Many businesses within the professional services sector have experienced a period of intensive growth in recent times as a result of recent changes to compliance and the ongoing need for businesses to update and modernise. What’s crucial is that any organisation working within this industry is taking its own advice and not making recommendations to clients that are not being followed internally. Data management is one of the hottest topics in the sector today – so what should effective data management look like for those who are often called upon to advise clients on how to make it work?
Putting data at the heart of the organisation
A data-centric approach is now essential in the professional services sector. This is not just because of new regulation that requires it to be front and centre of every business system and process but also as this is where data needs to be in order for it to be properly managed and, consequently, transformative. A data-centric approach requires business-wide solutions that remove obstacles and barriers that slow down the use of business rights across an organisation. Automation and integration are essential to ensure that data is being mined for insights and delivering perfect perspective right across the enterprise.
Systems that simplify data management
It’s difficult to manage disparate data, no matter how comprehensive the systems put in place to do so once seemed. Legacy systems that separate out the data that is being generated or managed by different teams can make it hard to spot issues with data management that could be potential compliance headaches. So, true data management within professional services today means upgrading to software and systems that make it all very simple. From accounting software to automation solutions, there are many tools that can be used to achieve this, and which will integrate with one another to provide essential perspective.
The right technology
There is no doubt that technology is essential for data management – without digital systems, data management looks like spreadsheets and manual lists, none of which are integrated or enable data to be optimised. So, for firms in the professional services sector, finding the right technology will be a key part of the process of enabling effective data management. This could even require bespoke solutions that take into account the specific requirements of the business when it comes to data, from security to use.
Bold cultural change
The time for shying away from data management is over. There are some fairly hefty penalties for any business in any industry that fails to think ahead now thanks to the GDPR. And that’s before you even consider the reputational damage from poor data management now that clients and customers have such high expectations. So, cultural change towards proactive data protection and management is a necessity for many professional services firms. This may mean training, recruiting or restructuring to ensure that everyone is on board with the new approach.
Accounting systems are crucial to effective data management – the right software will simplify this crucial element of every professional services business. Get in touch with FinanSys to find out more about our today.