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How is your business making use of its valuable data?

With access to the right numbers at the right time, businesses have the opportunity to gain more control of resources and results, making it easier to make proactive decisions.

How is your business making use of its valuable data?
How is your business making use of its valuable data?

The first step is to identify the data that is important to your role and then visualise it.

What marks a digital enterprise? The fact that it forms fact-based hypotheses and takes data-driven decisions. To get these facts, new data needs to be collected, whether self-generated or acquired from third parties.

Today, companies of all sizes should follow measurable targets—for example, conversion rates, or processing speed. Multiple targets can be pursued at the same time. These targets must be anchored with KPIs with meaningful metrics defined for each process to be digitised.

Automatic key data = key to success

Today, key data gathers information from various sources, such as clients, market research, suppliers and partners. Dealing with a mountain of data in a fast-paced and competitive environment can be challenging for many businesses.  Companies use business intelligence (BI) tools to convert large volumes of data into relevant information.

Many BI tools come with standard ratios and allow users to specify and filter KPIs for eligibility and interest – without the help of external consultants. This allows multiple departments within the company to access key figures that are important to them, in real time, without wasting time looking them up.

How digitised are the Nordics when updating key business figures?

Visma asked over 3,000 business and finance directors of companies employing 20-250 people how digitised their work processes are – including accessing key figures. One of the questions we asked respondents was:

What percent (%) has your company digitised the process of constantly having access to updated key figures?

Here are the results:

Illustration of digitisation statistics in the Nordics

“The business management system should enable tracking of key figures in real time, which will increase visibility for key operations and related costs. Graphic reports and the ability to drill into the data and filter them will help to develop and streamline operations and make better decisions,– Heikki Kotimäki, Product Manager, Software Oy Finland.

With digitised ratios you no longer need to enter numbers in Excel or make reports – your business will do it for you. All reports can be tailored to suit the different departments and the KPIs relevant for them. Employees have clear objectives and the right information in order to optimise their work, strengthening both business and competitiveness.

If you are interested in seeing how digitised the Nordics are in other key business processes, download the Visma Digital index report here.

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