5 ways to reduce finance admin time with data analytics
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5 ways to reduce finance admin time with data analytics

Most professionals complain of spending too much time doing tactical and administration work and neglecting the value-add duties. In the finance team, there is growing interest from the rest of the organization to provide more business advice, so there is a pressing need to adopt digital tools to automate processes, so instead of number crunching it can focus more on strategic tasks. A significant challenge for the finance team is selecting the right financial data analytics software, which integrates ERP financial transactions and customer interactions and fulfils expectations.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, data analytics

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5 ways to reduce finance admin time with data analytics

Most professionals complain of spending too much time doing tactical and administration work and neglecting the value-add duties. In the finance team, there is growing interest from the rest of the organization to provide more business advice, so there is a pressing need to adopt digital tools to automate processes, so instead of number crunching it can focus more on strategic tasks. A significant challenge for the finance team is selecting the right financial data analytics software, which integrates ERP financial transactions and customer interactions and fulfils expectations.

Read more

Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, data analytics

BI strategy: Why the CFO needs to be involved?

are-you-a-data-driven-CFO

Chief Financial Officers (CFO) are the stewards of a company’s financial well-being. As leaders realize that shrewd financial management is necessary for sound decision-making, the CFO is crucial to the growth and success of a company. The role of the CFO has evolved across every aspect of a business primarily as a company becomes more data-driven and adopts a BI strategy. The finance team has always turned to data to answer its questions and with the power of a BI toolkit, it can be more strategic and maximize business performance.

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Topics: Job Role - Finance

4 ways dashboards provide more insight into financial performance

A dashboard is a tool that allows you to see at-a-glance the performance of your organization. The various widgets on a dashboard are often charts or gauges which help explain complex information. A new financial statement solution backed by the power of a data analytics toolkit is changing the way finance teams carry out month-end reporting and the built-in dashboards  provide more dynamic insight into financial outcomes.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, business intelligence dashboards

Improve interdepartmental communication with dynamic financial reporting

Departmentalization has its benefits — department members can align their skillsets, concentrate on specific tasks and become experts within the company. But to tackle the multifaceted challenges that modern businesses face, to be successful these departments need to work together and coordinate their approach

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, Dynamic reporting, business intelligence dashboards, data visualizations

How to upload budgets into Phocas ready for FY21

how-to-upload-budgets-in-Phocas-for-FY20

A budget is a financial plan for a defined period, normally a year, can be a quarter or month. It greatly enhances the success of any undertaking. As the saying goes, "if you fail to plan then plan to fail." Budgets are an integral part of running any business efficiently and effectively. Aside from assigning resources, a budget can also aid in setting goals, measuring outcomes and planning for contingencies.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Sales

Mobile BI dashboards help ICU Medical change decision-making process

ICU Medical is a leading global medical devices and accessories company selling medical devices for oncology, vascular therapy and critical care. The company has thousands of products in its portfolio so turned to industry-specific business intelligence software to track its business performance. Creating mobile BI dashboards has significantly changed the way ICU do business because now everyone has access to accurate real-time data; decision-making is the responsibility of all.

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Topics: Case Study, Job Role - Finance, decision-making, Dynamic reporting, business intelligence dashboards, data visualizations

Dynamic vs static financial reporting:key differences

Managers can no longer afford to wait for weekly or monthly financial reports to review business performance; they need to make decisions immediately. Despite this, many businesses are still reporting financial statements in the traditional way — as static PDFs circulated amongst a small group of people. If a stakeholder has any questions about the figures, finding more information from a static report can be difficult as the answers often lie in the data behind the numbers. Worse; a static report only captures the status of the business at the time it was created. So, even the data available through static reporting is limited in its utility to strategize and make decisions.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, business intelligence dashboards

New finance solution to drive digital transformation

Everyone in accounting has a specific role geared to deliver accurate numbers each month. Many finance teams with multiple entities and divisions can spend up to 40% of their time gathering data to prepare these static reports, rather than analyzing the data. A finance solution created by Phocas to enable a speedy digital transformation to dynamic, interactive reporting, is now available. Backed by the power of a data analytics toolkit,  finance teams can now deliver more business insight and empower others to use the right data to measure business performance.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, data analytics

How data-driven decision-making can help businesses rebound faster

According to research conducted by McKinsey before covid-19 hit, 92% of companies thought their business models would need to change in order to remain economically viable given their industry’s rate of digitization. Now, the pandemic has underscored that need, especially for businesses lacking the capabilities that have shown to be particularly robust during the lockdown, such as access to timely data or an online sales model. Leaders are now thinking strategically about ways to better use technology and data to proactively enable data-driven decision-making across all aspects of their operations to rebound successfully. 

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Topics: Job Role - Finance, Job Role - IT, Job Role - Executive, decision-making, data analytics

How the finance team uses analytics to automate reporting

To monitor the performance of its business, Whiting Holdings, an Australian steel distributor, consolidated all its financial, sales and inventory data into one platform. By harnessing technology and implementing data analytics, the finance team automates its month end and statutory reporting which helps get to the source of the data faster and make clear decisions.

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Topics: Case Study, Job Role - Finance, Dynamic reporting, data analytics, data visualizations, Inventory Management

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