You might be collecting a bunch of data, but what does this mean if you are not visualizing analytics in order to predict and improve your business performance?
The difficulty to implement 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, 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.
An ERP or a budget /expense tracking platform are the perfect examples of data entries you work with, while procurement data tools and spend analysis are action-oriented data 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 -data in this case- the more results you will be able to measure. Analytics can, for example, measure your payment cycle and evaluate your payment accuracy, they can also identify spent leakage and reduce fraudulent payments.
Opportunities to collect data are everywhere, and we at TheoBuild 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. TheoCard was designed specifically for builders. Get our software on top of the purchase card to help streamline budget and expense management. With TheoCard, 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.
Andrea Scott- VP of Customer Success at TheoBuild