The Issue - Accurate and Timely Financial Performance Measurement?
The warehouse for financial information in most organizations today is their business system database's such as ERP, CRM, SCM, Financial Management or other packages that support daily operations.
Despite a database’s core competency, being able to store large volumes of data in an organized manner, it is not optimized for easy access. Therefore the data becomes virtually invisible to the user who requires access to it. As a result, at month end, many business entities will sift, siphon, and manually re-enter the financial data into Excel to measure financial performance.
This is a time-consuming, error prone process without the benefit of analysis capabilities. In addition, financial users may be splintered across the organization in multiple entities or divisions each with different information requirements.
Standard reports provided with the financial software package are generally lacking and unable to generate effective and immediate analysis. Finding data may require making requests of IT to define, create, and execute desired reports which are untenable. Finally, when key users cannot independently source data, they will apply pressure on IT to support their ever-changing information needs, regardless of whether IT has the resources or tools to respond.
The Solution:
1KEY - opens up the ability to consolidate information from multiple data sources, including operational databases and even Excel. Coupled with the 1KEY inherent functionality that allows the viewing of financial measurements from a very high level, it offers the ability to easily dig down into transaction level detail, while dramatically reducing the time and effort required to produce monthly consolidated financial statements. Month-end close cycles can be reduced from days to hours and the data accuracy increases exponentially.
The outcome: to provide practical strategies and technical driven insights tied to the specific business priorities shaping your agenda over the next 12 to 18 months.
Can Following points Impact your Business...
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