20 April 2023
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Today, it’s more important than ever for businesses to stay on top of their Business Intelligence (BI) reporting to ensure financial data is always accurate and up-to-date.
A Deloitte survey found that 67% of professionals believe that the data in their financial statements is vital to “identifying effective ways to reduce costs and to eliminate potential losses to maintain profitability.”
Vizlib Finance can help businesses present real-time financial data in a visually compelling format, all within one central location. Read on to find out the top five benefits of Vizlib Finance for your business!
What is Vizlib Finance?
Vizlib Finance helps you take the stress out of financial reporting by delivering a single source of truth for your organisation’s cash flow. The platform allows all employees (who have been granted access rights) to view, analyse and comment on simple, accurate financial reports in real-time.
Vizlib enhances your reporting capabilities by providing custom visualisations to simplify data analysis and ensure all users can understand financial insights – enabling more informed decision-making.
What are the benefits of using Vizlib Finance?
1. Instant financial reporting in one place
The last thing you need when trying to improve profitability is having to read multiple reports – this wastes time, complicates the process and can provide mismatched or contrasting information.
Vizlib Finance improves operational efficiency by bringing data from multiple sources and putting them all in one place, simplifying financial management and preventing misinterpretations.
Moreover, Vizlib Finance uses Active Intelligence to ensure data is always up-to-date instead of relying exclusively on historical data from traditional BI methods. This state of continuous intelligence means users can see accurate information in real-time. Say goodbye to out-of-time decision-making – with Vizlib Finance, you can manage your finances in the moment.
2. Automation reduces errors and helps your finance team
Replace error-prone manual processes with automated ones to accurately keep on track of finances and improve productivity.
Inaccurate financial reporting can lead to bad decisions, falling stock prices, and disgruntled clients. Studies suggest that 85% of data is unstructured, meaning workflow automation is critical for a business to save time and minimise mistakes.
Using BI tools for automated reporting gives you the peace of mind that your financial information is updated 100% of the time, enabling more informed decisions.
What’s more, Vizlib Finance provides the same ‘spreadsheet experience’ finance teams are used to – only better. Sometimes referred to as ‘Excel in Qlik’, finance employees can feel comfortable using a tool which feels familiar.
Eliminating manual processes also enables your finance team to focus on other critical tasks and adaptive planning to improve cash flow.
3. Easy data exploration for all
Making important financial decisions requires all employees (not just the IT team and data analysts) to be able to read and understand financial data.
This means financial reports should be presented in a way that enables team members of all skill levels to draw actionable insights easily.
Vizlib Finance provides flexible data exploration for all – enabling users to easily read, filter and query data to find the information they seek.
The reporting options allow unrestricted granularity and data sizes and can search the history of finance data at speed across up to five dimension levels.
4. Encourages cross-team collaboration
Collaboration enhances financial reporting by allowing decision-makers to gain input and buy-in from their staff or stakeholders. Research has found that online collaboration tools and digital workplaces have increased productivity by up to 30%.
Vizlib Finance takes reporting and data analytics to the next level by enabling real-time commentary inside your reports – empowering users across the organisation to share insights, provide added context, and discuss their thoughts in one central location.
5. Create customised reports to fit your brand
Every organisation has its own unique requirements when it comes to managing its cash flow. Your BI strategy must meet your customers’ needs and suit your brand identity.
Vizlib Finance enables you to customise and present your data in a clear and visually compelling way that works for your brand.
Furthermore, the pre-designed ‘out-of-the-box’ templates will save your development team time and money while improving business operations by ensuring reports are easy to update and maintain.
Success story – Tectum Group
Tectum Group is a private construction and development company whose finance team greatly benefited from adding Vizlib Finance to their Qlik Sense environment.
Their finance team needed to be able to adjust data quickly for better data analysis and more informed decisions.
Their finance function features a large application that includes between 18 and 24 Qlik applications, and “thanks to Vizlib, those complex processes are now handled smoothly”, says Tectum Group’s Qlik Developer, Thomas Simaels.
In the past, Tectum Group had to send over 100 Excel spreadsheets by email, which was “chaotic.” However, using Vizlib and Qlik, the finance team can view everything in one application to quickly find insights or make changes, driving better operational efficiency. See the full success story here.
How you can get started with Vizlib Finance
Vizlib Finance is a ready-to-go solution for the Qlik Sense environment and is fully compatible with the entire Qlik Analytics platform. Vizlib Finance is enterprise-ready, with installation available via AWS, GCP, Azure or Qlik Sense Cloud.
To understand more about how Vizlib Finance works and to determine whether it’s right for your business, you can access a free trial for up to five users today. Start your free trial here.
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