With all our advances in technology and self-service software, many finance departments are still not embracing automation or AI. In fact, a report from the Association of International Certified Professional Accountants and Oracle found that 89% of finance teams are not embracing these technologies.
Management of financial data is a cornerstone of running a business. So when it comes to data input, reporting and critical decision making, why are some still relying on error-prone and laborious methods? There are many reasons, of course. For many, it comes down to either the discomfort of change and system integration, or security concerns. Most simply lack the digital skillsets needed.
Despite these perceived hurdles, solutions like business intelligence (BI), offer finance teams a central hub for data collection, analysis, visualization, and prediction. Here we’ll discuss typical pain points for finance departments and how BI can make a notable difference, how you can get all those numbers to work for you and not vice versa.
Lack of Integration and Reliance on Legacy Systems
Financial management across an entire organization is a serious task. And many lack integration of all departments. This is exacerbated by manual processes which are also error-prone. Many finance departments are very set in their ways and avoid changes, too. These issues stem from a distrust of technologies and security related issues.
No Data Confidence
Due to these manual processes and past results, business leaders also suffer from trusting the data they’re given. Thus, decision making is affected or even avoided in some cases. Many departments are not even able to process the amount of data they are given meaning many key insights are overlooked and not taken into account.
Ineffective Reporting
Ultimately this all leads to ineffective reporting that is rife with errors and not at all timely. Accounting departments are unable to produce accurate results from processes that are also eating up valuable time and resources that could be used to find more business opportunities.
How Business Intelligence Can Help
Why waste time collecting and crunching numbers when you can let them do the work for you? Take your databases and turn them into profit centers. By creating smart visualizations of the processes across the enterprise, you can identify the opportunities and ways to save time: Pinpoint product money makers and money losers, discover ways to increase your profit margin, and determine when your new location will be profitable. Not only can you visualize and analyze this data, but you can also use our powerful algorithms to determine future productivity. So you can confidently say where the business is heading in the next six months, year, or more.
Compile your visualizations in a persuasive dashboard to share with executives so that you can make bigger decisions with ease. Dig deep into the data to answer the bigger questions. Take your bigger data and make bigger insights. It’s all right here.