How Unifying Business Data Accelerates Enterprise Growth

Updated: Jan 23, 2021


man with data in hand
Unified Business Data

The need to accelerate business growth and enterprise performance is always foremost in the minds of business leaders. Over the years, many business leaders have developed and built systems that have driven their businesses to the top.


The advent of information technology and data analytics has opened new methods of driving inclusive business growth and accelerating enterprise performance. When considering finance, as an example, companies typically are required to manage multiple systems to record and analyze data from various departments – creating difficulty in the timely aggregation of relevant data for decision making.


Unifying financial data, and business data, is essential for helping businesses make smart financial decisions and avoid entry errors.


As you continue reading, this blog will explain the five justifications for why and how unifying business data across various departments accelerates enterprise growth.


Unifying Business Data Provides Better End-User Analysis


Understanding the needs of your end user is the key to achieving ultimate success as a B2B or B2C enterprise. Hence, to effectively market a product to end users, there is a need for everyone in the company to understand what an end-user purchases and the cost to create and manage those products and services.


To evaluate this information, multiple data systems are typically leveraged – causing issues with data availability and accuracy.


Leveraging a unified data platform to gather information about end-user purchasing and goods production ensures that all relevant parties have restricted or unrestricted access, enabling educated decision making and reducing the margin for data entry errors.


Unifying Business Data Reduces Manual Entry Errors


As gently referenced above, when using spreadsheets and manual data entry methods, the room for human error is extremely high.


From payroll to production, human error can render inaccurate data and disrupt financial planning and forecasting models for any company. Unifying data systems, however, reduces this potential and creates a safeguard against unintentional errors in data.


Unifying Business Data Allows for Real-Time Access


Having a unified business data platform makes real-time data access – a reality. Outdated or irrelevant data makes it difficult for organizations to make the right decisions and plan in accordance with company goals.


Beyond this, it also ensures that only meaningful and relevant data are collected and collated. Having a unified data platform that collects and organizes financial and business data will alert users automatically to new trends and avoid the pitfalls of outdated, irrelevant data.


Enable Decision Makers To Make The Best Decisions


With a data unification platform, executive decision makers and risk managers can leverage data to make the right decisions at the right time.


It’s essential to leverage accurate forecasting to ensure positive business growth and avoid pitfalls. Working with a financial planning as-a-service provider, like Stella Financial Solutions, is essential to take the first steps in data unification and accurate forecasting.


Don’t have a finance team to leverage to help with forecasting and data management?


Stella offers, in addition to a custom interface, additional financial advisory services to help your company create the most effective and practical financial decisions to accelerate growth.


Contact Stella’s team of financial advisors today at www.stellasolutions.net to find out more about how to create effective forecasting plans and support accurate financial decision making.

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