Information at your finger tips?
Running a business means you have to make decisions. For these to be sensible they should be based on facts as well as your judgement. You also need to make your mind up quickly, so it is important to have the information available when it is required.
What is it worth to you?
What would be the value to your business if you could quickly:
- measure the benefits gained from your marketing campaign as it progresses...
- look at the budget vs. actual figures for similar past jobs as you put together the next quote...
- find out which market segment is most profitable each month…
- review the stock you hold…
Making best use of all the information at your disposal can improve the business decisions you make.
An example to think about
How would you decide the future of a product line?
As an example of using diverse sources of information think about how you would decide whether to continue selling a product.
You need to look at:
- past sales
- current product costs
- future marketing trends.
Do you have all these facts at your fingertips when you need it? Is it all in separate systems and has to be pulled together whenever you need it? If you have to find, combine and analyse this data whenever you have a question to answer, you are wasting valuable time.
What information does your business need?
For decisions based on facts, you need to know the questions to ask and how to format the answers. You can make your life easier by ensuring that this information is available and in the right form when you need it. You can then concentrate on making the important decisions rather than grinding through the data processing.
Automate progress reports
Think about your weekly or monthly reports:
- How much work has to be done to retrieve the data and present it in the format you want?
- Is the format right or was it fixed a long time ago when requirements were different?
- How much of the data in the report do you actually use?
- Do reports contain data which you don’t need?
Reviewing and then potentially automating the reporting processes could save valuable time and get you the information you need when you need it.
Finding the right facts
Unfortunately, the data required to answer the vital questions are often hidden in the depths of different systems. It can also be held in multiple formats which are hard work to mix. The problem is no one enjoys pouring over pages of orders to work out the exact total of each product sold or the profit margin on each. It also uses valuable time. What you need is ways of turning all this data into useful information with the least effort.
How Nepeta Consulting can help
We can work with you to make sure your information is available in the best form for you and when you need it. To do this:
We identify the key information you need for your business.
We create a map of the data you hold and the combinations required to provide the key information.
We work with you to find ways to improve your reporting process to meet your information needs: extracting data into the best format and automating the process, where possible.
The aim is to get you the information you need when you need it for the least effort, so you can concentrate your energy on running the business.