Finance isn’t what it used to be, and that’s a good thing.
While leadership has always been a crucial component of a well-managed and profitable enterprise, how should you utilize your finance teams to provide a unique perspective and skills set for strategy and development? Now more than ever, the role of Finance can guide a wide range of decision making and drive the direction of organizational growth.
What is EPM and BI?
With the complexity of the fluctuating business environment, Enterprise/Corporate Performance Management (EPM or CPM) and Business Analytics (BI) software guide enterprises to acquire the agility and adaptability to adjust to the changes and needs of the business. Our elite team of consultants at ProLytics can help you get started by designing your budget and forecast cycles become slimmer and more accurate while overhead falls.
Enterprise Performance Management software allows your finance team to analyze, understand and report on the business’ performance. It is designed to help you consolidate financial results as well as providing management insights and operational metrics that can forecast key trends, outcomes and goals. In turn, these metrics ultimately drives your organization’s strategies, plans and executions.
The basis of Business Analytics solutions lies in the interactive dashboards, models and reports that can be personalized to visualize and understand complex financial data. With the ability to extract information from various data sources, you are then able to identify key insights and conclusions from large datasets.
It’s not just about costs and overhead
The success of a financially sound enterprise is not limited to cutting costs and overhead, but also generating overall revenue growth as well. What does this mean with the constant change of the economy and business environment? Finance teams should not solely focus on insights based on traditional and governance-oriented reports such as accounting, budgeting, and auditing: they must embrace the shift in technology and analytics.
By evolving the function of finance, it shifts the focus of specifically targeting costs and overhead into improvement and growth. This direction into organizational improvement and growth allows finance teams to provide advanced analytics, demand planning, pricing and even improve overall customer and employee satisfaction. In turn, your enterprise will naturally lower its costs.
It’s simple: Happy employees create happy customers.
By leveraging technology, it means finance teams can hand off once arduous and repetitive tasks when adopting more highly efficient and technological processes from either EPM or BI software. Employee satisfaction increases as employees are now freed to innovate and create a more fulfilling work experience. Your employees are happier and more productive and less likely to leave the firm.
For customer satisfaction, EPM and BI software can now automate and streamline internal and tedious responsibilities to give your employees the time to better focus on improving the customer experience. By shifting their focus, your customer-facing staff will concentrate on maintaining brand loyalty and spreading word-of-mouth for your business.
These improvements in both employee and customer satisfaction are difficult to achieve and perhaps impossible without expanding the current finance functions. With the integration of technology, your operations are streamlined and allows you to draw out the best from your team.
A Bigger Perspective – How can ProLytics help
Therefore, it is important for every business to maintain a current understanding of advancements in the marketplace. These innovations can help your enterprise to apply and to create new efficiencies.
You may ask: “How can I improve my business’ profitability and growth then?” ProLytics’ elite team of consultants can guide your organization on the technological front while transforming the finance function. We specialize in the design and deployment of Enterprise Performance Management and Financial Business Analytics solutions across various industries.
Our experts have years of industry experience and have led implementations for companies across the world. The ProLytics’ professional services team has expertise in designing and implementing solutions for: Place Services Inc., Shift4Payment, Paramount Commerce, George Fox University and more.
We offer world–class consulting services and deliver customer-focused results. For companies evaluating a CPM or BI solution, ProLytics take a platform-agnostic approach, considering the customer needs as the primary factor in helping them decide on a platform.
Our product expertise includes:
- Vena Solutions
- Microsoft Power BI Reporting and Dashboarding
- Thomson Reuters Elite’s 3E Budgeting & Forecasting, 3E Profitability, ProLaw Budgeting & Forecasting
- Clarity Systems
Still deciding whether EPM or BI software is the right fit for your company? Check out our guide below on how to select an EPM Vendor, “5 Things to Consider before Implementing EPM Software”. For any other questions and inquiry, contact us here.
Are you looking to improve your Finance processes?
From Ease of Use to Cost of Ownership, ensure that you select a EPM/CPM vendor that is a right fit for you and your finance team!