Four Steps to More Efficient Reporting

Prophix Jun 7, 2023, 9:08:00 AM

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Have you ever watched a movie with a “war room”? A typical scene includes people huddled around computer screens and someone is yelling orders.  

“War rooms” are used for monitoring incoming and outgoing data. It’s usually a high-stakes situation and the data is mission-critical to making a strategy-based decision. The result? An efficient, and often successful, team. 

These depictions in movies and TV, while dramatized for entertainment, have the same application in business. Using your data to inform strategy and decisions results in a collaborative, successful team.  

Develop a strategy based on data and collaboration 

Your strategy is only as good as the data you use to develop it. 

Many companies are still piecing data together from emails, spreadsheets, and reports. This presents a challenge in collecting, merging, and consolidating data. It’s also a highly manual task that can decrease your efficiency if you have to re-do work, fix errors, or spend time validating numbers. 

Without a single source of data truth, companies can be crippled by inefficient processes, particularly when it comes to budgeting. 

Let’s look at budgeting as an example. Each department typically prepares their budget in Excel, which is then sent to the finance team to integrate into the overall budget. 

It then takes a considerable amount of time to compile, integrate, and analyze multiple spreadsheets. The problem isn’t solely the manual approach, but also the integrity of the data. Spreadsheets are error-prone and inherently lack visibility into processes and progress.  

The good news is there’s a solution. The data you take from your ERP or Business Intelligence (BI) solution can be brought into a Financial Performance Platform where data is centralized and standardized so you—and everyone on your team—can use the same accurate, trusted analytics to inform your strategy. 

4 ways a financial performance platform can help you become more efficient and effective:  

1. Automate workflows – Use the consolidation capabilities and workflows in your FPM solution to reduce the time you spend on reporting. 
2. Easy access to data – Create a centralized location for data for a consistent, trusted single source of truth. 
3. Enable data sharing – Sharing data allows for improved collaboration and better decision-making. 
4. Security and compliance – Maintain data security and monitor your regulatory efforts so there is no disruption to operations 

Prophix

Ambitious finance leaders engage with Prophix to drive progress and do their best work. Leveraging Prophix One, a Financial Performance Platform, to improve the speed and accuracy of decision-making within a harmonized user experience, global finance teams are empowered to step into the next generation of finance with no reservation. 

 Crush complexity, reduce uncertainty, and illuminate data with access to best-in-class automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. Prophix is a private company, backed by Hg Capital, a leading investor in software and services businesses. More than 3,000 active customers across the globe rely on Prophix to achieve organizational success.

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