Analytics in Finance – Where do YOU stand?

“We have always done it that way”. “Our situation is unique”. Sound familiar? Many people in finance don’t have the time to question the process they follow month in and month out. Usually, we would say finance is all about maximizing revenue and profitability, balancing cash flow and spend, monitoring risk, and return on investments. However, plans have changed, expectations have reset, and 2020 may have even exposed some issues that need to be addressed.

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One of the keys to success is the ability for organizations to be agile and respond quickly as needed. As a matter of fact, organizations that invested more in digital technology than their peers during the crisis were “twice as likely to report revenue growth than executives at other companies.” (IDG global IT Leaders Research Report, 2020). At the very least, flexible solutions and analytics processes driven by the latest technologies contribute to that needed agility. So where does your Finance organization stand? Have you already modernized your analytics? Does your organization have what it needs to thrive?

We have prepared a short self-assessment tool that allows you to evaluate and take a snapshot of how you use analytics in finance. This assessment should serve as an easy way to get started gathering the proper information and understanding where you stand. Let’s first answer some background questions…

WHEN is the right time to modernize?

Clearly, we are going to say “NOW” is the right time to evaluate and decide on a modernization path. We understand that some businesses may be back in a growth mode while others are still planning their journey. Whether you start to modernize immediately or wait for several more months, preparing yourself and evaluating how modernization can impact your business is worth doing right away.

WHAT financial analytic processes should you be looking to evaluate? 

The answer to this question depends on your role. As mentioned, the self-assessment helps you evaluate how your organization uses analytics in finance. We present questions to help you evaluate and score the financial processes which are most important based on the role you select.

Do you already perform Scenario Modeling? What innovation techniques would you say your finance organization employs? What is most important to you: revenue analytics, cost analytics, or full profitability reporting? Have you undertaken digital transformation or are you still balancing older on-prem systems? This assessment provides quick and easy follow-up information within the areas you might need to improve.

Figure 1: You get to select your series of questions based on your role in finance

 

WHY should you be evaluating your company?

It always helps to take a step back and consider all of your daily tasks. Are they easy and worthwhile or difficult and bureaucratic? Could they be more effective? We want to provide that opportunity and at the same time give you some questions you may not have considered. As you go through the short assessment you will be asked a series of six questions: from data onboarding and preparation to how you handle enterprise analytic reporting or monitoring business performance.

Figure 2: An example of the assessment question and visual.

HOW do you get started? By taking the Analytics for Finance self-assessment.

The assessment is here. The answers are in your hands. Have at it! Take the assessment as many times as you would like or for different roles. The questions will be different based on role, and suggestions for additional information are provided each time.

Figure 3: Links to additional information

With the information provided, we know you will uncover new ideas and help your organization move forward. It may be as simple as improving a process, or as eventful as modernizing your financial software. Please reach out if you need specific follow up and let us know in the comments how you like it!

Source: oracle.com