The current economic climate is changing at a rapid pace.
Between rising interest rates, above-average inflation levels and ongoing supply chain issues, there are now multiple factors at play that could potentially be having a significant impact on the way your business operates.
For this reason, it’s now more important than ever to ensure that your organisation is adequately prepared to handle these changes and make the necessary adjustments to remain successful in the current climate.
The only problem is…
How do you even determine whether inflation is having an impact on your business?
When considering traditional methods of data collection, analysis and reporting, we know that it can often take weeks to make these assessments of your business – by which time, the damage may have already been done.
The reality is that you need a way to gain instant access to the relevant data so that you can make the best decisions for your business based on both current and future circumstances.
Today, we’re going to show you how you can quickly and effectively determine the impact that inflation is having on your business operations, allowing you to plan ahead, strategise and build the right forecasting models to support your business decision-making while maintaining stability in your organisation.
The importance of “instant data” in navigating the changing economic environment of today
It’s no secret that there is a whole lot of uncertainty in the markets right now, both on a local and global scale.
With inflation and rising interest rates wreaking havoc across the world, businesses everywhere are feeling the effects—and yours could be too, whether you’re aware of it or not.
No doubt, your normal reporting setup is starting to detect general ripple effects on your business, but unless you were prepared for this to happen, you’ve likely to have been caught unaware. This is because slow and sluggish reporting systems don’t provide your business with the data that you need when you need it, leaving you constantly on the back foot and struggling to keep up.
For this reason, the key is not only gaining access to this data but gaining access instantly.
With instant access to data, you can more efficiently and effectively:
- analyse
- plan
- strategise
- forecast and
- re-forecast
all based on the impacts that inflation and other economic changes are having on your organisation.
Having this granularity and this ability to pinpoint certain factors, such as:
- which suppliers or customers are responsible for the greatest variances
- why these variances are occurring
- how likely this is to change over the coming months
allows you to stay well ahead of the curve and prepare your business for impending changes so you can ride them out and come out the other side successfully.
So, what’s the best way to implement this in your business?
Data automation creates greater transparency and agility during periods of uncertainty
There are no two ways about it…
You need to have your finger on the information pulse during these uncertain times.
Think about it this way:
If it’s taking your team two to three weeks to complete your month-end reporting, then you’re already more than halfway through the next month when you get the information you need to make decisions about that month.
This is not an efficient way to run a business.
However, if you were to implement automated data collection and processing into your reporting systems, you would gain immediate access to the insights you need to make effective decisions and better position your business for stability and success.
Data automation provides you with a secure, single source of truth and removes your reliance on waiting for your Finance or BI teams to deliver these data insights to you.
This, in turn, makes forecasting and re-forecasting an automatic process as well, providing you with the instant foresight and the agility that you need to build business resilience in a changing and volatile environment.
Get access to data automation that’s dynamic and agile with Minerva
Be more prepared for the future than ever.
At Minerva, we can help you to build an entire digital ecosystem that offers a single source of truth for united data with self-service and forecasting capabilities to enable your organisation to navigate uncertainty much faster and more effectively.
We work together with your organisation to understand your goals and requirements, before implementing the right automated systems that get the most out of your data—helping you to become truly better at what you do.
If you’d like to learn more about how Minerva can help your business, contact us on 1800 646 378 or email info@minerva.com.au.
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