WHY WOULD A CFO NEED A BI SYSTEM?

Does a financial specialist need it, and what specific tasks does a CFO solve with the aid of interactive reporting?

Let’s consider the main advantages of a BI system implementation in greater detail:

IT SAVES WORK TIME

For analysts and financial specialists, routine data collection and report summarizing take up the greater part of their working day. Quite often, the CFO joins the process too. This is boring, time-consuming, and ineffective. 

A BI system helps automate the reporting: customize the algorithm for data processing and then use it an infinite number of times in the automatic update mode. 

FACILITATES COMMUNICATION WITH THE OWNER

An experienced financial expert can “read” the reporting tables easily enough, and sometimes can even see the errors even without data recalculation. The difficulties begin when they need to “defend” the numbers on the board before the CEO and the owner. They aren’t always willing to make sense of the intimidating looking tables with huge amounts of data.

The data on a dashboard is illustrative and comprehensible even for someone who isn’t a financial specialist. In addition to the graphs and diagrams, you can also display visual hints showing which conclusions they should pay attention to.

IT PROVIDES MAXIMUM DETAIL

Despite all the complexity and length of the reporting process, the data we get in Excel can only be as deep as the second level of detail. To go deeper into any one of the indicators, one would have to download the data and summarize the report again. It’s an infinitely complicated and routine process. 

On a dashboard, you can “fall through” to the transactions, a bank statement, or any primary document. The instrument allows you to “see” and analyze the data for all the systems simultaneously.

IT SHOWS WHERE THE PROBLEM IS

In Excel and in accounting systems, it takes a lot of hard work to find the necessary indicators, and especially to compare different periods. It isn’t easy to make sense of the mile-long tables, and they aren’t illustrative for the company’s top management and for the business owner. 

In business, every delay in making decisions and in finding failures in operations costs a pretty penny. 

Interactive reporting is about graphs and diagrams that can show you at once where the problem is. 

POWER BI FOR CFO CONSOLIDATES THE DATA AND MINIMIZES THE ERRORS

Large business executives cannot get a full view due to the great number of IТ systems and poor integration between them. ERP, CRM systems, Excel, OLAP cubes and others allow you to accumulate huge arrays of data but do not let you analyze them and turn them into an instrument for decision-making. A BI system makes that possible.

If you are a CFO, contact us

Cobit Solutions automates and consolidates reports,

will help your analysts free up their time 

and direct their resources toward the strategic issues and forecasting. 

GET COMPANY MANAGEMENT DASHBOARD

Cobit Solutions

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KEY FIGURES OF THE COMPANY

457

dashboards we created in 2021

78

years of experience in IT among employees

10

person of employees in the company

215K

USD saved by our client within a month after BI project
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