Originally Published in Accounting Today: November 20, 2019
Many clients believe that spending millions of dollars on the latest apps, customer relationship management and enterprise resource planning software will help improve internal efficiencies and optimize operations. They view these systems and platforms as the golden ticket toward achieving maximum workforce productivity.
Implementing these increasingly complex systems and platforms, however, can silo critical data and stymie productivity. It can block companies from having complete visibility into all the data they produce, which results in incomplete analyses and poor strategic planning.
This is why it is critical for your clients to have visibility into all the data generated by their various systems and platforms. Not only because it allows their various departments — from finance and accounting to operations and IT — to operate more effectively, but it creates a centralized, company-wide resource for data utilization. Teams can then use this opportunity to create standards for data use and reinforce their role as defenders of the company’s bottom line.