This post is part of The Datamation Guide to Human Resources Records.
Having total visibility into your company’s financial data is vital to future decision making and effective allocation of resources. Working with paper records that contain this information makes it incredibly difficult to gather and analyze the data that you need to make better choices. Scanning your financial documents and creating a workflow gives your company full visibility into every aspect of your finances, giving you the tools you need to make the best decisions for your business.
The process can be broken down into two steps.
Step One: Quantity Your Data
The first step to leveraging financial data is to quantify it. Having the right data on the number of employees, salaries, recent raises, turnover rates and comparisons, employee performance, and resource allocation can be extremely helpful in making important financial decisions. The difficult part of this is working with paper copies of all of these data sets is that gathering, compiling, and forming reports from hundreds of different paper sources takes time and often wasted effort.
With Datamation, those numbers and that original data can be quickly and accurately compiled into a clear report that can be faxed, printed, and distributed widely. There is no longer any need to spend hours or days searching through piles of documents to gather data, read it all, and make it into a comprehensive report—everything can be generated automatically and can be used immediately.
Step Two: Put Your Data to Use
After that data is gathered, its time to put it to use. Salary and performance data can be used to track talent within the company, or financial data can be mapped out to see where valuable resources are going, and much of this data combined can be used to assess your business’ general well-being and performance. From this data, your company can make well-informed decisions that are backed up by hard numbers.
It is becoming increasingly important for both employees and employers to have visibility into many of the company processes to measure both personal and company-wide progress. The generated data is helpful in looking at the company’s performance as a whole, its performance in specific departments, or both.
Wrapping It Up
Having accurate, comprehensive data for your company’s performance allows more confident decision making that is based on hard data. It also allows you to target areas that visibly need more work, or employees who may be performing well without being noticed.
Using paper documents, compiling all of the this data for your company would be difficult and time consuming. Datamation allows you to access all of your documents in just a few seconds, and can automatically generate the reports you need for your company to perform its very best.
Call Datamation today for a quote!