Business data: fool’s gold or gold nuggets?

business data Rapid change in technology is accelerating in 2018 and creating a headache for business owners. The growth of technology results in exponential growth of data collected and clogging up your business systems.  Now with the added pressure of GDPR and the impact of handling personal data, business owners are struggling to stand still, let alone drive the business forward.

There’s a solution and ironically it’s hidden within the data that businesses are panicking about.

Amid the threat of GDPR there is a real opportunity for businesses to streamline the information held within the business and only hold data that is deemed absolutely necessary.

Read on to find out how erasing data can help improve your long term business planning.

How can a GDPR data cleanse improve your business?

Data is a treasure chest of information but requires both human and software analytical skills to distinguish the valuable nuggets from the fool’s gold.

A by-product of a forced GDPR data purge is your business will only hold relevant data.  The remaining information is perfect for forecasting and developing the road map for business success.

Today, forecasting, is a major part of business planning and the part of business strategy that I personally really enjoy. Higher quality data produces higher quality reporting and valuable business insights. That’s why I say with confidence that erasing irrelevant data will produce a clearer more accurate picture of the business.

Who can interpret your business data?

You could start by recruiting a specialist such as a business analyst, data analyst or business development manager but they can be a costly one trick pony.

Did you know there’s a low cost but more effective alternative – your accountant?

Your accountant possesses all 3 skills detailed above plus commercial business sense and analytical skills used to solve complex tax and business problems.

If you aren’t already tapping into the diverse range of skills accountants possess you should, here’s why.

How accountants use data to improve your business?

Two decades ago, forward thinking accountants analysed their industry and spotted the writing on the wall for traditional accountants. Why? Rapid growth of technology was quickly replacing the basic accounting services.

To stay ahead of the curve, and to be honest remain in a job, accountants had to adapt and apply some business analytics to their own industry.

Consequently, the accountancy industry was one of the quickest to adapt. Invested quickly in high tech accountancy software for exchanging information fast, securely and accurately. Freeing up accountants to flex their analytical muscle and apply human brain power to more complex business problems.

An accountant’s role has evolved into more of an advisory role. Now devising and implementing a robust business strategy based on analysis and forecasting. Simultaneously, we’re using sophisticated software to provide everyday accountancy services such as bookkeeping and payroll at a lower cost than ever before.

I would like to end on a final point regarding data and importance of storing and exchanging it securely. Murrison & Wilson only use trusted accountancy software IRIS & Kashflow to safeguard clients’ business data. Reassuringly, the accountancy software protects our data and our clients’ data. Not only that, software updates take place to stay on top of frequent updates. Ensuring clients  keep up with regulatory changes made by HMRC, pensions regulators and now GDPR requirements. That’s why our clients don’t have to invest in new technology to keep up with fast paced changes. Instead they invest in business growth.

If you are keen to turn your business around and focus on long term growth get in touch with Murrison & Wilson today. Call 0141 290 0262 or email   today

Warm regards

Simon Murrison


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