When it comes to financial reporting, speed, agility, and collaboration are key. Has the time come for the organizations to finally stop using generic business intelligence (BI) tools for these processes? As the finance remit evolves and becomes increasingly complex, generic business intelligence software are holding back finance teams, stopping them from delivering the value-added insight and analysis that today’s executive end-users demand.
In this whitepaper, we address some of the major drawbacks of using non-specific BI tools for financial reporting and other essential finance tasks, while considering the alternatives that are now available on the marketplace.
The key issues we have identified include:
Generic Business Intelligence is Not Designed for Finance
To put it simply, generic BI tools are not designed to manage specific finance tasks and processes, nor are they equipped to handle large volumes of financial and non-financial data flowing in from different sources. A reporting tool chosen as the standard to serve the whole company will therefore fail to meet finance specific needs, and ultimately those of the CEO and management board.
A reporting tool chosen as the standard to serve the whole company will fail to meet finance specific needs, and ultimately those of the CEO and management board.
Producing financial and performance reports has become an intricate process, involving a number of different layers, a wide mix of data, and different levels of quantitative and qualitative analysis. It means different team members from across the business working together in the right way to get the job done. Using incompatible tools for crucial elements of the reporting process—such as graphics and analysis—creates blockages and wastes valuable time and energy.
Poor EPM Source System Connections
Speed and efficiency are critical to financial reporting. However, the lack of compatibility between generic business intelligence tools and Enterprise Performance Management (EPM) source systems is a fatal drawback. Finance teams need control over sourcing their own data, and should not be reliant on IT for these all-important feeds.
Of course, this is just the tip of the iceberg. In our white paper, we look at the wider issues organizations are experiencing with their financial reporting models, including problems around implementation and maintaining regulatory compliance.