Creating the Modern Finance Team

Creating the Modern Finance Team

  • Reading time:5 mins read

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 is in evolving to a modern 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 complexity of the 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 needs and changes of the business climate.  

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 Analytics 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. 

Our elite team of consultants at ProLyticscan work with you to design the approach, architecture and roadmap to facilitate the process transformation and systems integration. 

The journey to digital finance begins with a solid EPM and BI solution

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 to technology and analyticsin finance processes. Here are some recommended steps on how to get there.

Firstly, develop a strong foundation of Intelligence 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.

With 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.

By evolving the function of finance, it allows finance teams to utilize advanced analytics, demand planning, forecasting methods which leads to lower costs and even overall customer and employee satisfaction. 

Your employees can get back to being business advisors

By optimizing EPM and Business Intelligenceyour finance teams can hand off once arduous and repetitive responsibilities such as accounting and controlling and focus on supporting the business as their “key advisorsEmployee satisfaction increases as employees are now freed to innovate and create a more fulfilling work experienceAll in all, your team will be more productive and less likely to leave the company when you change their focus from a back-office bookkeeper to a business advisor and strategist.

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 be more empowered to maintain 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 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.

A Bigger Perspective – Are you ready for the Finance Transformation?

Where can Finance leaders begin to improve their business’ profitability and intelligent insight?

  1. Align Finance and IT strategies to improve finance operations and meet overall business plans and strategies
  2. Develop an appropriate financial control infrastructure for Office of Finance that streamlines and simplify the finance processes
  3. 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. We specialize in the design and deployment of Enterprise Performance Management and Financial Business Analytics solutions across various industries such as Retail Markets, Legal, Automobile, Banking and Finance and more.   

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  
  • Prophix 
  • 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 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 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!