So, your quarterly board meeting just happened. You painstakingly prepared weeks in advance so that you could showcase all of the exciting work your company was doing. You invited your CFO and your head of sales to talk about each of their respective areas. Your CFO looked forward to showcasing the positive position of many of his financial KPI’s, and that part of the meeting went well. Then your Sales Director got about halfway through reporting on his 15% growth year over year for third quarter – when a board member suddenly points out that his numbers don’t match the numbers the CFO just reported on! Unfortunately, the whole meeting derails and becomes a guessing game as to why they don’t match.
And just like that – the carefully planned, well-orchestrated board meeting turned into an explanation for why the numbers didn’t match – planting doubt and frustration among all the busy board members, who are none too happy that they can’t get a straight answer from your team.
If this scenario makes you shudder, then you are not alone. These board members are charged with challenging you to ensure that you’re spending and earning money the way you’ve projected it in the past; many times, your board members are also your investors. It’s important that you can instill a strong sense of confidence in the board, so that you continue to receive their buy-in for new initiatives you’ve planned. Having the meeting turn south because your teams can’t report on the same numbers undermines board confidence, and stirs up feelings of distrust and irritation.
Inconsistencies can be maddening to iron out, whether for high-level meetings, or simply day-to-day evaluation of performance. Many times, the tool the CFO uses to report revenue uses different logic than the tool the Sales Director uses. One tool might consider “month end” to be the last day of the month, while another tool might assume the final Friday in the month. With disparate logic in the tools that are mining your data, it’s no wonder that numbers don’t match from department to department!
It is crucial that you make sure you are pursuing a data management platform that transforms your data in the same way, from all of the different data sources currently in use at your company. Many times, the best solution is to utilize one of the more popular data visualization tools currently in the marketplace – namely, Power BI and Tableau. However, if you don’t have your data “house” in order behind the scenes, you’ll just get garbage in/garbage out. Utilizing a reputable company to create a proper data model for your organization is the best step toward board meeting confidence!
At Teksouth, we’ve spent years helping businesses improve user access. In addition, we work to promote self-service, finding a solution to manage the growing amount of data compiled daily across all functional domains where there previously was not one. The exponential growth of data, high cost of technology, decreasing funds availability, and diversity of the client users continue to challenge many business entities, but assistance and real-world solutions are available! Teksouth is happy to provide robust reporting and analytics in weeks, instead of months or years. No more shouldering the boulder yourself. Call us today for help!