Achieving finance transformation requires the finance function to embark on a journey from financial custodian…
CFOs are under increasing pressure to act as strategic advisors for the organization. Taking on this role requires them to produce and analyze in-depth insights, not only around finance but the entire business operation. Until now, gathering and understanding this data has not always been an easy task. CFOs are increasingly seeing the value of evolutionary financial business intelligence solutions which effectively combine standard data discovery and visualization features with planning & control and closing & consolidation capabilities.
Traditional Business Intelligence (BI) software has been used to present and analyze financial data for years, with dashboards and reports being used by management around the world. But these visualizations only provide a historical picture, lacking the ability to effectively model data, create scenario analyses, accomplish simulation duties, and support closing & consolidation activities. As a result, CFOs are not provided with the proper insights they require to guide the strategic direction of the business.
Some of the key challenges of using traditional BI software in finance include:
The result of these challenges is a reliance on finance’s faithful companion, the spreadsheet, to manage tasks such as driver-based simulation, profit-and-loss and balance sheet schemes, reporting, planning, reconciliation, closing, and consolidation. As a result, the siloed spreadsheets used to perform these activities:
To overcome these challenges, modern CFOs need financial business intelligence solutions which are combined with planning & control and closing & consolidation capabilities to go beyond simple reporting. These solutions must mirror the organization’s business model, simulate the impact of specific actions, and support a strong connection between the operations and finance functions of the company in a more integrated approach.
Find out more in our complimentary eBook – Business Intelligence for the Office of Finance – which discusses:
Today's senior finance executives need to execute their accounting and reporting responsibilities, but of course that's only part of the job. CFOs are also business strategists, which means they must capably manage data as they evaluate and influence business-model changes. Download this eBook to discover the capabilities CFOs need in a modern finance business intelligence solution.