Data Analytics: Why Good Management is Essential
Posted on: September 8, 2021
When it comes to data analytics, good management is essential in getting the most accurate and up-to-date information to make the best decisions about your organization. At Synoptix, we help businesses leverage all of their data, bringing it together easily with instant visibility into what matters most. Synoptix’ innovative data analytics software gives companies the critical advantage to outpace competitors.
As your business grows, having the proper data at your disposal, and managing it accordingly, will be essential to your bottom line. Implementing the right data management processes can help you avoid data quality problems, identify trends, and benefit from immediate data-driven insights.
Collecting the Proper Data
One of the biggest challenges many face when it comes to data management is when companies are running multiple systems that include a vast amount of data sets, such as eCommerce solutions, ERPs, and/or CRMs. Additionally, things can be further complicated when you have a company with different branches or divisions running multiple systems that service the same function, making data acquisition and mergers even more complicated. Often, companies will want to compare data against historical information held in a database that might not be operational any longer. Unfortunately, rather than migrating that old data to a new ERP system, many often simply do without it, which means losing valuable information along the way. However, by practicing the right management techniques, including utilizing the right data analytics tool, you can easily extract the data from multiple different systems and bring it all together under one umbrella, giving you visibility into both historical and live data.Dealing With Vast Amounts of Data
In most cases, for companies that run multiple CRM, ERP, eCommerce, and other systems, there can be a prolific amount of data to be collated. So how do you bring together all of this important data and use it to make informed decisions? First, you’ll need to simplify the entire process by creating a strategic data analytics program. This approach requires a two-fold process of first making all of the data available in a centralized repository, with the ability to easily filter and transform that data into big-picture insights. Then, it needs to be easily accessed by those in your organization in a way that doesn’t require IT expertise. Employing an innovative data analytics software solution is one of the best ways to make this a seamless process.Addressing Sources of Data Imperfection
Another important aspect of data analytics is addressing sources of data imperfection. When dealing with such dynamic and vast amounts of data, challenges quickly arise. For example, dates and calendars can distort financial information; calculations and currency conversions can create discrepancy issues. That’s where good data management practices come into play coupled with the right analytics software to account for these discrepancies. One of the other big causes of data imperfection has to do with human error. If you have systems reliant on information that’s manually keyed in or copied and pasted from other systems, such as spreadsheets, there can be big problems. However, such issues can be avoided when you have a reliable software system designed to automate such processes and, when necessary, test for quality issues and alert your team to any problems in the data streams. This makes your data more reliable and accurate, providing an added layer of quality control.Data Visualization & Self-Service Reporting
One of the key aspects of good data management is to make the data easy to digest to your team. The right data visualization tools make data more informative and help align certain aspects of your business so key stakeholders can make important decisions for the future. These days, things like dashboards, graphs, and other visualization tools, make it easier for those working with complicated data on a daily basis to collate the information they need quickly, in a way that’s easy for everyone to digest. Many of today’s leading data analytics software also comes with easy self-service reporting solutions, so you can collect everything you need by visiting one place.Using Synoptix for Data Management & Analytics Insight
When you employ the analytics and reporting solutions from Synoptix, you’ll be provided with a host of benefits, such as:-
Simplified & Flexible Financial Reporting:
Users can easily create on-demand reports with flexibility and data access at every level of your organization. You can schedule and automate reports, simplify consolidations and eliminations, and provide faster metrics to your team, all with drag and drop simplicity and drill-downs to the transactional details. Synoptix can integrate to any data source – whether that be from multiple ERPs, spreadsheets, or databases.
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No More IT Dependence:
You won’t need to rely on your IT team for generating complex reports. Synoptix will give your users the ability to easily create the reports they need when they need them.
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Automated Budgeting & Forecasting:
Planning for tomorrow has never been more accurate and easier than it is today. With Synoptix, you can streamline the entire process and ensure collaboration every step of the way.
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Dynamic Dashboards & KPIS:
The key to managing all of your data is being able to view it simply. Synoptix provides picture perfect snapshots with faster metrics and instant visibility into what matters most.
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Streamlined Communication & Collaboration:
For improved business performance, our analytics software solutions allow you to connect your team and your data within your reports. You’ll be able to improve communication and collaboration by easily uploading support documents, scheduling reply due dates, and storing conversation threads within reports.
