The Ledger
Curated content foranalytical business leaders
Robust Financial Analytics Are the Key to Business Visibility
July 15, 2019
When it comes to obtaining actionable analytics, the best thing a business can do is drastically decrease their use of spreadsheets. While spreadsheets can still be helpful in a tactical capacity, they should no longer represent a view of reality that is relied on for business visibility. Instead, businesses should invest in a centralized platform that enables a single source of financial performance truth. A fully-integrated tool that provides robust financial analytics enterprise-wide is crucial for any modern organization to make faster and more informed decisions that enhance their customer’s experiences and drive business performance. A single source of trusted financial data also supports critical processes that modern businesses need to remain competitive like budgeting, forecasting, and predictive analytics.
Read More at The Digitalist by SAP >
How To Stop Manual Processes From Draining Your Profits
July 11, 2019
Organizations look to finance leaders to support strategic initiatives by providing actionable information about the business. Ultimately, they can only be successful business partners when reliable financial data is available and when compliance is consistently achieved. When accounting and finance teams rely on manual processes, they struggle to focus on higher-risk areas and analyze trends – especially at peak times during the month. A 2016 Institute of Management Accountants (IMA) study found that 61% of finance teams still rely on spreadsheets for business analytics. As a result, companies have limited real-time data, and little time (if any) is left for analytics that can help identify errors or required adjustments. In today’s world of finance innovation and rapid advancements, businesses that continue to rely mainly on spreadsheets and manual business processes will not be in the race much longer. Digitizing and automating these processes will not only reduce costs and increase efficiencies; it will also free up valuable employees to perform more strategic tasks.
Read More at The Digitalist by SAP >
The Art of War: How Successful Manufacturers Arm Their Business with Analytics
July 10, 2019
Similar to martial arts, business success is all about perspective. Instead of focusing on the capabilities their organization lacks, business leaders should understand what they can do with what they have. First, they must find the tools that best-fit their business. Smart leaders arm their company with analytics and machine learning that provide critical insights that protect their margins and business. Martial arts and an analytics platform share the common thread of awareness. This allows business leaders to not only report on what is happening, but also predict what is likely to happen and plan accordingly. This prevents rash decisions that will negatively impact the business. Modern analytics platforms enable businesses to respond rather than react to anything that comes their way.
“Quick-Fix” Cost Management Is Risky Business
July 9, 2019
In financially unclear times, it is easy for businesses to attempt cost cutting methods that are risky, impulsive and have major potential to reduce capabilities necessary to fuel digital transformation. Instead, companies must consider value and risk when making cost-management decisions, taking a cost optimization approach that aims to deliver long-term value and immediate spend efficiency. Cost optimization often starts as an exercise in cost reduction, and cost pressures endure. When business leaders make uninformed cost management decisions, the business impacts can be negative, and sometimes difficult to recover from.
Read More at Smarter with Gartner >
