Keeping data safe, secure and readily accessible has become a challenge for every modern business in recent years
This is largely down to the vast amount of information that companies now gather from numerous digital sources. With so much to gain by harnessing this information, it’s essential to nail down a watertight process for collating and validating data that doesn’t constantly rely on manual input.
Businesses that are able to format data consistently and ensure accuracy of information at all times are in a far better position to evaluate their own operations, processes and finances. Those that invest in automation and data governance can also free up valuable company resources and prevent cyber security issues further down the line.
Turning data into decisions
A strong data management system is the backbone of any organisation looking to turn proprietary data into valuable insight. When managed correctly, data becomes a foundation on which companies can make informed strategic decisions and complex risk assessments. In fact, analytical understanding is often what sets leading firms apart from other competitors within their industry.
Large data sets can be mined to produce insightful reports on different aspects of performance – though this isn’t always a straightforward process. Along with previous experience and technical expertise, the right technology must in place to ensure that all information is valid and accurate before it is shared with others.
Reports must also be easily digestible for those they are shared with. Key stakeholders often require a succinct overview rather than a lengthy narrative covering every available data point. For this, businesses need a reporting framework that allows them to easily pluck out significant insights and present them in an engaging format.
Managing data in Excel
While there are numerous data management systems available, it’s crucial to invest in a system that can be tailored to meet the exact needs of the business it is serving. Workbook and spreadsheet programs such as Microsoft Excel are used by tens of thousands of businesses worldwide because they offer a collaborative platform that is secure enough to ensure that important information never ends up in the wrong hands.
As for visualising data, Excel offers a wide range of options with varying degrees of complexity. Spreadsheets can be fully automated to generate regular reports on the same criteria using Excel’s in-built VBA programming language. Although the initial configuration requires an expert consultant with previous experience, this ultimately saves a lot of time for those would otherwise have to produce reports manually.