Most organizations are in a state of perpetual motion, and their finance operations reflect that. With business constantly changing, the most successful enterprises are those with finance teams that can quickly respond to change and seize new opportunities.
For those reasons, many finance teams spend too much time collecting, adjusting, and reconciling data rather than analyzing it and serving as the true business partners their organizations need. Such difficult-to-use technology can leave these teams frustrated, and with limited insights and missed growth opportunities.
• 73% of finance teams compile company data manually or run their forecasts and scenario planning offline, according to Deloitte Insights. An agile purpose-built planning and consolidation platform can help finance teams streamline financial reporting and company-wide planning. With a more reliable data foundation and automated data management, this technology can ensure more accurate and efficient financial close and planning cycles.
After one company transitioned from legacy systems to a unified, accessible data platform, its finance team reported a 400% increase in available time to apply to strategic work—compared with its previous system of manual data collection using siloed legacy technology for forecasting and scenario planning.
Because these are cloud-based tools, they’re continuously updated with the latest innovations and can access powerful artificial intelligence and machine learning tools for predictive forecasting based on models incorporating broader data sets from outside the organization.