As the third decade of the 21st century approaches, the finance office finds itself at a crossroads. It must choose between being the company record keepers or a driver of performance and growth for the entire business. The four pillars of Financial Intelligence 3.0 can help finance teams in their transformation.
To allow their finance teams to take this next step, organizations need to find a way out of the “old finance” commodity trap—that is, expending unnecessary time, money, and manpower on basic reporting functions and on simply “getting the numbers right.” Finance must become a financially intelligent function that can deliver insight and analysis in order to truly add value to key C-suite decision-makers. We call this financial intelligence 3.0.
“Finance must become a financially intelligent function that can deliver insight and analysis to truly add value to key C-suite decision-makers. We call this financial intelligence 3.0.”
In this whitepaper, we look at what this actually means in practical terms, and offer the reader a step-by-step guide on how to get there. In doing so, we have mapped out the four key pillars of financial intelligence 3.0 and how they translate to smarter workflows for finance and the wider business:
The 4 key pillars of financial intelligence
- Routine Robotization – We strongly believe that the first step toward a financially intelligent finance function is replacing repetitive, manual workflows with more efficient, automated processes. In today’s fast-moving business climate, finance teams must be given the right tools, tools that allow them to keep up with the rate of change by working directly alongside strategic decision-makers, rather than one step behind. We delve deeper into this key pillar in our whitepaper..
- Guided Storytelling – Data only tells half the story. Rather than simply presenting the figures, the finance office needs to be able to communicate the real meaning behind the numbers and guide end users directly to the critical areas of insight. This is where finance’s capacity for communication and narration becomes essential. Our whitepaper outlines how, through better tools and processes, the finance team can make its voice heard as a trusted advisor to the C-suite.
- Secure Mobile Governance – To be able to perform their role, finance professionals need the security of knowing they can share their views and insights freely with the people who matter. Meanwhile, time-pressed executives need access to critical information on the fly, wherever they happen to be. Having full governance and control is therefore part of finance’s core mission.
- Q2 Insight –To be able to drive performance and make difficult choices, today’s decision-makers need access to the full picture of business performance. Financial intelligence 3.0 is about merging different data flows—the quantitative and the qualitative—to provide end-users with a complete, holistic level of insight.