Home » Blog » Why Would a CFO Need a BI System?

Why Would a CFO Need a BI System?

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

Let’s consider the main advantages of a BI system and CFO dashboard in greater detail:

CFO DASHBOARD 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 ineffecient. 

A BI system helps automate the reporting: customize the algorithm for data processing and then use it continuously 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 the CFO 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 the CFO 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 or 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

More articles and cases

Accounts receivable dashboard: Keep an eye on them!

27 Oct 2021

Accounts receivable dashboard: Keep an eye on them!

When you ship your productcs, do you defer payment? Do you sell to any major chains? Are you sure they’ve paid for everything or do yo ...

Read More
Power BI Dashboard vs Report

29 Aug 2022

Power BI Dashboard vs Report

If you manage the company or department, branch etc. you have faced some reports in your life. But what about dashboards? Have you seen thes ...

Read More
The future of data & business analytics

06 Jan 2021

The future of data & business analytics

What is the future of business analytics you may ask? To start with, data analytics and business intelligence hasn’t yet reached its f ...

Read More

KEY FIGURES OF THE COMPANY

457

dashboards created in 2022

145

years of IT experience among employees

15

employees in the company

215K

USD saved by our client within a month of BI project
starting