Learn everything you need to know about what intelligent data management it is, why it’s useful, and what to look for in your data management...
What Is Financial Data Management?
Data management is more than scanning in receipts and paperwork to be pulled up at a later date, learn the ins and outs of financial data management.
The beginning stages of most businesses begin with simple software used to facilitate and track sales information, payroll maintenance, and marketing all within one dashboard. While these platforms can be great for small operations that offer limited products or services, they lack the ability to truly manage data involved with commercial-level business.
Expanding a company involves more employees, departments, loans, and budgets that have to be tracked and managed correctly. Financial data management using artificial intelligence and machine learning is the only solution that scales with your company.
Understanding Financial Data Management
Financial data management is more than simply scanning in receipts and paperwork to be pulled up at a later date. The processes involved help to sort the data into manageable categories that allow for synchronized access throughout the company.
The challenge many businesses face is merging the multitude of systems they've adopted since opening their doors. Depending on your industry, you may also have various laws and regulations surrounding how your financial data is managed when it comes to customer accounts.
Financial Data Management Must Scale With Your Business
Even small business owners understand the stress that comes with tracking and recording financial transactions. Projections and revenue requirements tend to be on a more short-term basis to ensure expenses are covered while the business gets on its feet.
Keeping records of bank statements, loan agreements, payroll, and budget requirements can quickly become overwhelming when the staff is limited to only a few individuals. Starting early with a financial data management platform means removing a stressor from the day-to-day functions of a business.
Then, as your business grows, so does your data management platform. Acknowledging this growth, Scan-Optics has created a proprietary easy.forwardTM system that learns as it scans and sorts provided data. As new forms or types of information come into play, the platform is able to seamlessly integrate it all without the need for manual adjustments.
The Most Important Parts of Financial Data Management
As with every set of processes and procedures, financial data management is built upon certain pillars of necessity in order to facilitate proper execution. The most important facet of the process is improving the organization and recording of documents.
When proper documentation is prioritized, finding records and data to assist with customer inquiries or company meetings becomes a seamless operation. This level of optimization is felt from the ground level and up, creating immense value that only requires your attention during the initial setup.
Secure But Accessible Storage
Many companies have already transitioned to cloud-based platforms for functions such as facilitating sales and inventory management. As your organization begins utilizing more machines and technology, storage needs start popping up at a rapid pace.
Ensuring that financial data is sufficiently protected even in the event of a natural disaster has become the job of cloud storage. Security and access are the aspects of data protection that have to be carefully balanced as creating unnecessary restrictions can hinder efficiency, but allowing users to access data they don't require opens up many doors of liability.
Using Trusted Financial Data Management Software
Scan-Optics is proud to work with companies and organizations that span across multiple industries and sectors including healthcare, higher education, government offices, and research facilities. Using the latest in AI and machine learning, our platform can provide a 99.9% accurate platform for all data management needs.
When you have a high-quality data management platform, you create one central access point for your teams to retrieve the data needed to properly manage the execution of financial strategies.
Whether you're just starting out or have a laundry list of systems you currently go-between for data access, Scan-Optics can merge and integrate all of your financials together and maintain the same level of accuracy no matter how large your organization scales.