For many months the Government has been talking about following the data in terms of our recovery plan out of Coronavirus, so what does that mean when it comes to your own businesses and that of your clients?
Q: We need to start by asking in simple terms what is data?
Data is the collection of facts, such as numbers, words, measurements, observations or just descriptions of things.
Data is raw, unorganized facts that need to be processed….. when data is processed, organised, structured or presented in a given context so as to make it useful, it is called information.
Data and Information are similar concepts, but they are not the same thing. The main difference between data and information is that data is a part and information is the whole.
There are two general types of data – quantitative and qualitative and both are equally important.
Q: How does the Risk Dashboard capture data and process that data into information, that benefits Accountants and Business Advisors to support their clients?
A: Our software is an insightful Risk Management application that connects different data sets from across different parts of an organisation – we call these data collection points modules.
We have over 20 different modules that can be deployed across a business to collect data about a business in terms of; risks, vulnerabilities, gaps, threats and opportunities for developing growth.
Essentially what we are collecting are the plain facts and statistics about the operations of a business. The data and information is the basis for all management reporting and as such critical in a business.
The data collected is then converted into actions or tasks, the information that a business needs to become less vulnerable to risks and more likely to be more resilient as we exit Coronavirus.
Data and information collectively then becomes the purpose of arriving at an informed conclusion.
At the Risk Dashboard we mitigate risk through an organistion by using its own data through greater transparency.
The data and information collected by the Risk Dashboard is real-time evidence based analysis.
Q: How does the data and information support a business through our combined Coronavirus recovery challenge?
- Delivers technology for a robust UK wide business compliance and resilience strategy
- Provides real-time evidence based data analysis
- Risk Dashboard reporting allows an accountant or business advisor the information to be based on actual business needs, identifying what support needs to be delivered and why
- Risk Dashboard will provide immediate high impact and value for money
- Risk Dashboard creates a platform to get SME’s investment ready by demonstrating risk management and compliance
Risk management solutions such as offered by Risk Dashboard provides your clients with the support that places your firm and your team in the position as the ‘trusted advisor’.
If you would like to know more about how Risk Dashboard can help you take the extra mile to assist your clients – both existing and new, please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk.
We look forward to hearing from you.