Financial Insights – Why Is It Important?
In today’s tech world, business expense management information is one of the key factors that enable C-level executives to make better decisions, take action, and correct problems before they affect the company’s financial health.
Achieving better business performance requires more than just improving financial process efficiency or better financial structure. Rather, it requires improving effectiveness by leveraging advanced analytics that integrate data across the organization and by providing financial statements to the people who can impact business performance.
To fully understand the factors driving the business requires timely detailed financial reporting combined with the data from across the company value chain – human resources, supply chain, customer relationship management (CRM) and financial management systems— and turning it into integrated and actionable insights.
However, most organizations struggle to obtain timely and relevant financial data from their enterprise systems. The reasons are twofold:
- There is the explosion in both the volume and complexity of enterprise data, which is often fragmented across many disparate systems and departments.
- The traditional business intelligence systems used by many organizations cannot provide the timely insight needed nor deliver it to large numbers of front-line users where it has the greatest effect and also require considerable development effort, take too long to deploy, and involve significant cost and risk.
Financial Data is the raw and unprocessed facts that are usually in the form of numbers and can be quantitative or qualitative. Data primarily exists in computer-friendly formats and mostly lives in databases and spreadsheets. Business expense reports are structured and prepared data that has been processed, aggregated and organized into a more human-friendly format that provides more context. Financial information is often delivered in the form of data visualizations, reports and dashboards. Financial insights are generated by analyzing information and drawing conclusions. financial data and information set the stage for the discovery of insights that can then influence decisions and drive change.
Through the implementation of technology, finance leaders are able to make better data-driven decisions by tracking business expenses with the help of financial process automation tool that better manages, control and analyze cash flow forecast, capture data, streamline processes, gain improved control over costs and risk, and ensure compliance. These are hard-earned insights and are as actionable as possible so they’re primed to drive value for your organization.
Finly’s proprietary software collects rich data from various business functions and collates into one single dataset and enables better financial insights into the general ledger, tracking travel expenses, allows other functional units to understand product or customer profitability, provides visibility into budgeting and forecasting, and highlights how business costs and employee or procure to pay correlate with increased revenue. All of this can be achieved by integrating various business systems such as SAP, Tally, & Microsoft ERP that manages business spend data.