What changes can I make to optimize my organization for the new budget?
Which of our business units are most profitable and why?
Would our organization be better off with European interest rates?
These are all important questions, but how do you get the right answers? Simple. Use your internal finance data, but not in a silo. Think bigger by combining it with data from other departments, with data from external sources, and then analyze the cocktail of results to discover new insights.
The sheer amount of finance information available can be overwhelming. Finance data itself comes in myriad different forms: management accounts, P&L, financial forecasts, incoming revenues, payroll, and audits. The list is endless. The value of data lies in knowing what information to start with, what the most relevant forms of data are to help make the most informed decisions, and how to integrate that data with other sources of information for optimized results.
By combining finance data with other forms of internal and external data such as interest rates, foreign currency, federal and state laws, credit scores, etc., departments throughout your organization can generate powerful answers. New insight will enable you to propel growth, make the right investments, increase profitability, remain compliant and prevent fraud.
Your organization lives or dies by the numbers. Without the right data, decisions about today and the future such as strategic investments simply can’t happen.
With the right data, finance teams can spot the places where money leaks out and discover exciting new revenue opportunities.
The same data, connected to external sources, can be used by marketing teams to calculate when to run promotions, what discounts to apply, and how much to spend on campaigns. It’s also valuable to procurement in terms of knowing how much to buy and where to buy in order to support ever changing operations. And it’s valuable to operations to support timely investments in new manufacturing equipment.
Take a look at our infographic below to see how your finance data could be integrated with other sources of internal and external data to aid superior decision-making.
To get you started, we’d like to share how we see and map out the value of finance data. This unique research showcases some of the insights you can create by accessing, connecting and sharing financial analytics, for example, across your organization. It maps out what business objectives can be achieved – so you know exactly where to focus your efforts in order to deliver true business value, in real time, not weeks.
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So, without delay, start making your data roar by downloading our white paper.