7 May 2021
There are many things businesses need to prioritise, but most agree that successful financial reporting is near the top of the list. A business with efficient financial reporting can unlock a wealth of insights across the entire organisation. The role of finance in this process is critical but the responsibility shouldn’t solely rest on their shoulders.
The role of the finance team
For several years, there’s been an evolution in this team’s traditional roles and responsibilities but, recently it’s more of a seismic shift.
Not only have the expectations of the board changed dramatically – driven by the economic impact of the pandemic – but modernisation and digital transformation have also put pressure on finance teams to be forward-focused in their analysis rather than relying on reflective past performance.
As a result, finance teams are now contributing to broader functions such as business-scenario planning and stress-testing. However, to do this effectively, they need real-time data at hand. And the ability to model, visualise and translate insights into strategic plans. It can no longer be a hasty push at month-end, manually inputting Excel sheets to create reports – an approach that doesn’t cut it in today’s fast-paced, competitive market.
Visualising data helps to simplify finance metrics
Streamlining financial reporting
Businesses need to focus on streamlining financial reporting. Simple solutions that empower everyone on the team to create reports will help keep the insights flowing – speeding up the reporting process.
Reliable, real-time data is the essential component here. Data from across the enterprise needs to be accessible but, most importantly, trusted. If the data is full of errors, it will be costly to the business – inaccurate decisions, ineffective processes and an irreparable loss of value.
This is where writeback capabilities come in. Writeback is the ability to update databases, files, or source systems. It extends beyond the traditional read-only functionality to include the ability to create, update, and delete data.
By enabling data to be edited and updated directly in your apps, for instance, reduces the errors caused by manual input and eliminates spreadsheet risk. Vizlib’s writeback capabilities for Qlik Sense also integrate smoothly with business apps, help streamline workflows and keep the data analysis flowing – so the finance team can help close the analytics loop and bring data analytics into one platform.
Collective intelligence through collaboration
Collaboration plays a major part in effective financial reporting. Businesses have long struggled with different teams having disparate systems and data sources. Such siloed data makes it difficult to track, analyse and bring together findings into effective reports. Moving beyond this legacy approach is the first step to greater data accessibility – and smooth collaboration.
When teams have the right tools for streamlined collaboration, they can share insights easily, resulting in collective intelligence – uncovering insights faster and driving more business value.
They can also share data insights across the whole organisation. And this company-wide collaboration helps all teams to understand the value of data once it’s shared – not just the measurement of a single team’s performance.
With Vizlib Teamwork, everyone on the team can share insights easily
Agile solutions that support real-time data conversations, such as Vizlib Teamwork, help keep the data conversation flowing. Plus, it extends the data discussion to team members who are not necessarily data experts – promoting a culture of data literacy in the organisation.
With the right systems in place – bringing the processes and workflows to your analytics – finance teams can get ahead of the game in delivering accurate, real-time reports. Reporting that puts the business in a strong position for successful future planning and growth.
👉 To learn more, download our whitepaper: Creating a future-fit finance department.
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