Modern analytics solutions can be directly applied to company financials, allowing finance teams to track traditional metrics, and predict insights. Insights predicting help finance teams predict future rates of renewal, churn, and expansion as well as generate forecasts.
These new platforms can do so much more than just traditional spreadsheets, with embedded business intelligence and AI technologies that allow us to have a greater depth of insight., Einstein Analytics, provide the data at a row or transaction level rather than aggregating it or summarizing it. Which means that financial professionals do not have to search for the data but can immediately use it as it is already a few clicks away and linked to financial reporting. Saving time like this will increase business efficiency.
Further step for finance experts is to turn accumulated data into visual depictions so that it can be easily shared and interpreted by those across the company who need it. Traditionally, through spreadsheets, it is either bar graph or pie chart. Even though they are useful, the heat maps, scatter plots, or bubble charts and even more modern tools can create are able to highlight data in a more eye-catching way. These new visualizations will also remove the difficulty caused by spreadsheets where one graph is dynamically related to another, these minor changes cause chaos. Hence using these new systems has the potential to eliminate a lot of time-consuming data manipulation.
As remote working is becoming increasingly adaptable, especially in the current global climate where entire workforces are working from home because of COVID-19, more convenient, collaboration enabled reporting tools to have never been so vital. One of the issues to highlight when using spreadsheets is that they create version control issues, where multiple versions of the spreadsheet are sent across the organization making it inconvenient to keep track of the changes. Switching from using spreadsheets and using Einstein Analytics instead will make it easier for people to share data remotely.
Professional Services organizations need to understand available resources and skillsets for upcoming projects. A single cloud platform solution help in everyone getting a clear and accurate view into those needs along with project backlog, so project managers can plan staffing appropriately.
In fact, a single platform can automate many steps in the project execution process and empower the organization to harness all the information captured during the order management project setup step. Once the order has been completed, the system confirms staff and skills, so the resource manager can immediately determine whether the necessary staff is in-house or needs to be hired.
It is still important for analysing performance, but it cannot be the sole basis for current action. Today, financial leaders must recognize financial analysis needs to consider predicted future outcomes and forecasting to allow for effective decisions to be made in real-time.