A data strategy is vitally important for the progression and success of your business. Many companies collect huge amounts of data and more often than not, don’t know how to leverage and utilise that data to enhance their business.
Data strategies ensure all data initiatives follow a common method and structure that is repeatable. This enables efficient communication throughout the business which helps in defining all solution designs which leverage data.
Failing to prioritise a data strategy is where a lot of companies fall short. Many feel it is not achievable and will deliver very little value for their business. A data strategy is an essential component of any organisations digital journey.
Data-driven analytics with effective reporting can create a single source of truth for your business. Implementing such a strategy will allow you to receive insights in a more efficient manner. It will enable you to harness real-time data analytics to get actionable results without the need for additional internal resources.
Implementing a comprehensive data strategy will optimise several key areas in your business and help you maximise your processes. Benefits of implementing the right data strategy for your business include;
Making better informed decision
Understanding your business risks
Enabling fraud risk management
Anticipated value from a transaction
Tax accuracy
Being able to retrieve real-time analytics about how your business is performing will enable you to understand what decision to make with regards to the progression of your business. With accurate data you can decrease the risk of making ill-informed decision which could be catastrophic to your business.
This in turn, enables you to better organise your data, gain insight and make better decisions for your business.
Data-driven techniques also create a pathway to reduce risks within your business. Data analytics can give you a continuous auditing strategy, as operational transactions are continuously tested and monitored,(.)dashboard and visual analytics provide a higher level of insight into ongoing risks within the business.
Having this information formulated through your data strategy enables you to create an effective mitigation plan for your business and reduce any unnecessary risks.
Data analytics can also be used to understand a companies’ risk of intentional and unintentional fraudulent acts. It can also help strengthen accounting processes, helping to determine if and how fraud occurred. Leading companies use continuous fraud analytics to reinforce the perception of detection.
A comprehensive forensic data analysis, conducted by certified fraud examiners, can create a picture of what happened and the extent of potential damage.
Obtaining anticipated value from a transaction is something having a data strategy forcan help within a company. From a buyer’s perspective, data can provide a higher level of insight into the potential target. Benchmarking studies are a common value-added data analysis process which can compare performance and operational metrics to a business’ competitors and indicate the potential strengths and weaknesses.
These analytics can help quickly determine whether a company’s books are accurate and what the business owner can pass through to increase earnings before tax. In addition, this data can target and measure KPIs that demonstrate how to improve the business and identify particulars such as overreliance on a specific customer.
All businesses strive to maximise profitability, in order for you to do that you must be paying the right amount of tax and lessening your tax burden if possible. Using data analytics tools and platforms, you can compare your company to an organisation with a similar organisation to ensure you pay can accurate tax rate.
For example, working with tools that efficiently show you your effective tax rate based on the financial performance of your business. These tools can help give you an understanding of whether you may be underpaying or overpaying and how to make any adjustments necessary.
In order for you to succeed, when it comes to data fermenting the correct strategy to aggregate that data, turn it into a true asset and analyse it in real-time. When your data is leveraged effectively through a data strategy it can provide you with a better understanding of your customers, operations, help you discover key trends and support more effective decision making within your business.
Working with the right team to ensure you make the most of data strategy is imperative and here at Synergise BI we would love to talk to you about how we can help improve your business operations and give you a deeper insight into how your business is really doing. We can tailor everything to your needs,so don’t hesitate to give us a call today to find the right tools for your business.