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Those days have become history when finance leaders spent their days with their heads buried in spreadsheets. Figures show that 88% of spreadsheets sometimes show errors. Finance leaders can leverage analytical insights from organizational data to map their organization’s strategy through the use of contemporary data analytics software. It assists chief financial officers to scrutinize situations, analyze the competition and spot opportunities to take smart move on business insights.
Finance leaders who completely want to put their focus on long-term strategy must try their best to eradicate the activities which cannot add any value. All these teams had a robust infrastructure that featured planning platforms along with data definitions and other related finance processes. They assimilated and analyzed all the fields related to an external financial and operational data. In short, finance teams moved beyond the numbers to concentrate on the big picture by incorporating data from variant sources and leveraging strong data analytics software.
The basic role of centralized data has got huge acceptance among finance teams. 75% of CFOs have emphasized its importance for financial planning as it allows assimilation of data and resources from across the organization. Even so, fewer than half thought that their teams were up to the job. Finance teams can easily answer the complicated questions; evaluate the revenue growth potential of particular client along with product profitability, staff utilization and supply chain susceptibility by gathering data from various unique sources. This will help them to find out data that can drive operational and capital investments.
Rational systems that keep on refining the existing behaviors over time through the use of collected experience for building a starting context for each new inquiry. The can also provide support for insights acting proactively through identification of the types of consumers which are highly likely to spend more than others and the ones who can easily become repeated customers, thus in this way you can predict the deals that are particularly close to get completed. Such insights can inform marketing strategy, improve cash flow projections and allow the enterprise to adjust expenditures as necessary. Rational systems can also be used to assess acquisitions and refine your pricing and promotional strategies.
Spreadsheets were once the favorite system of financial officers, but contemporary big data analytics services and business intelligence solutions has made financial reporting more reliable, efficient and agile. It enables CFOs and finance teams to concentrate more on developing long-term business strategies and less on numbers.