Deciphering your data in the digital age
Big data is continuing to play a bigger role in the digital age. In fact, it's actually safe to say that you can't do business these days without first taking a look at your data.
But sure, you already know that – right? The question here is – how do you actually look at your data? And the answer is simple: By using reporting tools.
Just as the carpenter uses a sharp saw to cut wood, so too should the modern professional use cutting edge tools to analyze their data.
Before we go over the tools. let's take a look at the two types of data.
What is internal vs external data and why are both important?
Whether a business is a fortune 500 company or a mom and pop shop, it generates data from being in operation. We call this internal data. It can include things like total sales, overhead, profit, etc. Internal data helps you run and optimize your business operations.
Then there's external data. As its name suggests, external data is any data generated from outside of a business. External data most often comes from the internet, the market, or customers. It could be the latest financial markets data such as FOREX and interest rates from providers like Reuters and Bloomberg, news feeds from news providers like WSJ and NY Times, or even relevant opinions on market trends and macroeconomic indicators relevant to the business! External data helps you understand the economy and your position in it.
The problem is that many businesses prefer to rely solely on internal data when making decisions. And that's where they tend to go wrong. A business can't make the best possible decisions without considering both external and internal data.
Blending Internal and External Data using LeanCash™ BI solutions
When you think about business tools the first thing that comes to mind is most likely Microsoft Excel. Excel came out over 30 years ago. And although it has received updates since then, Excel is now outdated. Besides that, Excel offers limited customizations. Every business is unique. One size doesn't necessarily fit all – which is where our LeanCash™ Business Intelligence solutions come in!
Our LeanCash™ solutions for Treasury and Finance features a full service fully integrated Business Intelligence and Reporting solution that is capable of consolidating and blending internal and external data to provides a fuller picture and enables more informed decision making.
- Integration with your main treasury and finance platforms and source systems to create a central data warehouse that acts as the “single version of the truth” for internal data
- Integration with market data feeds and RSS feeds (real time and/or periodic feeds) from multiple providers like Bloomberg, Reuters, BusinessWire, WSJ, etc. to compile updated external data
- AI based algorithms to sift through external data and identify relevant information which is transformed into actionable insight to help you make better decisions.
- Flexible reporting options to combine multiple available internal and external data sources and components to view custom metrics and KPIs.
- Customizable Alerts and notifications to notify users on important relevant market events and updates
These powerful features are very useful in tracking metrics and risk indicators that are influenced by market movements and macroeconomic factors – such as impact of volatile currency markets on the company’s currency exposures or the impact of certain commodity markets on the stock price of a company!
In short, our LeanCash™ BI so
lution helps financial analysts and decision makers:
- Mitigate financial risk
- Get real-time visibility of market data
- Comply with financial regulations
- Process high volumes of data
- Embrace the digital age
In this digital age, information is power. The problem is there's so much of it that we can't really pick out what we do and don't need – that’s where our intelligent solution can help!
If there’s one thing that is intended to communicate through this blog, it’s that you can’t afford to rely on internal data alone. If you want to survive you have to keep up with the times (as well as your competitors).
Medullus LeanCash™ is a tried-and-tested solution that draws upon lean concepts to streamline Corporate Treasury by eliminating waste in processes and functions which helps to manage liquidity and risks in the most optimal way.
Our products and services are geared towards making improvements in Treasury & Finance processes to bring big gains with minimal impact. The low hanging fruit is sometimes difficult to find in a large organization with myriad of processes and systems. Take the 1st step in identifying these high value/low risk improvements – get your LeanCash score, benchmark against other organizations that have obtained their score and improved them. It does not cost anything to find out where you are as compared to industry-best-practices!
Blog post by: Tejnain Singh. Reach Tej @ email@example.com
Tej is a seasoned treasury and finance professional with over 17 years of extensive experience across organizations like GE, Deloitte, SABIC and Valeant Pharma. He has held senior positions in treasury operations and cash management and has led multiple strategic initiatives in the areas of payment automation, treasury system implementations, business process simplification and shared financial services among many others. Tej is a Chartered Accountant from India.