Is your Management Information accurate?
Do you wonder if the reports you’re getting are accurate?
Or do you find yourself questioning whether the data you’re seeing is really reflecting reality?
In either case, it’s important to have a single version of the truth – and to make sure that the reports and data you’re using are accurate.
Reporting accuracy is highly important if you want to make the correct decisions, but often there can be a trade-off with speed
We see examples where business owners and senior executives talk about the 80:20 rule, But, having a report that is 80% accurate produced in 20% of the time is not good enough. This gets worse when it is applied on top of other inaccuracies
For example,
If a report relies on 4 different components, and the components that go into producing a report are 80% accurate each, the effect is multiplied 80% x 80% x 80% x 80% = 41%
This is a long way short of the fabled 80%
These are the questions you need to ask
People
Do your report creators build in controls to make sure data is complete and accurate?
Do you often see mismatches in reported numbers, different versions of the truth?
Are your people skilled and experienced enough to build in adequate data controls?
Processes
Are daily routines in place to make sure all management information data is loaded properly?
Do you have robust data quality controls helping to ensure accuracy?
Is data quality assurance part of anyone’s role?
Technology
Are you getting the best from your investment in the technology you already have?
Is the technology being used to it true capabilities by skilled experts?
How to Assess your management information data accuracy
Do you have the knowledge and skills in house to adequately answer theses questions?
If not then we can help you get the answers to these questions and more
Our proven management information health check analyses these areas of people, process and technology to give you an honest assessment of your current situation, along with ideas that can be implemented to make the best of what you already have
Find Out about our health check
Management Information Health check
If you think your management information could be better get in touch and lets talk about you can get the accuracy you deserve
Timeliness, Accuracy, People, Processes, Technology, and much more
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