Management Information Problems
Companies often contact us because they are frustrated with their management information (MI). Typically they spend a lot of time and effort tracking their management information in Excel. When the MI is inefficient or poor quality, then company leaders find that informed decision-making is difficult, and delegating proper authority to managers is virtually impossible.
Is Your MI Wasting Time and Effort?
Many of our clients approach us because their finance team is overstretched by MI, fiddling with reports late into the night. Or the reports the executive team desperately needs are unavailable, or just plain wrong. Sometimes managers around the business have their own dashboards and preparing clear, up-to-date MI for the whole company is impossible.
In our experience there are two root causes of MI problems:
- There are multiple back-office systems that are antiquated or incompatible. Such systems were usually delivered to meet the requirements of the time, but the business has moved on. The result is that data is simply not in these back-office systems — instead it’s in Excel, on post-its, or in people’s heads.
- MI is often the responsibility of the finance team, and producing reports takes over their jobs. Too many people spend too much time each month each month just fiddling with Excel.
A Series of Improvements
Our Principals have comprehensive experience in these areas. They can make independent, impartial reviews of data flows and how to improve them. They know that it’s rare when a single system can fix everything; it’s more likely a series of improvements implemented over time. And as these changes are incorporated, they’re making it much easier for you to work with your data, and therefore making it easier to make good decisions quickly. We work with the executive team and other managers to understand their needs and figure out solutions.
If you’d like to discuss how we can help you please get in touch by completing our contact us form.