What To Do With All That Data?
Data, data everywhere! In this age of information, we rely on data to help us make the right decision. Businesses collect it, process it, and analyse it so that they can predict trends, forecast the market, plan for the future and (most importantly) understand their customers.
But, with data coming in from all angles and from a variety of different sources all of the time, how can you possibly get all your company’s data in one place, so you can make informed decisions?
This is where data ingestion comes in (just think of it like eating - before you can digest anything, first you have to ingest!) Put simply, data ingestion allows you to move your data from assorted sources in one place so you can get a full overview.
An incomplete picture, however, can result in misleading reports, bogus analytic conclusions, and misinformed decision making. This is especially problematic when concerning cash collection, accounts receivables, accounts payables, and other financial aspects of your business.
Let’s take a deeper look at some of the data ingestion challenges you might face as a business:
- Things are, well, SLOW. Manually processing data nowadays is a slog. Data has become so much larger, more complex, and more diverse, that it’s almost impossible to rely on manual methods for accurate and efficient processing.
- Costs an arm and a leg. The infrastructure needed to support all the different sources of data and propriety tools and be very costly to maintain over time. Then there’s also the cost of maintaining the staff of experts to support your ingestion timeline too. And let’s not forget all the money that is lost when you can’t make quick business decisions because you can’t see all the data…
- Why’d you have to go and make things so complicated? As mentioned, data comes in from a variety of sources and formats which can make it hard for companies to get the value from the data. The complexity lies in the cleansing of the data which is used to detect and remove errors and mismatches in data.
- No bouncers on the door. Moving data securely requires the watchful eye of a security guard or bouncer, but this isn’t usually the case. Instead, data is often staged at various steps during ingestion, which makes it difficult to meet compliance standards throughout the process.
As a company, incorrect invoices, missed payments, and wrong transitions are a huge pain to fix. They end up costing you both time and money, which in turn stifles your company’s potential to grow and prosper. We don’t want that, do we?!
So, what’s the solution?
At Invevo, we’re the first financial CRM solution (not that we like to boast about it) with big ideas on how automating basic processes like data ingestion can save you time AND money. We’re talking about automating the communications around overdue payments or due dates, filling in certain forms, invoicing, and more.
By reducing repetitive tasks and manual data entry, we give you the wriggle room to spend more time running your business and less time figuring out how to unlock cash flow.
Our real-time processing means you never miss an important credit data change that may impact your customer’s ability to pay. We help you work smarter, not harder, by replacing monthly and quarterly manual reviews with automated daily decisions!
Ready to start saving yourself time and money? Request a demo today!