Why should finance departments use business intelligence?
Finance departments are often early adopter of business intelligence.
Research has shown that almost three quarters of finance departments struggle to analyse and report on the data they collect. This is one of the reasons that finance professionals have been amongst the earliest adopters of business intelligence software.
In some organisations the finance function is seen only as a collection hub for data, used for historic reporting on past performance and producing annual reports. This traditional approach is changing as finance departments are taking a more proactive role, using data from a business intelligence dashboard to deliver insight throughout the business. Whether it’s charts showing supplier performance against service level agreements, or turnover and profit in real-time, the finance department has access to critical data that decision makers need.
Finance playing a key role
By working in partnership with managers in different areas of the organisation and analysing business analytics together, finance departments can play a key role in improving a business. Data from multiple areas flow into the finance department and when choosing a business intelligence application, it is critical that it can report against multiple sources. This will help create a holistic view of the business and one version of the truth, moving away from people relying on data from multiple standalone spreadsheets.
Drive internal efficiencies
As well as using the dashboard to deliver services to their clients, many Panintelligence customers are using it to drive efficiencies internally. The intuitive and easy to use dashboard and self-service approach allows users in each department to create charts as they require, focused on their area of the business. This gives them access to timely and relevant information which helps them make better informed decisions.
The dashboard reporting software includes several tools which make it easy to share information, such as emailing and printing charts, so that even if someone is not a dashboard user, or they are a mobile worker, they can still be kept up to date.