- Power BI saves the CFO and the team hours of work ;
- Consolidates data from delinked systems and minimizes errors associated with adding numbers by hand;
- Details each indicator up to its primary documentation;
- Can locate the problem even before it escalated;
- Builds communication with the CEO and the owner in terms that they can understand;
- Enhances their status in the company and helps them make strategic decisions.
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.
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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.
- You might also be interested in the article by the owner of Cobit Solutions WHY DOES MY COMPANY NEED BUSINESS INTELLIGENCE?
- Read more on real cases of BI system implementation in different industries on our BLOG
- BI solutions FOR SMALL BUSINESS
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.
