Provide users with real-time data with data visualization
The digitalization of companies impacts the finance function. The question of data availability is a major issue for companies. Indeed, decisions must be informed by reliable and updated information in real time. Data visualization allows you to effectively fight against the fragmentation of information in different departments and subsidiaries of the company and to cross-reference data between them. It is now a tool for governance.
Strategy FINANCE
Generate dynamic dashboards and charts with data visualization
The large volume of data to be processed in the various departments is sometimes a source of errors and inaccuracies. Data visualization tools offer real-time data and allow for more refined analysis and visualization of trends and developments:
- Correctly fed with information, they generate user-friendly and dynamic dashboards and graphs, adapted to the expectations of internal customers.
- They provide access to the status of a situation at a given moment. Thus, deviations from forecasts and objectives are immediately visible;
- By using filters, the finance department analysts can isolate the data that interests them, in particular by making a selection by subsidiaries, products, sectors of activity, etc.
The media published through data visualization make complex data accessible by using graphic and visual tools that facilitate understanding and refocus attention on the essential information. This way, any unusual trends can be quickly identified.
Data visualization allows you to offer comprehensive reports, composed of granular information
The edition of numerous reports for the management of a company is a tedious and time-consuming task, between the exploitation of Excel tables or the realization of PowerPoint presentations with dynamic graphics.
With the automation of budgetary procedures, data visualization tools considerably facilitate the production of intuitive reports that can be easily used by management teams. They call into question the traditional form of reporting since operational departments (purchasing, sales, etc.) have real-time information at their disposal that highlights changes in demand and the state of the market.
The reports provide granular information on the company’s financial resource planning, customer relationship management, order volume or market development. Data visualization is therefore an important part of decision making and governance.
It is also a relevant tool when it comes to monitoring the performance of a particular entity (division, subsidiary, country, etc.). The isolated results allow for adjustments and precise optimization scenarios, dedicated to an entity.
Finally, data visualization can often be used to identify potential threats and is an essential tool for risk prevention and management.
Seamlessly combine information from multiple data sources
Through an analytical approach, data visualization offers remarkable capacities for dynamic information crossing.
On a single screen, operational managers have a precise and easy-to-access dashboard linking the initial objectives, the actions taken to achieve them and the results actually recorded.
A powerful and agile data visualization tool is able to access different databases and import a large number of files. The large volume of data collected does not affect performance. This is why such a tool is a way to speed up and simplify data processing considerably.
By combining multiple sources of data, it is able to derive clear information that will guide future decisions.
The combination and comparison of data also has the advantage of allowing the rapid identification of any anomalies. Investing in a data visualization tool has become essential for companies today. In order to exploit the full potential of data visualization, the CFO will have to democratize access to data. All the actors concerned will thus be able to benefit from reliable and updated information in real time. However, it will ensure that each of the managers has access only to the data that are useful to him.
Otherwise, the information flows risk becoming uncontrolled and uncontrollable. When necessary, the CFO will enlist the help of computer analysts and executives chosen for their level of expertise in the field of finance.
Our Sqorus BI & Analytics experts will work with you to develop management tools adapted to your business challenges, from the choice of the solution to the development of reports.
Sqorus supports its key account clients in the digitalization of their finance functions. With a functional and technical expertise of the main solutions of the market dedicated to the finance business, we implement and accompany our customers in all phases of their projects. Thanks to consultants certified on solutions such as Oracle, Netsuite, PeopleSoft, Kyriba or Axway, Sqorus is the preferred integrator of financial solutions on the market.
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"DIGITAL TRANSFORMATION OF THE FINANCE FUNCTION, WHERE DO YOU STAND?"
Also read on the topic of digital transformation of finance functions:
- What is the role of the finance department today?
- 5 obstacles to the digital transformation of finance functions
- The finance function, an actor of change in the digital transformation of the company
- Predictive analytics to unlock value and detect growth opportunities
- Better managing talent to overcome the obstacles to digital transformation in the finance function
- Improve financial processes with automation and RPA
- Provide users with real-time data with data visualization
- Advanced financial analysis to improve decision support
- Identify the business processes in the finance function that would benefit most from digitization
- Security at the heart of the company's financial transformation
- From a Finance IS to a Finance Data System