The days of graphs and PowerPoint presentations are long gone for CFOs. You no longer need to create reports that take hours of analysis and explaining for your stakeholders to understand. Although spreadsheets and financial reports have been the backbone of your profession for many years, it’s time to move on. Capturing financial data monthly, as has been done historically, versus on-demand, which is possible with Business Intelligence, will transform a CFO’s ability to forecast. Business Intelligence gives CFOs the uncanny ability to predict the future and share that forecast it in an effective way. If you’re ready to establish your company as an industry leader, you’re ready for Business Intelligence.
Data is more readily available today than it ever has been in the past, which demands a new kind of sophisticated tool to make sense of it all so a business can drive forward. When a CFO becomes involved in Business Intelligence initiatives, the reporting goes to the next level with their ability to visualize inter-relational data groups, see the connections between KPIs, identify the potential for profit, and envision the future of the company from a strategic point of view.
As the forefront of cost-savings for an organization, a CFO is used to uncovering hidden costs and thinking strategically. Both of these strategies have ways to cut cost in the short term and sometimes in the long term as well. Thinking of the way these outputs align with the overall business goals takes a little creativity. Once a CFO begins leveraging technology, cost-savings opportunities are found with much more ease. A CFO is also able to rest assured knowing employees are being productive and focused on the right areas.
Business Intelligence reporting makes it easier to aggregate data from different business units in order to prove insights into your strategies. No longer will your data live in silos. This new-found flexibility means the CFO can isolate business units while reporting or looks at business units in different combinations so patterns are able to emerge, exploration is possible, and the future is a little less murky. The best part, this is all made visual and stays up-to-date. Dashboards for reporting can be customized when using Business Intelligence so you have exactly what you want to see at the click of a button.
As a CFO in today’s small business landscape, there is more responsibility and pressure than ever before. In order to maximize profitability and report positive results to the rest of the team, a tech approach must be taken. Business Intelligence is an absolute game changer for all departments bringing together once disparate data for a CFO to use. It’s time to stop wasting energy on spreadsheets, it’s time to become more efficient, it’s time to get up-to-the-minute information.