Last week I highlighted how some finance organisations are embracing the analytics and machine learning technology today to become SMARTER.
Today I would like talk about how embracing Cloud technology can help you work FASTER.
To achieve the next level of performance you need to address your current analytical processes to make them faster and more efficient.
We all know finance is pressured to deliver more to the business with shrinking deadlines. Are you generating report after report, but not really knowing why? Are you just meeting deadlines, but with huge undue stress? We know decision cycles are shrinking so you need your analytical processes to be faster without compromising quality and integrity of the insight.
Faster finance can beat deadlines by eliminating spreadsheets and thereby eliminating a lot of the risk and mundane tasks that are associated with them. Looking at moving Excel models to a multidimensional modelling tool can realise massive efficiency gains for finance.
First of all, it ensures accuracy and trust in numbers as everyone is working off the same assumptions and numbers – one record of the truth. But even more important is that finance can now work faster. Finance can remodel and evaluate more scenarios, run richer analysis and also engage in more informed and deeper dialogue with operations.
If we address just FP&A, they can have massive gains by using cloud based predictive modelling and multidimensional technology. They can quickly build planning models with no training and immediately start testing different operational and economic scenarios without impacting anyone else. Run multiple “what if” scenarios and then perform rich analysis, slice and dice and also automate variance analysis.
This technology is no longer prohibitively expensive, nor do you need specialist skills to get value from it. Cloud makes this possible through a low cost, easy to use, flexible and highly scalable platform.
By embracing cloud-based technology, Extreme Finance organisations can be FASTER and:
- Model more scenarios because your team isn’t maintaining macros and updating spreadsheets.
- Automate variance analysis through Natural Language Generation (NLG)
- Finally – expand at your own pace without the overhead of maintaining IT infrastructure or software.
Join me next week in my fourth and final edition of this Extreme Finance blog series to discover how an Extreme Finance organisation's decision making process is RICHER.