Menu
Imagine if you could have a single point of truth when it comes to your data. A solution that connects separate arms of your business – such as finance and operations – and provides accurate records and reports in real-time. That’s the power of an integrated software solution. Many business owners are still relying on Excel, which can lead to data duplication and inaccuracy.
An integrated software solution resolves this problem and allows managers to have an accurate snapshot of their department at any point in time. In a recent interview, LightArc’s Ashley How explained how this can be a game-changer for your business.
Any business owner or manager knows that accurate data management is essential for informed decision-making. However, maintaining up-to-the-minute true-to-life data and generating reports can be a challenge, especially if you’re using separate systems or even worse, spreadsheets like Excel. An integrated software solution can help to solve this problem by aligning all aspects of your business and keeping data connected to the source. This allows for clear and accurate reporting, as well as the ability to easily investigate data trails enabling source factors to be identified and considered. Additionally, an integrated software solution can save you time and money by eliminating the need to manually transfer data between different systems.
This is particularly important when it comes to variance analysis. As How says, “a solution that gives managers the ability to add commentary around why there might be a variance” helps to communicate causes and record them for future reviews. Being able to “build your budget using operational drivers – both planned and actual – adds value to the visibility of the organisation being able to make decisions, self-correct when necessary and adjust the courses of action going forward” all based on reliable and accurate data.
One example that How spoke about during the interview illustrates the significant time and money savings that can be gained with an integrated software solution. Straight financial numbers do not tell the whole picture. One of LightArc’s clients, a large healthcare organisation with many disparate systems, struggled to verify the value of savings for an initiative that had a target of $5 million in supply savings. After investigation, the reason was clear and simple; costs had not gone down due to an increase in operational activity. By integrating the operational activity, it could be easily demonstrated that without the initiative costs would have been $5 million more. It certainly highlighted the point that any data mismatch between finance and operational activity can easily lead to a lack of visibility due to the lack of clear correlation between information and outcomes.
Now the game-changing benefits of an integrated software solution are beyond doubt, it’s time to choose the right one for your business. That’s where LightArc can help because we have a team of experts who will work with you to find the best solution for your business’s specific needs. So if you’re a business owner or manager wanting to ensure decision-making is informed by accurate data management and clear reporting then schedule an appointment to talk with us today about an integrated software solution to meet your needs.
Register your details below to gain instant access to the recording
