Let's start with an exercise to decide in 15 seconds if your organization needs more 'Financial Intelligence' by taking this quick assessment:
1. Does your current financial reporting environment drive strategic decision making that propels you toward your organization's objectives?
2. Do you believe your organization is collaborating effectively across departments/business groups to produce accountability to financial goals?
3. Is 'Financial Intelligence' considered a core competency within your organization where best practices are taught and audited?
If you took more than 10 seconds in responding 'yes' to any of the questions above, there is a good chance you need more value from your existing business platform, specifically in planning, monitoring, and the ability to produce actionable insights from your financial data.
Increasing the profitability of your business through Financial Intelligence is a blend of science and art. To make financial intelligence a core competency of your organization, you need to analyze aggregated historical data easily and effectively combine it with a sound planning/forecasting processes to produce realistic goals that key stakeholders can be held accountable for. You are now no longer just reacting to past performance, but laying out a roadmap that will be better prepared for, and ultimately influence, your company's future position. Your business platform is now bigger than just an ERP system - it is informing your decision making at a fundamental level.
Downfall’s of missing Financial Intelligence:
›Absence of single source of truth/reference.
›Less coordinated and less controlled process of planning.
›Inefficient collaboration and absence of business rule driven approval cycle.
›Rigid and files driven budget preparation and processes.
›Non-seamless and less integrated with core ERP.
Let's summarize what characteristics an organization with 'Financial Intelligence' has:
4. Expertise in communicating big picture financial goals across the company.
5. Discipline and commitment in all departments/business groups for organization level financial objectives.
6. Focus and accountability towards strong collaboration on financial goals across the enterprise.
7. Value chain contribution to meet these objectives from the bottom to the top of the business.
Want to know more about how we can help you bring more 'Financial Intelligence' to your business? Please get in touch with me at Rahul.Mohta@RealDynamics.com
#Security #Functional #AX2012 #Reporting #DeploymentandImplementation #Admin #SupplyChain #ApparelandTextile #Reporting #SupplyChain #Functional #AX2012 #Agriculture #AX2012 #Finance #Energy #Admin #HiTech
#Cloud #FoodandBeverage #DeploymentandImplementation #PublicSector #UserGroupResources #PublicSector #Reporting #Finance #Reporting#UnifiedOperations