Today, more than ever before, data analytics and business intelligence play a critical role in the financial function of the modern enterprise. According to Simon Kirby – Director of SI Industry Solutions: Financial Services at Qlik, data weaves an intricate story that should guide the business in its operations – if only management knew how to read it.
To fortify finance and achieve success, four essential data management analytics functions must be implemented.
1. Choose the Right Solution
When selecting a business intelligence solution, one must consider how the data is stored, the effectiveness with which it is handled, and the accuracy with which it is analysed. Finance departments are hard pressed to ensure a constant and reliable stream of information to ensure their businesses are operating effectively. The solution must present an easy to use interface, with data being made available at the click of a button, anytime from anywhere.
2. Plan for Success
Financial planning is a critical role in any organisation. A good financial plan depends on the availability of real-time, full information. With this data at hand, businesses are empowered to budget, plan and forecast, driving the organisation in the direction of success.
3. Highlighting Inefficiencies
Every business’ purpose is to earn a profit. To be profitable, the business must attain success in three areas: increasing efficiencies, decreasing costs, and increasing profits. To increase efficiencies, inefficiencies must be eliminated. While informing sound decision making processes, data analytics is an excellent tool to bring inefficiencies to light. Data has the power to point management to areas where performance is lacking, driving the identification and solving of inefficiencies to improve the business.
4. A picture is Worth a Thousand Words
Data analysis has evolved in both its depth and its representation. Reading reams of written reports cannot match the effectiveness of a visual representation of data in reporting. Through the effective use of analytics visualisations, dashboards and applications, users can find real insight in their data. These visual representations must be intuitive, delivering illustrated insights that drive perceptive access to datasets.
The successful organisation uses effective data management and analysis to answer three significant questions. Is it possible to make more money? Is it possible to save more money? Where is the gap in operations that is preventing the business from answering the first two questions? Implementing the right data analytics solution ensures the ability to use data to answer these questions, drive real benefits and offer critical advantages in a powerful way.