The Office of Finance is given the vital task of maintaining a well-managed and profitable enterprise. It is important for Finance leaders to stay up to date on technological innovations in the marketplace that can help apply and uncover new efficiencies.
How can you leverage your current finance team to drive organizational growth and sound decision-making? The answer lies in evolving your finance function: adopting an efficient and predictive set of finance processes accomplished by EPM (Enterprise Performance Management) and BI (Business Intelligence) Analytics solutions.
What is EPM and BI?
With the ever-changing business environment, EPM and Business Analytics software guide enterprises to acquire the agility and adaptability to adjust to sudden organizational requirements and changes.
Enterprise Performance Management software allows your finance workforce 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 Intelligence solutions lie in the interactive dashboards, models and reports that can be personalized to visualize and present complex financial data in an easy to understand format. With the ability to extract information from various data sources, you are then able to identify key insights and conclusions from large datasets.
Embracing the Shift in Technology and Analytics
Finance teams should not solely focus on insights based on traditional and governance-oriented reports such as accounting, budgeting, and auditing, but embrace the shift in technology and business analytics to its finance processes. Here are the recommended steps on how to get there.
Develop a strong foundation of Data-Driven Insights
By digitizing and automating your current finance processes, your enterprise will not only improve its speed and accuracy of consolidating financial statements but also reduce reporting times and manual processing.
Using real-time data and analytics, finance leaders can utilize smart reporting services that will not be device-dependent and can access these finance details anywhere and at any time.
This allows finance teams to utilize advanced analytics to drive demand planning and forecasting, leading to lower costs and even increasing customer and employee satisfaction.
Allow Your Finance Team to be Your Business Advisors
Your finance team can hand off once arduous tasks in accounting and controlling to automated FP&A software and tools. By doing so, they are given more time to innovate and create more fulfilling work experience when they can support the organization as your key advisors.
Rather than being only a back-office bookkeeper, your employees can become a business advisor and strategist using the EPM and BI tools to draw valuable insights when building report packages. All in all, your finance team will thank you and get back to a productive and innovative key player in the finance team.
Focus on Your Customers
EPM and BI tools can automate finance planning and processes. This way your employees can now better focus on improving the customer experience as they don’t have to worry about budgeting season coming around. By shifting their focus, your customer-facing staff will be more empowered to maintain brand loyalty and spreading word-of-mouth for your business.
Increasing employee and customer satisfaction is difficult to achieve and perhaps impossible without enhancing the current finance functions. With the integration of technology, your operations will be streamlined and will allow you to draw out the best from your team.
Are you ready for the Finance Transformation?
Here are recommendations to improve your business’ profitability and goals:
- Align Finance and IT strategies to improve finance operations and meet overall business plans and strategies
- Develop an appropriate financial control infrastructure for the Office of Finance that streamlines finance processes
- Recognize the benefits of technological investments in Finance such as reducing overall costs and manual processing
With the ProLytics’ elite team of consultants, we will guide your organization on the technological front while transforming the finance function. From designing the approach, architecture, and roadmap, we will facilitate the systems integration with you.
Our experts have years of industry experience and have led implementations for companies across the world. We offer world–class consulting services and deliver customer-focused results. For companies evaluating a CPM or BI solution, ProLytics uses 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
- Thomson Reuters’ 3E Budgeting & Forecasting, 3E Profitability, ProLaw Budgeting & Forecasting
- and more
Still deciding whether EPM or BI solutions 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 our team.
ProLytics Consulting Group is a business and technology consulting firm that specializes in areas of Enterprise Performance Management and Financial Business Intelligence & Analytics. With decades of successful implementations, ProLytics understand and value that each company is unique. We are committed to working closely with each customer to to deliver value added technology solutions that solves their one-of-a-kind challenges.