Using data to become a strategic forecaster
An interview with Alexander Mansfield, Financial Director at Jackson Lees.
Alexander Mansfield’s key priority as Financial Director of Jackson Lees is to ensure his team supports the 15 legal teams across the business. To do this, he and his team rely on data from different departments, to reliably forecast how the business is faring from a financial perspective.
To help with this, Jackson Lees recently brought in a data manager, to help collate all of the data the organisation has.
“It’s one thing to have all of this data, but it’s very difficult to analyse and use it productively,” says Alexander.
The first step in making sure the data can be used to help the finance team, is to ensure it is accurate and fit for purpose.
“If you don’t have confidence, a completeness of the population or the accuracy of the information within, you cannot reliably draw any inferences from the data,” he explains, emphasizing that the integrity of the underlying data needs to be rigorously tested.
As his team rely on information that others have entered onto the system – there is a chance for human error which would render the data useless; this can have a big impact because just a small proportion of incorrect data inputted into the system can make the finance team have an incorrect idea of where the business is, and prevent it from forecasting accurately.