All too often, finance departments face the same challenges
at the end of every reporting period—whether it’s monthend,
quarter-end, or year-end. The department must prepare
financial reports and statements such as balance sheets,
cash flow statements, income statements, and increasingly,
management reports, as well as provide information about key
performance indicators. On top of that, many managers seek
specific information about their product line, region, division,
or a myriad of data points throughout an organization. The
more information required, the longer these tasks become.
Fortunately, a new age of analyzing data has come to the
forefront—not necessarily due to new concepts, but because of
the availability of powerful tools in today’s market. Analysis can
now fall in the hands of each user instead of relying on a technical
genius or a financial guru to come up with fancy integration and
complex formula management. In today’s marketplace, many
tools are available to analyze data on the fly. For example, solutions
that contain an OLAP database lend themselves to natural rollups
by product, division, sales person, or however selected. Data
can be sorted or grouped in a manner that makes sense.
Many companies, unfortunately, spend too much time just
preparing the reports. To be competitive in the market, companies
need to move beyond simply reporting; they need to analyze
the data in the reports and adjust their tactics based on the
results. Use these tools to move beyond reporting and spend
more time on the analysis of your key performance indicators.
This white paper offers insightful information about such a process.
It is presented in eight steps and touches on tools available in the
market that will help all departments get key information from their
data. If you follow these steps, spreading analysis throughout the
company will ultimately make your business more competitive.