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What does it mean behind those powerful data numbers?

April 7, 2014 Category :Blog 0

Sometimes technology statistics can help you look at performance measure from your company data. There are a couple steps to help you achieve your goal.

  1. Set up your goal
    The organization needs to identify what data needs to be included and where to retrieve them. For example, if your company wanted to measure customer profitability in order to determine the cost to service a customer. The margin will require to be defined. The company will need to take a look at the margin visibility for all customers by brand and channel. This includes revenue less the cost of sale and sales commissions and function cost. “It is always important to have your road map set up correctly when finding data”.

  2. Develop Conceptual Data Model
    It is always useful to identify the highest level relationship between the different entities. Define the specific attributes, and determine if the primary keys are included to properly exam the relationship among them.

  3. Conducting your data quality assessment
    Most companies will often identify poor data quality in the entry of data into their system; causing their final results to skew. For example: if the employee is entering a labour expense, “which should be an entry into direct cost”, and they enter the transaction into sales and wages. This poor data entry will inevitably change the gross margin calculation.

  4. Gap Analysis
    Once you can identify these information gaps in your company; it is now the time to propose a method to fix it. You can now add a mandatory procedure to avoid those data misshapes, or retrain your employee for  new training on data input.

Many organizations are more aware of the benefit of performing internal measurements using these new data technology programs. However, there are situations that these programs may not be suitable across all companies unless tailored to meet your unique business needs. 
 

Source obtained from: Murray, Marty. ” Technology for Performance Measurement: 4 Steps for Delivering Value”. Finance Future Insights Issue 7. Page 2-4. 2012

 

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