{"id":17080,"date":"2022-04-14T11:24:08","date_gmt":"2022-04-14T09:24:08","guid":{"rendered":"https:\/\/www.digdash.com\/?p=17080"},"modified":"2023-04-26T10:43:59","modified_gmt":"2023-04-26T08:43:59","slug":"how-does-business-intelligence-help-the-finance-department","status":"publish","type":"post","link":"https:\/\/www.digdash.com\/en\/news-articles\/business-intelligence-bi\/how-does-business-intelligence-help-the-finance-department\/","title":{"rendered":"How does Business Intelligence help the finance department?"},"content":{"rendered":"

More than ever, the finance department must be able to rely on the appropriate tools to monitor performance, generate reliable KPIs and carry out comprehensive reporting. To address these issues, it is essential to integrate a <\/span>Business Intelligence tool<\/b>.<\/span><\/p>\n

Business Intelligence: a valuable asset for the CFO<\/b><\/h2>\n

On a day-to-day basis, BI is a valuable tool for the <\/span>chief financial officer<\/b> so they can exploit the full potential of the data at their disposal.<\/span><\/p>\n

Utilize data in real time<\/b><\/h3>\n

While the volumes of data to be processed by the <\/span>finance department <\/b>are constantly increasing, the company must be very agile to effectively utilize the information at its disposal.<\/span><\/p>\n

This is where<\/span> Business Intelligence <\/b>comes into play. With the appropriate tool, the CFO is able to use the data in real time to establish KPIs and improve performance management. Indeed, BI enables not only data analysis, but also its optimal sorting and structuring.<\/span><\/p>\n

Reduce risk of error<\/b><\/h3>\n

Traditionally, <\/span>financial reporting <\/b>is done manually, most often using a spreadsheet. Unfortunately, this method implies a significant risk of error during data entry, especially when dealing with a large volume of data.<\/span><\/p>\n

Through <\/span>BI<\/b>, financial reporting can be largely automated, limiting human intervention as much as possible. This approach is more reliable and also relieves employees from a particularly time-consuming task.<\/span><\/p>\n

Easily visualize financial KPIs<\/b><\/h3>\n

One of the essential features of any Business Intelligence solution is <\/span>data visualization<\/b>, which enables the viewing of data in a comprehensible and intuitive form. Thus, through dynamic dashboards, the CFO can instantly view financial indicators updated in real time.<\/span><\/p>\n

\u201cThe main objective is to make the best decisions possible, to operate commands, and to adjust trajectories by integrating each department (sales, manufacturing, supply chain, HR, IT, marketing, etc.) with its own KPIs. All these KPIs interact with each other through a common tool, and not thousands of Excel files, the limitations of which cannot be overemphasized.\u201d<\/i><\/div>\n
C\u00e9dric Fradin<\/strong>, consultant specializing in digital transformation, finance and Business intelligence<\/i>.<\/i><\/div>\n

 <\/p>\n

For more information:\u00a0<\/b>How does BI simplify the CFO\u2019s daily life?<\/a><\/div>\n

<\/h2>\n

Consolidated and unified financial data with BI<\/b><\/h2>\n

Business Intelligence is not only a way to better visualize and exploit data, it is also an invaluable tool for <\/span>data consolidation and activity reporting<\/b>.<\/span><\/p>\n

Save time and boost productivity<\/b><\/h3>\n

Companies in today’s world face a double challenge:<\/span><\/p>\n