“Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking about the other.”  – Bill Gates

The fundamental input to Information technology is data. A modem is useless without data. A planning is incomplete without data. A decision is incomprehensible without data. But, raw data is like uncooked vegetables, glorious in appearance, assuring in availability but not savory till cooked. Likewise, data is meaningful only when analyzed; hence, the date with data.

Enterprises spend huge amount of money and resources to gather data. These data at the warehouse are meant for analysis to enable formulation of plan and policy besides daily routine management. Enterprises, especially small and medium ones, face an uphill task in analyzing the same and many cases, the collected/available data remain within the thickness of occupied space of a CD or in the fat files.

Data mining and analysis using effective analytics certainly delivers versatile outputs on the platter before the planners and executives. But interfacing of that analysis output with the action is the cross-road where enterprises experience road -blocks. At this point man supersedes machine and it is the dearth of qualified personnel which creates a mismatch between available data, analytical output and need to implement the same in taking decisions. Therefore problems are:

a. Data analysis.
b. Post-analysis output implementation in decision making.

In-house data based decision making process in enterprises are known to be affected by certain human behavioral traits. They are, at times, infested by an attitude full of mechanical outlook towards analyzed data output unmindful of  intuition or judgment. But rarely, a combination of analysis and judgment in handling the data analysis in taking decision is noticed. These can be the attribution of various factors in an enterprise – lackadaisical attitude  to even simple non-availability of expertise. Sometimes, even if the expertise is available in an enterprise, but the same does not percolate down vertically or does not spread horizontally resulting  in confinement of the said expertise within a closed loop. These are detrimental to the enterprise.

Finance is one department, where business needs are clearly defined, stable, and relatively consistent among a wide group of users. Finance is also of utmost importance in terms of decisional veracity as it encompasses entrepreneurial aspects as well as statutory obligations.

A specialist end to end financial service provider like StylusFMS, can play a pivotal role in this situation in making sure that all the financial data available with an enterprise is analyzed using latest IT tools. Not only a platter full of analytical output is offered to the enterprise but also the action-chain is suggested to enable them to take a prudent decisions for the business. Correct and informed decisions always pave the way for an enterprise towards its planned goal of success in its endeavor.