Compare Phocas to other financial and BI tools

How will this tool help your business? At a fundamental level, good FP&A software should allow your team to set and track goals, create dashboards and generate  reports. But how does the software assist your team in streamlining work, or arriving at important insights quicker?

The overhead required to onboard new software should not be taken lightly. Particularly with software which needs to be used at the heart of decision making across the business. Key to the most successful implementations of FP&A software is the ability for a variety of users across the business to adopt and support their own reporting and analysis needs.

Good support from the vendor can make a big difference in terms of getting the most out of your analytics platform and ensuring that any issues are quickly resolved. Also think about the different ways in which your team might like to learn. Is there documentation? Video tutorials? Are they easy to contact for help?

Not least important is price. The cost of integrated BI software should consider the time, and implementation as well as ongoing subscription costs. The costs should be weighed against the productivity gains as with any software consideration.

The platform should be able to integrate with a wide variety of other software and data sources. Otherwise, you’ll still end up with data stuck in silos. It’s also essential that your integration plan is well laid out to ensure you retain data integrity. You will want to find a vendor who not only has great software, but a great team with proven experience in successful implementations.

Lastly, you always want to do a bit of detective work to see what others say about a platform. So find as many points of reference until you feel comfortable taking that next step.

If you’d like to read the full BARC BI survey report for 2023, you can download that here.