The evolution of business intelligence into functional operations has enabled tremendous advancement of finance analytics and improved ways of working. Technological enablement has allowed financial data processing and evaluation to be simplified as dashboards.
Finance Analytics is primarily utilised to increase overall efficiency and productivity from the complexity of finance processes by creating data-visualisation dashboards. Using finance analytical tools, like Power BI, datasets across software services are connected with the aid of Artificial Intelligence (AI) and transformed into coherent data, engaging visuals and customisable insights. This allows the data to be more comprehensive and presented in a friendlier interface.
BENEFITS OF FINANCE ANALYTICAL TOOLS
Comprehensive and Organised Data
Specifically for financial data, with an endless pool of numbers and information connected to each other, it is important to establish dashboards which are organised and detailed for analytical evaluation purposes. Having an organised database allows financial data to be easily segmented for its users. For example, in auditing and reporting. These dashboards are tuned to read data stored in the cloud and any other software integrated into the system. This integration of various data sources allows for a more comprehensive analytics to be performed towards effective decision making.
Single Source of Data
Adding to the list of benefits, finance analytical dashboards are agile and designed to adapt to growing businesses and cross functional roles. The interconnectivity enables data to be pulled from one or more sources and stored in datasets for off-line analysis. This increases efficiency in analysing information more extensively throughout an organisation. If needed, a direct query can be raised and data can be pulled in real-time to provide updated and transparent information from a single source of truth.
User Friendly Interface
Data visualisation facilitates finance analytics in business decisions. These analytical tools showcases various levels of comparative graphs, charts and models. Additionally, dashboards are setup with various filter options for customisable outputs and display preferences. Not only that, automation can be setup for data refresh, as well as, report publishing. This way, users can get the most recent data while also customising the information for different users.