Money, Jeremy Tauri: Important to access information fast today

Jeremy Tauri.

If the outbreak of Covid-19 around the world has shown us anything, it's that access to information is paramount.

Each day we are updated on the number of people who have been infected by the illness and reminded of the need to be able to track movements and contact people who potentially could have been infected.

While the effects of this are serious for us when it comes to our health, the reality in business is that having information accessible to you for your decision-making is no different.

I recently had been asked some questions about our business and had to go through an exercise to really drill into that information to extract it.

While it was possible to do, I felt it should have been easier. The effort and time it took to access this information was measured by the work piling up on the other end.

While we will have a process going forward we need to think carefully about what our systems are able to do, how useful they are and what changes might be taking place (or need to take place ) to advance us to the next level of business.

When you have a good understanding of your business data, it's easier to identify trends, find customers and highlight inefficiencies. If you are able to take both a high level view and a close-up perspective of your business by the data, you'll be able to get a new perspective on the areas that need your attention.

Modern technology puts so much of this right at your fingertips. If you're not sure what is available to you, or how to interpret it, get in touch with an expert adviser. In the new business future, it may be the businesses who truly understand the data and information available to them that succeed the fastest.

Jeremy Tauri is an associate at Plus Chartered Accountants