The Death of Business Intelligence

Financial Consolidation software: The Binoculars of the Corporate World

Posted in Analytics, Business, Business Intelligence, IT, Mobile Business Intelligence by errahseno on March 18, 2014

The Chief financial officer and his team are bombarded with overflowing huge amounts of data every day. It is not a bank of data resources that is question rather a question of how well the team can convert all these data into valuable information able to run the business and drive maximized profit.

While it may seem fairly easy for smaller companies, this is not the same case for a bigger, widely distributed multinational company. The daunting tasks of having to collate the profit and loss reports from varying locations, to consolidate these reports, and contrast it against the corporate budget is just a bird´s eye view of what they have to battle with.

Imagine what it feels like for these teams during month-end reporting. Just moving the entries from being just operational to now analytic is a challenge by itself. As if the challenge is not enough imagine reconciling the ledgers.

Without any doubt, the system of guessing and crossing fingers just cannot do the trick anymore if the company wants to stay afloat in the industry and even more so, if the company has high ambitions of aggressive corporate growth. The home-grown make-do financial systems of companies which used to suffice cannot even be relied on anymore.

There needs to be improved visibility on what drives the inflow of money for the company and what drives its losses. There needs to be an improved ability to see where the money should go and where it should not. A tool which can be used to have a closer look at the real numbers, turn these numbers into analytic information, and these information into concrete business decisions.

Does my tool help me see things clearly?

There are disparate notions about what makes up good financial software but when searching for a new financial consolidation tool, there are certain things that are non-negotiable. Here are 3 of the most important features, you need to look for:

1.       User-friendliness

This is always an overly claimed and promised feature by many software-providers but very few of the choices of software out there actually are. In choosing financial consolidation software, people tend to forget that ease in setting it up and maintaining the tool is just as important as what it can do. The tool must be easy enough for the team to be handled but robust enough for the tool to handle all of the demands of consolidation.

2.       Intelligent, Real-time Functionality

Can your tool keep up with the modern complexity of your corporate structures and hierarchies while making sure it can handle varying currencies and several account policies? Is it intelligent and quick enough to allow you to view certain financial impacts of certain types of changes in the organization? Can it keep up with the dynamism of your business? Do you have instant access to transaction systems?

3.       Rigid Control

The integrity of the numbers you produce in the end is the most important factor you must consider. Does your financial consolidation tool provide you features that ensure the process is tightly regulated minimizing risks? Do you get reasonable numbers out of it?

If you are not convinced by the tool you are using or the tool you are considering, it sounds logical and reasonable to reassess your options, think about your predefined financial structures and goals, and how this tool can leverage you towards fulfilling those goals. The financial software consolidation tool is after all, your binoculars to the future.

Top 5 uses of BI in the finance department

Posted in Uncategorized by TheLondonEconomic on July 3, 2013

Business intelligence (BI) is integral to corporate financial performance. We look at five areas in which BI is taking on a prominent role.

Financial professionals are increasingly turning to business intelligence (BI) systems to consolidate data from multiple sources and perform analyses of corporate financial performance, but how is the technology being put to use and in what ways can BI aid your financial duties?

For contemporary corporates, information is the engine that drives growth. BI is a vital tool for transforming data into actionable information and for deriving knowledge from disparate data sets, and its widespread use across a variety of industries is validation that no matter what field a business operates within, data is playing an integral role.

According to a new study from Cisco, the Internet of Everything (bringing together people, processes and data) will lead to an accumulative $613 billion in global profits this year because of improved operations, customer  service and other benefits. The index study of 7,500 global businesses in 12 countries found data was becoming “increased in value as ‘everything’ joins the network”, which means data management cannot be overlooked.

Finance directors are becoming prime users of corporate, business performance management. Data tailored to meet the demands of the finance function enables professionals to deliver timely and accurate information to drive business decisions, which is revolutionizing their role within the boardroom. As leading providers of business intelligence, performance management and structured financial operations solutions, we take a look at five ways in which new technologies are being utilised within the profession.

Planning, budgeting and forecasting

BI is increasingly being used in the contribution, aggregation, manipulation and approval of the financial plan, often on a continual basis. Once viewed as a periodic element of the business process, the financial plan has become a living, breathing thing within the corporate sphere, and continual updates using up-to-date information allows the company to keep on track of all developments.

Financial consolidations and reporting

Legal and statutory consolidation systems, along with more generalised financial statement generation capabilities, are in vogue as compliance and regulation play a bigger role within company processes. As a matter of best practice, regular reporting and data consolidation are becoming key.

Financial analytics and dashboards

Data management has been transformed from a passive noun to an active verb. Instead of simply hoarding information, companies are now looking at profitability applications, role-specific dashboards, metrics, and specific financial analytics to generate detailed financial processes.

Financial governance, risk management, and compliance

Financial governance and control requirements – particularly as companies work across borders – is important in enabling companies to comply with diverse reporting standards.

Scorecards and strategy

Technology is being utilised to generate methodology-based scorecards, such as the balanced scorecard, and strategy management applications, to give better insight and drive business decisions.

DSPanel

DSPanel is a leader in end user focused business intelligence and structured financial planning technology. They use BI technology to enable organizations and individuals to create dashboards and ad-hoc analysis that can answer any question, facilitate collaboration and enable smarter decisions.