It goes without saying that without data, finance cannot function. But too much data can be overwhelming and even detrimental to reporting, which is where the phrase ‘paralysis by analysis’ comes from. We caught up with ForceBrands‘ Chief Financial Officer Karl Schroeder to discuss how we can better use data to tell a more complete story about the health of your business’s financials.
Schroeder also explained that you can flip the script — and not simply craft a story from data, but rather start with the story itself.
“Rather than starting with this mountain of data and then trying to craft a narrative around it to explain all that to your audience, start with that narrative,” Schroeder said. “Start with the story and then support it with data if people want to see that. At the end of the day, focus on what can be learned from the data. How your team works, whether your forecasts are accurate, what have you. Using that insight to evaluate your operations and adapt as needed. Listen to the story and what it’s telling you.”
Watch the full video here.