How organizations can find a way out of the ‘old Finance’ commodity trap
As the third decade of the 21st century approaches, the Finance office finds itself at a crossroads. It must choose between being the company record keepers or a driver of performance and growth for the entire business. The four pillars of Financial Intelligence 3.0 can help finance teams in their tranformation.
To allow their Finance teams to take this next step, organizations need to find a way out of the ‘old Finance’ commodity trap – that is expending unnecessary time, money and manpower on basic reporting functions and on simply “getting the numbers right”. Finance must become a financially intelligent function that can deliver insight and analysis, to truly add value to key C-suite decision-makers. We call this ‘financial intelligence 3.0.’
The four key pillars of financial intelligence
In this whitepaper, we look at what this actually means in practical terms, and offer the reader a step-by-step guide on how to get there. In doing so, we have mapped out the four key pillars of financial intelligence 3.0. and how they translate to smarter workflows for Finance and the wider business:
1. Routine robotization
We strongly believe that the first step toward a financially intelligent Finance function is replacing repetitive, manual workflows with more efficient, automated processes. In today’s fast-moving business climate, Finance teams must be given the right tools – tools that allow them to keep up with the rate of change by working directly alongside strategic decision makers, rather than one step behind. We delve deeper into this key pillar in our whitepaper.
2. Guided storytelling
Data only tells half the story. Rather than simply presenting the figures, the Finance office needs to be able to communicate the real meaning behind the numbers and to guide end users directly to the critical areas of insight. This is where Finance’s capacity for communication and narration becomes essential. Our whitepaper outlines how, through better tools and processes, the Finance team can make its voice heard as a trusted advisor to the C-suite.
3. Secure mobile governance
To be able to perform their role, Finance professionals need the security of knowing they can share their views and insights freely with the people that matter. Meanwhile, time-pressed executives need access to critical information on the fly, wherever they happen to be. Having full governance and control is therefore part of Finance’s core mission.
4. Q2 insight
To be able to drive performance and make difficult choices, today’s decision-makers need access to the full picture of business performance. Financial intelligence 3.0. is about merging different data flows – the quantitative and the qualitative – to provide end users with a complete, holistic level of insight.
Learn more about the key pillars of Financial Intelligence 3.0. in our white paper. Download it today and start making the journey toward achieving true financial intelligence.