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How to Get the Most From Your Enterprise Financial Data
Improving your data-flexibility means bringing your financial data out of the silos.
It’s amazing where you find yourself in the course of growing what you can offer clients as a business.
From a humble Microsoft Gold Partner offering BI and financial-reporting SaaS, we’re today a fully-fledged strategic partner consulting with global enterprise and financial institutions.
That business maturation has allowed us a coherent view of exactly how financially-complex businesses can learn to make financial data work harder.
Here we’d like to share some of those insights.
You Hear It Everywhere These days. ‘Data Is the New Oil’
The ‘data is the new oil’ mantra has become something of a meme. Industry influencers and analysts selling their services will parrot this line ad nauseum.
How it’s typically read is in the sense of ‘data is desirable, tradeable, mineable and therefore valuable.’ Like oil. That’s the mainstream interpretation held by many businesses we encounter.
It’s a smart analogy; however, what it lacks is a deeper appreciation of the nature of ‘crude’ data that must undergo some sort of refinement that unlocks its fullest utility.
Asking More of Your Financial Data
Once you begin to understand how ‘crude’ financial data is as useful as your ability to refine it, you can start asking more of your financial data.
Think of your financial data like a jigsaw puzzle; the more it tells you, the more it can tell you. With the right computational capacity, its revelatory capacity multiplies.
First, you start with scattered, apparently unrelated pieces of the puzzle. Each on its own can only tell you: ‘I am one single jigsaw puzzle piece’. In other words, ‘I am one single transaction or financial figure’.
As you attach other pieces to that one single piece of financial puzzle, a picture starts to emerge.
You no longer see the pieces as individual. You see them as an emerging ‘whole’ from which you can begin to predict, forecast and imagine yet-to-be-added parts of the ‘bigger picture’ that the puzzle is slowly forming.
It’s exactly the same with your financial data.
Thanks to the two-way relationship we’ve had with clients over the years, FinWorx has slowly grown and developed in its predictive ‘bigger picture’ capacity.
Finding the Gaps In Your Financial-Data Puzzle
As you learn to ask more of your financial performance, you learn that the more you ask, the more gaps emerge of things you want to find out, but can’t.
To solve that problem of missing insight—of the data lessons you want to learn but can’t quite visualise—businesses need to invest in developing data-architecture flexibility.
That’s when you start moving from simple ‘financial-reporting’ to a ‘data-to-decisions’ approach.
How can you make your data architecture more flexible?
‘Data flexibility’. What does it actually mean in practice, beyond seemingly being little more than another corporate buzzword?
Improving your data-flexibility means bringing your financial data out of the silos. It means finding ways of interfacing with your entire information architecture across all data-assets at all levels, as one single entity, on demand.
Enterpriseworx’s FinWorx platform has evolved to offer exactly that. A platform that began life as a financial-reporting tool, has today become an enterprise-performance management platform.
Now you can actually drill down centrally deep into the transactional layer to view operations-wide financial data at the micro level.
What this gives you is the agility for instant data recall and interpretation using multiple data points, no matter where those data live.
Final Thought: Asking More of Your Financial Performance
Ultimately, what you’re trying to achieve by making deeper interrogations into your financial data is to have it give up deeper decision-making secrets.
To do that well, it pays to have a data co-interrogator: someone outside of your day-to-day frame of operations who can recommend, implement and enable.
It’s partly thanks to how client partnerships have fuelled our development of FinWorx that we’ve become select Syspro implementation partners for the UK market.
Whether you’re a UK enterprise or not, we’re here to assist as your data co-interrogator and strategic partner.
Speak to us about how FinWorx can help take you toward a ‘data-to-decisions’ approach to financial business performance and we’ll have a first conversation toward making that your everyday reality.