What separates a good financial model from a great financial model comes down to a number of core characteristics including scalability, flexibility, accuracy, and a flow that’s easy to follow by its intended audience.
Businesses are increasingly finding that outsourcing their Business Intelligence (BI) solution can be a more effective and affordable option. Your business will obtain the consulting and technical knowledge of an agency that has almost certainly encountered the same issues you are facing.
The budgeting and forecasting process is unique because it is forward thinking. Budgets and forecasts typically reside in spreadsheets where aggregate data is entered by several people in the organization. Tools such as Tableau, Qlik, PowerBI, and others have robust features for creating stunning dashboards from transactional data. However, organizations struggle to integrate and represent plans and forecasts in these BI tools.
The way to improve on our decision-making process is to tap into this data in two ways. Business intelligence (BI) uses data to look at the efficacy of past actions while Business Analytics (BA) uses data to predict future outcomes. Both use the same data to gather their insights, but they approach the data pool in a different way.
Most companies have significant problems integrating data between end-user tools such as Excel, Access, graphical/dashboard tools, and various others. Data exists in one platform, but needs to be consumed in different platforms. Bringing connectivity to the BI market is absolutely essential. Businesses cannot afford to continue in applications that are not connected or that are super laborious to translate information from one platform to another.