Management reports reflects the health of your organizational strategy. This powerful tool must be effectively used to align the organization in the stated direction. But if your current management reporting system is not delivering value for your organization, something may be missing. It could be the link to your goals, it might be the projects, or perhaps it’s the action items from one meeting to the next.
Here are the main challenges that finance teams consistently face across all industries and departments.
- Considerable amount of time spent on data gathering and aggregation. Data gets generated & resides in a number of different locations, and many times each individual data source is owned and operated by a different department. Too much time is spent on this step of the process, leaving little time for anything else.
- Outlook & relevance changes every business hour. By the time you compile all the data and layer it into a digestible format, it’s out-of-date. New deals are closing daily, customers are renewing weekly, new business opportunities are opening every day. With static data points, it can be impossible to keep up.
- Inadequate description of the data behavior. The story behind the data contains the details that help drive business decisions, and that data must tie into the narrative. How many times have you made a last-minute change to the data, only to forget to update the narrative (i.e., increase to decrease)? One simple mistake can cast doubt across your entire report – and put your finance team in the hot seat.
HOW DO WE ADD VALUE?
Engage our Office Super Hero: A recent survey of nearly 1,000 CFOs and senior finance professionals by FSN, a U.K. based news and research organization, found that 71 percent of organizations depend on spreadsheets for collecting data across the majority of their business units. With a program like Excel, you can easily enter data and present it in tables and graphs. Then you can effortlessly export those graphs, tables, and charts into PowerPoint for a more polished presentation. Our ‘Office Super Hero’ who is well equipped with Office applications & also have a relevant experience of consolidating & presenting the information for some 100+ clients will make sure that it is
- Presented in the most professional way, whether on Excel or on PowerPoint.
- Turned around faster by automating the recurring tasks.
- Layered with functional insights & comments on the data behavior.
In one of the recent examples, our Office Super Hero was able to effectively synchronize the HFM with the PowerPoint dashboard, significantly bringing down the time to turn around the reports by 70%.
BI Tool consulting: Business intelligence tools are currently being used for strategic corporate goals, which include KPI measurement, cost-effective deployment of resources, business health planning and generation of insights to quickly make strategic decisions, among many others. What’s good about such solutions is that they help businesses employ business intelligence across the organization. They are also easily deployed, utilized and integrated with any company’s system.
New BI software trends have been immensely providing organizations with new capabilities. Data discovery, which used to be the turf of experts in advanced analytics is now made easy using these platforms. This is accomplished through visual analytics, allowing decision makers to access and immediately act on data. Perhaps one of the most important trends in BI solutions is their provision of mobile support and cloud deployment, allowing users to access and analyze information from any device.
Unfortunately, more than half of business intelligence initiatives fail due to a combination of challenges, ranging from poor data quality and management to lack of business intelligence expertise to not adapting reporting and analysis as the business matures. Such failure can mean months or years of lost opportunities, significant setup costs, and frustration.
We can support businesses looking for the right focused tool in the following ways:
Develop Strategy – Perform initial discovery, assess client needs, document business goals and objectives, and create an action plan.
Rigorous Implementation – Acquire and connect the data, validate and cleanse it, develop data management processes, and analyze.
Optimization – Evolve analysis and reporting, adapt implementation, and develop new dashboards as business changes and matures.
In one of the recent implementations of a SAAS based BI tool, our consultants implemented the tool at a cost which was 50% less than the other proposal that the client had. We have enough experience & exclusive partnerships with some of the most reputed BI tools which gives us edge in the market.