You might be collecting a bunch of data, but what does it mean if you are not visualizing analytics in order to predict and improve your business performance?
Information Aids Decisions
The difficulty of implementing a data collecting tool, is directly related to the value it’ll bring to your business. Descriptive, Diagnostic, Predictive, and Prescriptive Analytics are the four main types of data you can analyze.
Prescriptive analytics is the last step before decision making. At this point we already figured out what happened, why it happened, and what will happen. ‘’What to do now?’’ is what I would use as the prescriptive analytics call to action.
Data You Work With versus Data that Improves the Way You Work
An ERP or a budget/expense tracking platform are the perfect examples of data entries you work with. On the other side, procurement data tools and spend analysis are action-oriented statistics that improve the way you work. One way you can look at procurement analytics is like the oil refining process. Collecting, cleaning, and enriching large amounts of data in order to provide business value. The more time you spend gathering the raw material (in this case, data) the more results are measurable. Analytics, for example, measure your payment cycle and evaluate your payment accuracy. They can also identify spent leakage and reduce fraudulent payments. This abundance of information at our fingertips is all working to improve the way you work.
Opportunities to collect data are everywhere. We at MXBuild suggest you take your time when selecting the best option out there. We encourage small and medium-size businesses to start with solutions that offer a free trial with no cost on implementation and onboarding. Accounting information is shared outside of the organization across subcontractors, vendors, and project managers so it requires restrictions across each move to ensure information is not altered at any point.
Empower your employees to make safe project purchases without losing control or oversight of your budget. MXCard was designed specifically for builders. Get our software on top of the purchase card to help streamline budget and expense management. With MXCard, you can map transactions to your budget and avoid overspending while collecting real-time data that prevents spending leakage. Construction budgeting and expense management have never been easier.