Uncertainty – Right Information, Right Decisions has been saved
Uncertainty – Right Information, Right Decisions
Having reliable information to support your decisions makes all the difference
When dealing with uncertainty, critical decisions must be underpinned by accurate and timely data.
Unstructured, unwieldy or large financial datasets require intensive intervention, consume staff time and can lead to inaccurate data or failure to meet required timescales. In addition, distribution and sharing the financial data across an organisation can be challenging leading to conflicting versions of the truth.
The Business Modelling & Analytics Team can support with the development of automating these data handling processes, which, combined with appropriate governance, can help to ensure the latest financial data is available and accurate, allowing for confidence in decision making.
- Current financial data can inhibit good decision making:
- Multiple sources of data from different systems.
- Unstructured data (e.g. spreadsheets).
- Poor governance and controls leading to inconsistencies.
- Attempting to produce a consistent financial dataset can be time consuming and distract from other value add activities.
- Finding a solution that is tailored to your business,and allows all stakeholders to have access to timely, accurate and consistent financial data is challenging.
Robust processes and good quality data leads to better collaboration and decision-making. Investment in financial data quality can quickly pay for itself.
- Understanding the underlying questions and the existing data allows us to develop bespoke solutions and tools to the particular situation.
- Using the latest technology, we can assist in building more effective tools to enhance strategic decision making.
- These solutions can include automated data collation, storage and value realisation; cloud compute; flexible template-based data assets; and tactical excel-based solutions, or any combination thereof.
We have proven our ability to provide agile, automated solutions with strong governance processes, enabling our clients to rapidly deliver data to support effective decision making and reduced risk.
Examples of bespoke solutions we have provided to date:
- We have assisted a client in producing macroeconomic dashboards, that use automation to collect data from web APIs. This provided the client with immediate access with the most up to date data with no manual intervention required, which is critical in their strategic decision making.
- We have developed a solution that processed the daily sales information for a retail administration, allowing analysis by store and brand to be made available to all decision makers. This allowed us to provide value added advice based on latest information in a rapidly changing environment.
For more detail on our work in this area, please refer to our 'Case Study: Developing a Tactical Planning System’.