Executives need analytics for FP&A to make crucial decisions in a competitive market, but current tools are not tailored for decision-makers and instead cater to accountants.
There are several systems available to collect data on different aspects of a company including revenue, expenses, forecasting, treasury, risk management, operations, headcount and procurement. However, analyzing this data can be a lengthy process taking several days or even weeks. Public companies also need to comply with regulations which may cause them to overlook some analysis due to the overwhelming volume of data they have to handle.
Traditional tools fall short in fulfilling analytic needs as they offer limited capabilities. Packaged applications have a narrow scope and eventually become obsolete. Reporting tools merely extract and present data, whereas statistical tools require advanced skills and remain unused. Consequently, a gap is created in addressing
...critical analytic needs. The solution is an effective analytic tool that efficiently provides actionable insights that align with finance executives’ key objectives.
_x005F_x000C_ To gain insight into budgets and expenses, executives require immediate answers to important questions. These include a comparison of actual operating expenses against the budget, the total amount billed, paid, or still owed and whether expenses are running on target with original estimates. Traditional business intelligence tools do not provide a comprehensive solution. Executives need a financial analysis tool that allows for self-service discovery and eliminates the need to request IT to analyze data by region or division. By filling this gap, executives can gain quick visibility into both known and unknown factors.
It is necessary to bring together all important information onto a single screen with user-friendly and engaging visual aids. Doing so will give a
competitive advantage by quickly providing insights that can be acted upon. These insights should be immediately apparent and allow for further exploration into the details of the data.
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