As consumers, we often take instant access to information for granted, but it wasn’t always this way. When I was young, lively discussions around the dinner table often resulted in my grandmother pulling out an encyclopedia or dictionary to get the information we needed. Today, all we need to do is Google it, or ask Siri or Alexa to do it for us.
Constantly Changing Data is Today’s Reality
In business, immediate access to the data we need is also an expectation. Change in weather patterns? We may need to manufacture more fleece lined pants and gloves rather than shorts and tank tops for our new running line. Are new tariffs being put in place by our government? How will that impact profitability for a specific product line or division or geography? Justin Bieber singing about Puerto Rico in a hit song? What is the impact on tourism for that country, and the businesses that operate there?
It is essential to have the tools and technology to allow us to answer questions and to understand the impact of changes we make. We can and must model different scenarios, thus allowing us to take the actions that will allow our organization to reach its strategic goals.
Decision-Making Requires Accurate Data Now
Accessing the right information, when you need it, means having the ability to adjust processes based on key performance indicators. It means modeling and analyzing sales, production, inventory and raw materials at the level of detail that is relevant to you. It means being able to look backward and forward on product line revenue and profitability, which all means driving intelligent business decisions.
With data-driven decision-making, you identify sales trends and make related forecasting decisions. Sales planning drives production plans, marketing and overhead spending. Profitability information by departments helps you analyze growth vs. maintenance by the various categories of your business. The right information, at your fingertips, will impact every area of your organization.
Just like we can use Google to immediately answer any question, from who starred in a particular movie to what the proper ruling is on a Major League Baseball play, with access to the right information at the right time, we can make an impact on today’s realities and tomorrow’s opportunities for our companies. When you can see your whole operational picture, and make proactive changes, you can truly drive competitive advantage, enhancing the capabilities for those in the office of Finance and beyond to provide you with clearer insight into your business.
Learn more about Prophix and our ability to provide businesses with improved analyses of the information that matters most!