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Big or Small, Businesses Benefit When Leveraging Data

Big data continues to draw attention as businesses search for ways to improve efficiency and to create lean processes. Even if an organization does not store terabytes of data, it should leverage information to recognize trends, detect issues, and forecast financials. Kay LaBare, Syncada’s Chief Information Officer, spoke to this topic as a member of an executive panel, “Advancing Your Organization through Data Driven Decisions,” during Evanta’s CIO Summit in Minneapolis.

Syncada connects banks, buyers, and suppliers to facilitate global trade. Because rich financial data is captured as part of Syncada’s automated invoice processing, buyers and suppliers can leverage information more quickly and accurate than with manual processing. Syncada’s robust business intelligence services enable participants to analyze trends to increase operational efficiency, especially in complex spend categories, such as transportation. By using standardized reports, data cubes, and ad hoc reporting, Syncada participants can better negotiate contracts, easily share financial statistics, and monitor vendor compliance.

“Every company can benefit from data, but it’s essential to go beyond merely storing information,” states LaBare. “Companies need flexible tools for data analysis, allowing them to stay agile in a constantly changing marketplace.”

To learn about the different areas where Syncada helps organizations use data to make better business decisions, visit http://www.syncada.com/forbusinesses.aspx.

About Syncada

Syncada from Visa provides a business-to-business network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of suppliers in 47 countries. In 2012, Syncada processed more than US$21 billion in payments and millions of invoices and trade documents. Visit www.syncada.com for more information.

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