In late September, we gave you three steps to better financial planning in today’s data-driven culture:
1. Get Operations Involved and Excited
2. Implement Customized Driver-Based Plans with Operations & Collaborate on KPIs
3. Enable Analytics for All
Check out the full post for details on how to take the three steps above.
As essential as proper financial reporting is to modern businesses, it’s only a piece of the puzzle. To realize the full business benefits of data-driven reports, you need the accompanying data-driven financial plans. And today you’re in luck, as we cover three keys to better financial reporting in today’s data-driven culture.
1. Ditch static reports, and replace them with visual analytics dashboards.
In today’s rapidly-changing business environment, static reports are useless almost immediately after they’re printed. It’s time to ditch those single snapshot reports and opt for cloud-based visual analytics dashboards that not only give you the most current corporate performance picture, but allow finance teams to build graphs and charts that even those outside of finance can understand. The end result is a data-driven business full of decision-makers that are constantly equipped with accurate, updated data to help them make well-informed strategic business decisions whenever and wherever needed.
2. Connect dashboards to data sources for drill-down capabilities.
To make full use of intuitive dashboard designs, it’s imperative to input reports, budgets, and plans into your CPM software solution and be able to measure actual performance against expectations by integrating your data sources. These integrated financial reports will allow users to easily drill-down and find data sources. The more easily users can access those sources, the better understanding they will have of how financial plans are created and what truly drives business performance.
3. Look for tools with self-service capabilities.
Users should not need an IT background in order to navigate through financial reports. Self-service reporting tools lead to empowered users who are free from reliance on IT. This also means that IT teams can focus on other, more strategic initiatives. So choose an intuitive financial reporting software tool that your employees and managers will be able to use and understand, and you’ll have much more involvement in the financial reporting and sales process from those outside of finance.
Want to learn more about how you can replace static spreadsheets with a more accurate, efficient performance management solution in 2014? Join Ventana Research SVP & Research Director Robert Kugel for a free, hour-long webinar on Jan. 22 to learn how you can escape Excel, improve your data accuracy, and cut your planning, reporting, and budgeting cycle times by up to 50 percent! Register today!