Thursday 23 September 2021
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How to Get the Most Out of Embedded Analytics To Help Your Finance Department

How to Get the Most Out of Embedded Analytics To Help Your Finance Department

Accounting and finance technologies have grown well beyond simple spreadsheets. Complex applications now enable finance departments to produce accurate financial analysis quickly. Advanced technologies, such as embedded analytics, helps companies integrate finance systems with operations systems. This makes it easy for managers in all departments to receive current information as it occurs. The benefit here is that timely and accurate information often leads to better decision-making.

  • Start with Budgeting and Planning

Planning is essential for all businesses, regardless of size. It involves establishing goals, tracking resources and managing risks. Defined goals end ambiguity and give your company a sense of purpose. And, embedded analytics can help you achieve goals more efficiently. For example, custom developed software might help you get your budget worksheets out to departments timely. In turn, you can get management’s approval of annual budgets before the fiscal year begins.

  • Set and Track Progress Toward Goals

Goals give your company a reason to move forward, and analysis of business transactions help you see the way to your goals. With embedded analytics you incorporate business transactions with your daily processes. This gives your managers real time information, so your goals and live trends drive their decisions.

  • Approve Funding for Resources

Known for controlling the company’s wallet, finance departments are tasked with predicting the cost of resources. They also must get and track funds for these resources. When you configure embedded analytics to link resources with vendor pricing and product costs, finance managers can approve and fund purchase orders quickly.

  • Drill Down to Each Activity

Finance departments also can link funds to projects, and so, they can tell where the company is spending money. You can set embedded analytics to tag business data to the smallest detail, so you can get reports that drill down to any level you want.

  • Manage Financial Risk

Financial risk management processes are crucial to keeping a company afloat. So, financial managers need to assess the company’s potential exposure to events in the market. These might include inflation, recessions and instabilities in capital markets. Algorithms in the analytics software can help managers review large mounds of data. This is helpful in detecting fraud, complying with regulations and identifying areas for improvement.

  • Check ROI For Compensation Packages

Employees are the backbone of a company. So, companies need to create competitive compensation packages, and the funding must pass through finance. Embedded analytics enables finance departments to assess the return on investment for these packages. Through analytical reporting, finance can assess salaries, bonuses and other benefit incentives. The company can then see if it’s getting its monies worth from each department and even each employee.

Embedded analytics helps businesses improve efficiency and remain competitive. Task-specific workflows help finance managers work faster and more efficiently. These tools also help predict you’re your company’s needs, so you can respond with laser-sharp accuracy.

Call a custom development software company today, so you can efficiently manage your company financial activities.

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