Four Ways Organizations can Successfully Gain Value and Insights from Data

In today's dynamic, fast-changing global economy, it is no longer a choice to provide information systems that provide insightful and actionable analytics but are essential to long-term survival and prosperity.

Fremont, CA: Finance's digital transformation has been ongoing for many years. Automating manual activities and procedures using digital technology has allowed finance to move its emphasis from back-office processing and historical results reporting to forward-looking business forecasting and analysis.

Here are four ways organizations can obtaining value and insights from data:

Turn Signals and Trends in Data into Actionable Insights

The right analytical infrastructure and talent are needed to support successful and cohesive reporting and planning processes, which can be enhanced with operational data. In today's dynamic, fast-changing global economy, it is no longer a choice to provide information systems that provide insightful and actionable analytics but are essential to long-term survival and prosperity.

Information Systems Strategy is Often Forgotten

Many finance companies are trying to keep pace with the proliferation of emerging technology available in the industry. This includes solutions for cloud-based ERP and corporate performance management (CPM), advanced analytics, automation of robotic processes (RPA), predictive analysis, artificial intelligence (AI), machine learning (ML), and more. Although these innovations can be beneficial, companies need a holistic approach for information systems to succeed. But most are far from accomplishing that.

Operational Data Is Often Ignored

Data from the Purchase to Pay (P2P) and Quote to Cash (Q2C) processes are considered to be transactional and largely overlooked, with a lot of emphasis on the Record to Report (R2R) process for generating financial results and the Budgeting, Planning, and Forecasting (BPF) process. Properly leveraged, these processes can provide useful telemetry and consumer behavior and supplier performance signals that can reveal key opportunities or risks to the organization.

Seeing the Bigger Picture

By unifying their previously fragmented R2R and BPF processes to create a consistent version of the facts for actual financial performance, budgets, and predictions, forward-thinking companies are strengthening their analytical insights. To gain more actionable insights into their sector, some have gone further and are combining operational data from CRM, HCM, ERP, and other sources with their financial data. This also begins with developing periodic views of clients, goods, places, networks, and other aspects of their organization on sales and profitability.