The presence of technology is everywhere in today’s modern life. Organisations are very much dependent on technology to operate smoothly all while maximising productivity.
Are you aware there are more opportunities to leverage data than ever before? It’s time for finance professionals like you to learn them and be data savvy.
Hema Patel, General Manager of NZ streaming service Lightbox and finance expert, shared her top tips for finance professionals hoping to better leverage the power of data in their careers as published in an article by Chartered Accountants. Here’s how:
1. Be curious
How do accountants better interpret the data? By asking smart questions and know what the statistics really mean and how this can help them make better business decisions.
“Accountants oversee the numbers, but they have to do it with curiosity. Diving into that curiosity a little bit further and staying curious is key because that’s when we start asking questions, which is incredibly important,” said Patel.
2. Learn to translate and be a business partner
Patel advised if we are going too hard on the numbers and too hard on the financial impact, we might alienate people along the way which isn’t ideal. Patel added on, “data and numbers can be really scary for a lot of people, but if we simplify things and explain them in a way that people understand, we can take our stakeholders and the other people in the business, on the journey with us.”
According to Patel, there is always an opportunity to work with other stakeholders while applying our numerical or financial smarts to help them make better decisions.
3. Dig deeper and get started!
Data is important when you understand the bigger business picture. Start digging deeper and ask more questions to understand the numbers better, for example, what could have been done to improve your current business situation?
While numbers are important, knowing what to do next should be something you need to act on. “Data can be interpreted to make decisions, which are not necessarily the right decisions if you have not considered the whole puzzle,” said Patel.
Imagine this scenario, you’re a business owner and after conducting some research, you discovered that you were losing out on potential business opportunities as customers were unable to afford your services. However, introducing FlexiFund It’s software, we can help you get back on track by offering a convenient platform to streamline this process for your customers to pay for your services through easy instalment plans.
FlexiFund It’s software can help you not only become more data-driven but also help you provide your customers with a flexible payment option while you take control and secure full fees of your services.
Does this sound like an exciting opportunity to you?
Power up your business and start becoming more data-driven when you speak to Rebecca today.