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 assess priorities, it can sometimes be overlooked.
Using data more effectively should be a priority for all businesses now, 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 the future.
In this article we attempt to highlight the top areas to consider for quick wins along with how the results of a deep dive analysis, on these specific areas, can be presented in such a way that it gets the message across.
High Risk Areas:-
Duplicate payments:- As businesses attempt to consolidate their finances, it is unbelievable to think that a number of duplicate payments may have already been issued. Its more common than you might expect and uses 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 should have been received but was it? and was payment 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 them 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 employees still claiming expenses and is this worth just double checking the dates any expenses are submitted? Given the situation we find ourselves in, it is less likely that any expenses will need to be incurred, so surely the question should be asked…
Health and wellbeing of employers:- Are they fit and safe – and able to complete their work if not on furlough? 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 payment details and why? Was the change made through a known contact or a new source?. Have suppliers recently changed their name or the personnel who handle such changes. You can be sure the fraudsters are on top of their game in lockdown, even if others are not!
Payments owed:- It is useful to know and keep a handle on exactly what is outstanding and when you can expect to receive it. It’s also worth considering what you have in place to keep track of these for future reference.
…And for the results of such an analysis, here is 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 enquiries@dataconsulting.co.uk
