FINANCE ADVERTISING FEATURE
The use of data in business by Kathryn Wellum-Kent
We live in a world of data – somewhere in the region of 2.5 quintillion bytes every day ( there are 18 zeros in a quintillion !) – and its use in business is crucial .
Whether planning a strategy or planning an exit , and for everything in between , all businesses should use data to provide important benchmarks or context to decision making . In this article we ’ ve outlined the importance of data in various business scenarios .
Using data to manage risk Risk might not get your blood pumping , but failure to determine the impact on your business of certain eventualities sure will . And not in a good way .
Many businesses will draw up a ‘ risk register ’ which will assess a variety of scenarios and have measures in place to avert any potential impact on business performance .
The key to implementing a response to each scenario is data . With processes in place that identify risks and mitigate against them , it is well within the reach of businesses to successfully navigate such issues .
Using data to delivery strategy A business ’ short- , mid- , and long-term objectives can help with its direction , but only if they avoid fluffy buzzwords that only offer a theoretical big picture with very little tangible support .
What businesses should focus on is how the success of their plans will be measured . For example , it ’ s not enough to simply launch a product , without thinking more holistically about what the success of that product looks like . Whatever your goals and key performance indicators ( KPIs ), data will help you measure the tangibles of success .
Using data to prepare for an exit There are numerous reasons why exiting your business maybe your chosen next step . Whatever the motivation , the success of your exit will be reliant on your ability to present historical data . Forecasts grounded in historical data will provide credibility , whilst allowing you to identify trends and carry out analysis .
No matter the intended circumstances , businesses should think about tracking and recording this data from the outset . Putting systems in place early that capture data will avoid the time-intensive exercise of pulling everything together later on , when you ’ re better off ensuring that the business is operating at its best .
Kathryn Wellum-Kent is Business Services Director at Monahans and a judge for the 5th annual Techies awards for Swindon and Wiltshire .
We only have one goal at Monahans : to help you achieve your tomorrow .
We pride ourselves on being a local firm with international reach . We stay true to our commitment of being a trusted partner to our clients , helping them achieve their ambitions .
10 Monahans www . tbeswindonandwilts 2022 BTE Wilts Oct Half . co page . uk
. indd 1 23 / 09 / 2022 11:37