliance – Regulatory efforts, not monitored, can absorb resources pretty quickly through automation, consolidation, and data sharing.
Life is good when you no longer have to grasp for the information you need!