Data is the heartbeat of every organisation and never before has this been a more valuable commodity than during this unprecedented period, but in the midst of trying to asses priorities, can sometimes be overlooked.
Using data more effectively should now be a priority for all business’s, what with the potential insight and impact this can have on areas such as cash flow and fraud, both of which, left undetected, could have a significant impact on it’s future.
In this article we attempt to highlight the high risk areas business’s are facing today and how the results of a deep dive analysis, on these specific areas, can be presented in such a way that it get’s the message across.
High Risk Areas:-
Duplicate payments:- As businesses attempt to consolidate their finances, it’s unbelievable to think that a number of duplicate payments may have already been issued over a course of time without any awareness and/or prior knowledge of the same. Funds which could now play a pivotal role in a business’s survival plan.
Goods never received:- It’s quite reasonable to think that an order which was submitted for goods or similar, months prior to the lockdown period, may not, as yet, have been received and/or are unlikely to be, however payment will most likely have already been issued and cleared…who’s responsible for monitoring this?
Overdue invoices:- Whilst it’s understandable that companies who owe funds will be reluctant to release the same at this specific moment in time, are they in danger of breaking the terms and conditions of their contract and will this then have a knock on effect on how a business performs/survives?
Expenses:- Are employers still claiming expenses? Given the situation we find ourselves in, it’s unlikely that any expenses will have and/or need to be incurred, so surely the question should be asked…
Health and wellbeing of employers; are they fit and able to complete their work? Are they in a position to manage their workload and provide regular updates? Do they need support and, if so, what steps are in place…
Suppliers:- Have suppliers recently altered their billing criteria and why? Is this through a known contact or via a suspicious source. Have suppliers recently changed their name or personnel who handle such changes.
Payments owed:- Similar to Overdue Invoices, it’s useful to know and keep a handle on exactly what’s outstanding and when you can expect to receive the same. It’s also worth considering what provisions are in place to keep track of these for future reference.
…And for the results of such an analysis, here’s a dashboard prepared by DataConsultings Samantha Kay:-
*See original via Tableau Public
The importance of data should never be overlooked and it is vital this is both monitored and maintained, on a regular basis, to ensure it remains healthy and in good shape when called upon for analysis.
Would you like us to check the health of your data? Contact us at firstname.lastname@example.org