When numbers are not enough: How better data analysis succeeds through knowledge transfer

Here’s the English translation with Markdown:

The Importance of Information in Controlling

Controlling is not just about analyzing numbers, but also about obtaining the right information to interpret these numbers meaningfully. However, in practice, controllers often face unexplainable costs or incomplete data – frequently because they lack access to important background information. These gaps in information gathering lead to incomplete analyses and force controllers to make assumptions instead of providing well-founded explanations.

Typical Scenario from a Controller’s Daily Life: When Information is Missing

The costs for a trade fair unexpectedly rise in the profit and loss statement (P&L). As a financial controller, this increase is immediately noticeable, and you are asked to find an explanation. But there’s a problem: you don’t know of any upcoming trade fair. Neither the sales department nor other departments have an explanation. Finally, you have no choice but to note in the monthly report: “Unclear increase in costs.” Only later do you learn from management that a new trade fair booth was commissioned – information that would have made the difference between a well-founded analysis and a vague comment.

The Missing Knowledge in Scenario Analyses

Another example is scenario analyses. Controllers are often expected to analyze various scenarios, such as future sales of a product. Without insider knowledge from the specialist departments – such as which customers the product is sold to, which country it is exported to, or what the pricing structure looks like – crucial information is missing. Raw material price developments, market conditions, and specific customer agreements are often known only to the respective department and are not automatically shared with controlling. Yet this information is essential for creating precise forecasts and analyses.

Such knowledge gaps lead to missed opportunities for deeper insights. Better-informed controllers provide more accurate and valuable analyses that drive the company forward.

The Problem: Lack of Mutual Understanding

Often, the problem lies in controllers and specialist departments having different perspectives and not knowing exactly what the other side needs. Katrin Glozober, a controller, describes it this way: “As a controller, I can only guess what you want to know and what’s important to consider. You, as a specialist department, can only guess what I could evaluate if I knew what you’re thinking.”

This quote gets to the heart of the central problem: Controllers often don’t know what information from the specialist departments is relevant, while the specialist departments can’t assess what potential can be unleashed in controlling if more background knowledge is shared.

The Solution: Open Communication and Trust

To close these information gaps, it’s crucial to develop a mutual understanding between controlling and specialist departments. Open communication about the working methods and needs of both sides builds trust and promotes knowledge exchange that benefits both. When controllers are involved early in strategic decisions or significant projects, they respond better to developments and create more precise analyses. It’s important to create a climate where knowledge is proactively shared – because only then can controlling reach its full potential. Specialist departments benefit from controllers being able to provide deeper insights and better forecasts with comprehensive information. Conversely, controllers should seek dialogue to ensure their analyses are based on complete information.

Software solutions support this process. Tools like QVANTUM centrally integrate information from various departments and make it transparently available. This minimizes information gaps and automates data exchange without additional coordination effort. QVANTUM promotes collaboration and ensures that relevant data is available early, enabling more precise and efficient analyses.

Insights at a Glance

Access to the right information is as important for controllers as the data itself. Without backgrounds and knowledge from specialist departments, many analyses remain incomplete or flawed. This knowledge gap can be closed through better mutual understanding and open communication. Software solutions like QVANTUM help optimize these processes by automating information exchange and providing complete data. This strengthens controlling and allows it to act as an even more valuable strategic partner for the company.

Interested in Learning More?

If you’d like to learn how QVANTUM can support your controlling processes and close information gaps, please contact us. We’ll be happy to provide non-binding advice and show you how to take your data analysis to the next level.

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