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5 tips your finance team needs to know

5 tips your finance team needs to know

Finance is on a revolutionary path – blasting away the old ways of slow, retrospective, narrowly focused reporting and blazing a new trail as an agile, forward-thinking team that impacts the organisation’s bottom line! 

 

Let’s explore 5 tips to support them on their journey to new heights.

 

1. Automation is a must

 

Workflow automation can significantly speed up the financial reporting process. Without automation, finance teams can get lost in the overwhelming barrage of data. 

 

Vizlib Collaboration enables finance teams to streamline approval cycles, for instance, keep the decision making agile all while staying in Qlik Sense. 

 

In the near future, more organisations will be looking to cloud solutions for streamlining workflows. Cloud computing also provides greater access and faster analysis times.

 

2. More remote workers

 

Finance teams, like the majority of employees, will become more remote-based. In a recent PWC survey, “54% of CFOs plan to make remote work a permanent option.”

 

Together with supplying workers with the right technology, CFOs also need to ensure teams work well together remotely and are able to collaborate smoothly. Teamwork is definitely the name of the game and provides an all-important sense of unity among colleagues – who may be spread across cities or even continents!

 

Finance need solutions that support smooth data conversations. With Vizlib Collaboration, finance reams can share contextualised data insights within their Qlik Sense apps and tag team members to get their questions answered quickly.

 

Taking the hassle out of collaboration with Vizlib Teamwork, part of Vizlib Collaboration

vizlib teamwork mentions new image

3. Upskilling and reskilling the finance team

 

The role of finance is transforming fast. And the team must be ready to meet rapidly changing expectations from the business post-Covid, such as performing business planning. The growing demand for new skill-sets within their team could even include technical skills such as programming, coding and data analytics.

 

 Intuitive analytics solutions are essential to bridge the skills gap and boost data literacy across the team. 

 

4. On-demand reporting

 

Delivering insights in an on-demand environment requires on-demand reporting. For this to work, everyone on the finance team needs access to data.

 

Easy to use ad hoc reporting tools, such as Vizlib Self-Service, enable users to customise how they ask and answer business questions – supporting on-the-go analysis and reporting. 

 

In the future, reporting will also become easier, supported by more AI and Machine Learning. And these solutions that simplify the journey to insights are of great benefit to the team and the whole business. 

 

5. Intuitive data analytics 

 

The finance function needs analytics solutions that are easy to use to ensure the greatest user adoption and maximise business value. Since many people are visual learners, visual analytics or data visualisation solutions help simplify data analysis for all members of the team.

 

And when it comes to advanced analytics, these solutions shouldn’t require the help of highly technical specialists.

 

With Vizlib, users of all skill levels can comfortably slice and dice data. Vizlib’s advanced analytics, part of Vizlib Library, are intuitive and simplify complex analysis.  

 

👀 You can read more about empowering your team in our Finance whitepaper: Creating a future-fit finance department.

Access now