Is your company one of
many sitting on Mega size excel spreadsheets, creaking with data, but no time
or expertise to sort, report and analyse the mass to make it usable and
worthwhile? Data is like gold,
while it is in the ground it is worthless. It is when it has been extracted and
polished that it becomes very valuable.
With a surge in rapid
software development frameworks and improved data manipulation methodologies,
comes the ability for companies to unlock the potential within their data and
information about markets, trends, customers, potential customers, productivity
and competitors far and wide. However, in order to use this data to tell a
meaningful story and for it to affect actions and decisions in line with strategic
planning, it needs to be moulded into nuggets of information relevant to the business
goals and objectives.
Synetec had a client that ran most of their
operations on a combination of a Back Office System, CRM system and very
functional Excel spreadsheets. Across these three technologies they had
terabytes of data that they were not realizing any value out of. Through
consolidation and interpretation of these data sources, the resulting data set, very accurately
pinpointed ‘sweetspots’ and indicated where there processes and teams were
achieving the greatest results. Just as valuable was the ability to identify
where things could be improved on and what was the differentiator. This in turn
brought about some minor adjustments to their processes, some training in very
specific areas for individual team members and over a very modest time period
an increase in performance across the board. It was all in the data.
As well as key
business drivers, it appears that employees are better motivated when
individual efforts and actions can be traced, rewarded and acknowledged, even
when functioning as part of a team. Employees can also
benefit from USEFUL data. If a certain team member is outperforming his peers,
a dynamic report that highlights to management and leads to recognition and
reward, would be beneficial to business goals. Or in greater detail, data may
show that certain salespeople are stronger or weaker at selling a particular
product or in a certain stage of the pipeline. You know software is really
unlocking the value of your data when you are being informed on how to enhance
processes for improvements and when its based upon YOUR data, then it’s worth
listening.
What good would any of
this data be if it's all stuck in a swamp of excel or dispersed amongst various
database non-coherently?
With a surge in
technology that supports the financial industry and decline in the cost of
gathering and storing data, the likelihood and reality of sitting on heaps of
raw data is growing. The need for high level, almost instant reporting requires
new and updated technologies that are not only bullet proof, secure and resilient,
but also accessible to the non-technical user.
Synetec offers bespoke solutions with expertise in
designing and managing the transition from legacy systems to updated
technologies which can assist you in unlocking the value of your data. While this process can often be problematic and
expensive, Synetec can ensure that your business mines the gold instead of just
spending it.
George Toursoulopoulos is a technology specialist and CEO of Synetec, one of the UK’s leading providers of bespoke software solutions.
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