Did you ever stand in a store check-out line, thinking that it would move quickly, only to find that it’s moving slower than the line you chose not to stand in?
How much time would you have saved if you had more information or analysis about the people in the lines, the items in the carts, the cashiers, the equipment and how they all fit together?
Those are the kind of questions we must answer when faced with making a multitude of decisions throughout our day, from the mundane to the complex, in our personal lives and our business lives. Recently I drove into a parking lot, to find that at every turn and every floor, there were digital displays letting me know exactly how many parking spaces were available. It eliminated the guessing game, helped me save time, and it made me smile.
Making finance execs smile is another matter, altogether. Mitch Campbell, Senior Director of Product Marketing for Oracle Analytics Cloud recently discussed this topic, and the answer is analytics! In the podcast: Management Reporting and Analytics in Finance he emphasized the importance finance executives have in an organization and the shift in focus from simply supplying financial reports and forecasts to now making more informative recommendations that affect the future financial health of an organization. Finance executives, CEO’s and other lines of business increasingly need more holistic financial information and analysis to make informed decisions to grow their business.
CEO’s are increasingly looking at their finance executives to not just look at cost cutting but to identify new growth opportunities and oversee investment strategies that tie into growth. They are looking for them to go beyond the traditional finance function of “how are we doing” and instead provide real world “where are we going” and “what if we changed x?” comparisons. Essentially finance execs need to pull analysis from financial reporting, operational reporting, real-time reporting and wrap that all together, into a management reporting analysis.
Management Reporting has been around a long time, but the management reporting analytics of today impacts decisions across multiple functional areas, various data sources, and provides the forward-looking scenarios that businesses need for growth. It delves into various levels of detail and involves forecasts often done outside of planning and budgeting apps.
Would I pick a “stand in line” scenario A, scenario B, or scenario C if I had access to an analytics feed into my own daily life management reporting app? Maybe, but it sure helps finance executives smile when they can offer scenarios that provide a holistic view of the business and offer recommendations that position their organization at the front of the line for their customers.
Click on the photo below and take a listen to our latest Podcast Episode: Management Reporting and Analytics in Finance