Fast access to reliable data enables front-line decision making
The Situation
The company needed to move from inefficient Excel reporting because it does not sufficiently support decision-making in a modern, data-driven organisation.
The Task
Find an online solution that would support access to real-time data.
The Action / Approach
It was decided to use a Business Intelligence to allow decision makers access to an excellent decision making tool;
- Flexibility of new system allows decision makers to generate wider range of data-driven insights
- Decision makers have a clearer route to financial sustainability
- Streamlined, effective and mapped processes with improvement plans
- Ability to adopt and get value from (modern) technology
- Robust financial control framework
- Faster and more accurate finance reporting
- Improved finance organisation and operating model; finance function is more effective and costs less
- Finance will act as business partners much more
The Result
The results from this system allowed the company to become more competitive because decisions took minutes not weeks;
- Meaningful and actionable KPIs and metrics increased focus on RAG ratings
- Enhanced ability to drive financial returns, cashflow and sustainability increased profit margins by 5%
- Becoming true business partner(s) to CEO and across the business
- Time and resources to drive strategic topics and projects which increased competitiveness by 10%
- Fast access to reliable data to enable front-line decision making
- Best in class cost and service efficiency
- Rapid adoption of new technologies
- Attract, develop and retain quality staff
Pains relieved included;
- Finance function under a lot of pressure from operational tasks
- Unable to maintain steady cash flow and control costs
- Inefficient or non-standard processes
- Fast growth / volatility causing significant stress
- Complex and changing government regulations across multiple jurisdictions
- Unexpected breaches of data security and integrity
- Contentious stakeholder relations and/or lack of board confidence absorb excessive amounts of direct personal time
- Lack of the right resource for projects to improve performance
- Unable to produce accurate timely reports
Focus In On: Responsible for Finance / CFO
New Areas of Value:
Fast access to reliable data to enable front-line decision making
Improved Forecasting / Predictive Insights / Budgeting
Meaningful and actionable KPIs and metrics
Enhanced ability to drive financial returns, cashflow and sustainability
Becoming true business partner(s) to CEO and across the business
Compliance and data quality is right first time, on time, every time
Quality, speed and savings from optimisation and automation of finance processes
Best in class cost and service efficiency
Time and resources to drive strategic topics and projects
Rapid adoption of new technologies
Improved resilience and workload management across finance team
Attract, develop and retain quality staff
Improvements around:
Finance function under a lot of pressure from operational tasks
Unable to maintain steady cash flow and control costs
Inefficient or non-standard processes
Fast growth / volatility causing significant stress
Complex and changing government regulations across multiple jurisdictions
Unexpected breaches of data security and integrity
Contentious stakeholder relations and/or lack of board confidence absorb excessive amounts of direct personal time
Arguing over data quality instead of supporting data driven decisions
Not acting as a business partner due to lack of involvement in key decision making
Lack of the right resource for projects to improve performance
Unable to produce accurate timely reports
Knowledge attrition due to staff turnover
