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. – February 23, 2022 – insightsoftware , a global provider of financial reporting and performance management solutions for the Office of the CFO, today announced The OperationalReporting Global Trends Report. Further, the volume and type of requests for operationalreports is rapidly increasing.
Finance teams are increasingly being asked for timely, recurring operationalreports to support day-to-day decision making. The most common challenges your finance team probably faces are: lengthy report creation time, existing tool complexity, and the inability to drill into transactional data. Download Now.
When extracting your financial and operationalreporting data from a cloud ERP, your enterprise organization needs accurate, cost-efficient, user-friendly insights into that data. It provides consistency in data for reporting purposes, as you are working with snapshots of the data at a particular point in time.
That might be a sales performance dashboard for your Chief Revenue Officer, a snapshot of “days sales outstanding” (DSO) for the A/R collections team, or an item sales trend analysis for product management. Step 6: Drill Into the Data. Moreover, they’re constantly updated as new information becomes available.
Too slow: Building custom reports takes time. Out-of-the-box reporting rarely covers specific organizational needs when it comes to operationalreporting. Once you are in the cloud, you can: Format income statements, balance sheets, and other reports exactly how you want them.
Interestingly, however, many project-based businesses like yours are not even close to achieving this level of reporting. A recent report by insightsoftware and Hanover Research highlights this issue, stating that 98% of operationalreporting professionals distribute reports as a static PDF.
This year, an Oracle survey of CFOs reveals CFO’s top challenges include navigating the need to cut costs, retaining talent within the finance function, and focusing on more accurate forecasting. But there isn’t a simple solution for forecasting with Oracle alone. This lack of trust in the data can hinder strategic decision-making.
However, there is a downside; each system, operating independently, constitutes a data silo. Imagine that you want to look at sales forecasts, the current sales pipeline, year-to-date sales and prior years’ sales to understand how the company is performing relative to committed targets. Manual Processes Are Prone to Errors.
The reports created within static spreadsheets are based on a snapshot of reality, taken the moment the data was exported from ERP. Microsoft Excel offers flexibility, but it’s missing so many of the elements required to assemble data quickly and easily for powerful (and accurate) financial narratives.
The reports created within static spreadsheets are based on a snapshot of reality, taken the moment the data was exported from ERP. Microsoft Excel offers flexibility, but it’s missing so many of the elements required to assemble data quickly and easily for powerful (and accurate) financial narratives.
Every time you do an export from your ERP system, you’re taking a snapshot of the data that only reflects a single moment in time. Any activity that occurs from that point forward is not reflected in the report.
That undermines confidence in the finance team’s ability to produce accurate reports, and it can ultimately lead to bad business decisions. There is yet another problem with manual processes: the resulting reports only reflect a snapshot in time.
The source data in this scenario represents a snapshot of the information in your ERP system. Researching that question requires substantial additional effort if your organization uses manual planning and budgeting processes. It’s not updated when someone records new transactions, and you can’t drill down to the details.
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