Clean data, displayed in a visually appealing way, is an easy and accurate way for business owners make quicker, informed decisions around risk.
Visual influencing is a term that has recently been developed through the understanding of how best to communicate numbers and data through visuals and influence decision making.
This is far more than just infographics and data visualisation but goes beyond what the data is telling you.
Infographics and data visualisation are not a new concept. Firstly the Egyptians used hieroglyphics many, many years ago which used pictures to communicate a story.
In addition, we’ve had dashboards in Excel for many years (not quite as long as the Egyptians though), so what exactly is changing?
Today we have more engaging ways to communicate, share and influence using meaningful and insightful data. Some of these visuals that have been created are quite stunning and ultimately increasing the ability to communicate and influence key decisions.
This will guide the success of your business or the stakeholders who you support.
Importance of clean data
However, the richness and veracity of the data are now even more important as critical decisions are made. What looks good on the outside, needs to be robust behind it through techniques of DataWashing or cleansing.
It has become more important to understand and use data in our world which is now bombarded with lots of it. Understanding, collecting and sorting through all that data that can be quite a challenge.
The process of getting data into a nice interactive visual seems easy and underplays the importance of that data collection and cleansing process at the start.
Why should I care as a business owner or risk analyst?
As a business owner or risk analyst, it’s really hard to understand the sorts of risks that are associated with the key strategic partners that you have in your business.
To really understand that risk and gain access to that information stored in multiple databases can be a challenge.
However, with a service like DataWash from CreditorWatch, some of this information is a lot easier to enrich, absorb and ultimately consume in a meaningful way by decision makers.
You are able to quickly understand visually, quite clearly where potential risk might lie.
Relying on manually captured data or perhaps stale data can pose a material risk to your decision making.
One no longer has to wait for someone to capture the information manually or go searching for each customer individually you can simply apply the DataWash to really get a sense of where things are.
How would I use it?
As the CFO for a financial modeller organisation, we help a number of small businesses gain insight and more importantly foresight using their data.
However, the mechanism by which we deliver this is as important as the message itself.
Delivering a solution in a way the customer wants to see it, not the way we have collected it, will make their understanding significantly better and the benefit realised far quicker.
We provide insights using visual influencing tools to enhance the customer experience. Using a service like DataWash, will make those services even more valuable from a strategic perspective.
Where can I find out more?
For more information about CreditorWatch’s DataWash service, visit our website. To get set up, enquire with your account manager today.
Additionally, view our ‘Benefits of DataWashing’ webinar.
More articles like this: What is a DataWash? 7 Reasons Why You Need One
About the author
Demonstrating a strong passion for cash flow and financial modelling, Lance Rubin is the Group CFO for Sequel CFO, a franchise business for premium bookkeeping. He also started his own financial modelling consultancy firm, Model Citizn, following over 20 years of Corporate experience moving from senior leader across Performance Management and Rates Validation at NAB. Lance has extensive modelling experience across financial and professional services.