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Insights and Findings.md

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Insights and Findings

This section presents comprehensive insights and findings derived from the analysis of the Expense Management System dataset. The analysis focuses on various expense metrics, patterns, and trends, providing valuable information to aid decision-making and cost optimization.

Data Summary

  • Number of Rows: 1849
  • Number of Columns: 9

Data Dictionary

Below is a data dictionary describing the fields in the Expense Management System dataset:

  • S/N (Serial Number): Integer - A unique identifier for each expense record.
  • Date: Date - The date when the expense was incurred.
  • Category: Text - The category of the expense (e.g., Lubricant & Fuel, Purchases, Utility Bills).
  • Expense Name: Text - The specific name of the expense (e.g., Petrol Purchase, Stationary Purchases, Salary).
  • Amount: Currency - The amount spent on the expense in the local currency.
  • Location (taken from): Text - The source of the expense (e.g., Clinic Sales, General Sales).
  • Comments: Text - Any additional comments or notes related to the expense.
  • Submitted by: Text - The person who submitted the expense record.
  • Submitted on: Date and Time - The date and time when the expense record was submitted.

Expense Analysis

Overall Expense Trends

The line chart depicting the overall expense trends reveals fluctuations in expenses over time. Notably, there is an 18% increase in total expenses compared to the previous year. This suggests a potential need for cost optimization strategies.

Expense Distribution by Category

The donut chart showcases the distribution of expenses across various categories. The highest expense category is "Monthly Salary," followed by expenses incurred by the "Director." These two categories account for a significant portion of the organization's expenses. Further analysis of the "Director" expenses is recommended to understand the specific nature of these costs.

Top 5 Recurring Expenses

The waterfall chart highlights the top 5 recurring expenses by category. Lubricant & Fuel, Purchases, Repairs & Maintenance, Directors Expense, and Monthly Salary are the most significant recurring expenses. Effective cost management measures can be implemented by focusing on these areas.

Non-Organizational Expenses

The non-organizational expenses chart reveals expenses that do not directly contribute to the organization's operations. These expenses, such as "Directors House" and "Requested by Director," should be closely monitored to ensure they align with the organization's goals and objectives.

Recommendations

Based on the analysis and insights gained from the visualizations, the following recommendations are suggested:

  1. Cost Optimization: The organization should consider implementing cost optimization strategies to address the 18% increase in total expenses.

  2. Director Expenses: A deeper investigation into the "Director" expenses is essential to ensure transparency and better understand the nature of these costs.

  3. Focus on Top Expenses: Since "Monthly Salary" and "Directors Expense" are the highest expense categories, reviewing and optimizing costs related to staff salaries and directors' activities can yield significant cost savings.

  4. Non-Organizational Expenses: Non-organizational expenses that do not contribute directly to the organization's operations should be carefully evaluated and minimized when possible.

  5. Regular Data Analysis: Regular analysis of expense data is crucial for detecting patterns, trends, and areas for improvement. Implementing a system that facilitates continuous data analysis is recommended.

  6. Centralized Expense Tracking: Considering the benefits of the Expense Management System developed, it is advised to centralize expense tracking to prevent repetitive entries and provide real-time analytics to senior management.

By Israel Josiah | LinkedIn: Israel Josiah

In this insights and findings page, I provide a summary of the dataset and its data dictionary. Then, I present insights derived from the visualizations and charts, followed by actionable recommendations based on those insights. This structure ensures that the insights are clearly linked to the visualizations and provides a holistic understanding of the analysis. Finally, I include an authorship section with links to my GitHub profile and LinkedIn profile for further engagement.