Driving Performance: 3 New Approaches To Unlocking Deeper Financial Insight
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and cleansing data. Their contribution is upgraded and now begins
emphasizing the review of data to identify errors, the analysis of data to
uncover insights, and establishing KPIs that measure and communicate
performance. These are all value-added activities that draw on experience
and business expertise, less so on base data manipulation and validation
technical skills.
Conclusion
The way organizations are gaining deep
financial insight is changing. As an executive,
you have a decision to make about how you
choose to deploy your human resources and
the extent to which technology enables your
finance department to add more value across
the enterprise.
A fast close mindset helps because it
heightens the need to maintain data integrity
throughout the period instead of just once a
month. Once this real-time mindset is adopted, opportunities for more
frequent weekly, daily, or even on-demand reports and analysis emerge.
Real-time reporting is greatly enhanced when the middleman, a
spreadsheet, is eliminated from the equation. Disparate sources of data
are seamlessly aggregated within a strong analytical tool. A tool that
can sort, slice, and dice data to answer the sorts of everyday business
questions that often arise.
Well-designed and implemented dashboards give you the best possible
control over financial processes. Dashboards are user defined, easily
tailored, drill-down enabled, and visually direct attention to the important
KPIs of the business.
Are your IT and finance resources buried in ad hoc analysis? Is it a
challenge to have strong, decision-relevant information at your finger
tips to manage the business with confidence? Then, evaluating your own
reporting systems is your next step.
