When it comes to financial reporting, speed, agility and collaboration are key. Has the time come for the organizations to finally stop using generic business intelligence (BI) tools for these processes?
As the Finance remit evolves and becomes increasingly complex, Excel and other generic business intelligence software are holding back Finance teams, stopping them from delivering the value-added insight and analysis that today’s executive end users demand.
In this whitepaper, we address some of the major drawbacks of using non-specific BI tools for financial reporting and other essential Finance tasks, while considering the alternatives that are now available on the marketplace. The key issues we have identified include:
Generic Business Intelligence is not designed for Finance
To put it simply, generic BI tools are not designed to manage specific Finance tasks and processes, nor are they equipped to handle large volumes of financial and non-financial data flowing in from different sources. With spreadsheets, even the most basic tasks of number crunching and data management are rendered slow and inefficient, and left wide open to human error.
Producing financial and performance reports has become an intricate process, involving a number of different layers, a wide mix of data and different levels of quantitative and qualitative analysis. It means different team members, from across the business, working together in the right way to get the job done. Using incompatible tools for crucial elements of the reporting process – such as graphics and analysis – creates blockages and wastes valuable time and energy.
Poor EMP source system connections
Speed and efficiency are critical to financial reporting. However, the lack of compatibility between generic business intelligence tools and Enterprise Performance Management (EPM) source systems is a fatal drawback. Finance teams need control over sourcing their own data, and not left reliant on IT for these all-important feeds.
Of course, this is just the tip of the iceberg. In our white paper, we look at the wider issues organizations are experiencing with their financial reporting models, including problems around implementation and maintaining regulatory compliance.
Download our whitepaper “Why generic Business Intelligence is failing today’s CFOs” to better understand these problems and why it is such a big deal when it comes to financial reporting processes and output.