Data Analysis – Fuelling the Financial Management Fire
In his famous book “The Goal”, noted author and Professor Dr. Eliyahu Goldratt, points out that at the heart of it, the goal of any organization is making money. And any activity that takes the company away from this goal should be handled carefully. What Dr. Goldratt has explained so simply is the foundation of Financial Management. Going by the textbook definition or attending any of the financial analysis courses will teach you one thing – Financial Management is all about managing the company’s finances and utilizing it optimally to ensure that the company makes profits. When you try to break it down to the next levels, financial management includes the entire pipeline of activities starting from arranging the funds, allocating the funds to different initiatives, risk planning and mitigation, accounting and monitoring of the utilization of these funds leading up to the revenue generated and profit made. Ok, so now you have an idea about what financial management is, but h...