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How real time reporting can help your business financially.

real time reporting
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How real time reporting can help your business financially.

Never before has information been so readily available. This presents enormous and profitable business opportunities, so why are so many businesses still in the dark ages?

We’ve all heard the scenario multiple times in multiple different forms. The accounts department and the field operate on two separate budgets that are meant to be the same but have minor inconsistencies.

We cannot stress how damaging this can be to the profitability and visibility of any project.

Minor inconsistencies compound, and decisions made off those inconsistencies can lead to big problems down the track.

How can real-time reporting fix this?

The first step is to streamline all data flow points. Every department needs to be putting information into one singular platform that acts as the true source of information.

The primary goal is to have no other forms of data interpretation apart from one Master platform.

This is where real-time reporting comes in.

When there is one true source of information, real-time reporting allows every department to identify problems in a fraction of the time or maybe before they even happen. Imagine you are looking at a report, and you see some inconsistencies with a particular area of the project. You want to find a solution for that problem immediately rather than reconciling your information with the relevant other department and then attempting to determine where the problem has arisen.

Traditionally, CFOs, decision-makers, project managers and other key players have been limited to looking backwards through a rear-view mirror. They would be reviewing reports and balance sheets that will create the state of the business at the end of a period.

This does not allow businesses to look forwards and create meaningful plans; they will be looking backwards to make decisions for the future.

Introducing automation

Automation is the process of achieving more by ultimately doing less. Automation has become so advanced that businesses should now be looking at it to create more reliable and streamlined data flow.

This ultimately feeds directly into your reporting. The more accurate you can keep your reporting data, the better outcomes you’re likely to achieve.

If you want to discuss how we can get all your departments on the same page financially, get in touch with our team of experts today!

Thrive Technologies.
We Listen.
We Understand.
We Find Solutions.