Possibly a slight exaggeration, but when you’ve got access to an analytics solution that is easy to use and can provide you with clear actionable results, think back to the time-consuming manual reporting you had to do previously, it really can feel like a life changer.
With so much data being collected constantly, it can be overwhelming for many organisations to understand what data they have available to them and how to make effective use of it.
I’m sure many reading this article, can identify and draw examples from their experience on this topic. Most of us perform data analysis to some degree ourselves, whether this is in our professional or personal lives and we make decisions based on the outcome of our analysis. As the process continues, there is more data available to us and generally less time in which to analyse it.
If the analysis of this data takes too long, then the results will be out of date by the time they are released and it will have cost the organisation time and money, in terms of the time taken and the fact that it is another form of labour intensive work.
From my conversations with our clients, they certainly find that without solutions like Data Analytics to help them analyse their spend activity, their role would be even more spreadsheet dominated and time consuming.
Many managers feel ‘analytics’ is just another buzzword for reporting – to others, it is like something from ‘WarGames’, with algorithms and supercomputers in a darkened air-conditioned room.
To me, whilst analytics can perform reporting, the added benefits go much further.
It offers access to your financial performance in an easy to understand format and allows for others within your organisation to view the information, eliminating reporting requests which take up that valuable resource, freeing up time for other value-added activities.
I think it would be safe to say, everyone would enjoy a working day if you could perform less manual tasks and have time for those projects or tasks that you never seem to get around to or are constantly putting on hold.
For a much more detailed explanation of how Analytics can help to be a life changer and how you can make sense of the vast data that flows through your Purchase to Pay solution so you can achieve transformation change on actionable data results, then contact us.
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Alternatively, if I can help in any way please feel free to contact me.
By Richard Porter, Business Development Manager
Richard is our Business Development Manager and works with organisations in particular at ‘C’ level, Financial Directors and Heads of Procurement. Richard has over twenty years of experience working with the Public and Private Sector, collaborating with organisations to identify their pain points and enable them to drive efficiencies and bring transformational change as they look to deliver better cost management.