Post on 31-Dec-2020
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Reshaping Future Growth: Leveraging Impactful Financial Analytics
CIMA Presentation | 6 August 2020
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Your Presenters
Steve Spencer
Head of Enterprise Accounts
insightsoftware
Gary Simon
CEO
FSN and The Modern Finance Forum
David Rincon
Senior Solutions Engineer
insightsoftware
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Data volumes and complexity are growing exponentially. We empower the Office of the CFO to connect to thatdata, make sense of that data, and drive greater financial intelligence across the organisation.
About insightsoftware
Global Presence
27,000+ Customers
700+ Employees
400,000+ Active Users Worldwide
#1 Provider of Reporting Solutions
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FSNBuilding the Modern Finance Function
FSN – The Modern Finance Forum
4
• Globally recognized ‘Innovation showcase’ read by more than 16,000 CFOs annually
Content is shared directly to the FSN Modern Finance Forum on LinkedIn Community and also via the website www.fsn.co.uk
Global active community of 53,000 CFOs
‘Must have' thought-leadership and research
Sharing innovation and best practice
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Reshaping Future Growth
The pandemic continues, impacting people everywhere and organisations of all sizes.
Finance teams are under pressure continuously report, plan, and forecast.
Guide your organisation in real-time, while
preparing for the future
Adapt to the evolving environment
Empower remote employees with access to
the data they need
Provide accurate answers to current and
future questions
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FSN conducted a Future of Analytics Survey prior to the pandemic and the results showed that finance teams were largely:
• Dissatisfied with their analytics
• Overwhelmed by their data and not able to leverage it fully
• Unable to make use of non-financial data
• Reliant on IT teams
Even before the pandemic, organisations and their finance teams were struggling to get the most out of their data and their analytics.
Challenges Before the Pandemic
How have the demands for
analytics changed over the last
decade?
Only 14% of analytics developed in the finance function is insightful.
Source: The Future of Analytics in The Finance Function Global Survey 2020
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22% ROUTINE
We are focused on cyclical report production. Analysis is l imited to standard ERP reports and spreadsheets, with each operational area doing its own thing.
33% REACTIVE
We are focused on cyclical report production but react with ad-hoc analysis to drive insight and decision-making in exceptional circumstances.
30% SILOED
Some functional areas use business intelligence and data visualisation tools, but they operate in isolation with their own data sets, driving decisions related to that function only.
14% INSIGHTFUL
An analytics mind-set pervades everything we do. Our core financial processes are joined up, our data is shared as a corporate resource, we regularly seek out new sources of financial and non-financial data and we use analytical tools aggressively to drive operational and strategic insight, competitiveness and decision-making.
How Organisations Characterise Their Analytics
Source: The Future of Analytics in The Finance Function Global Survey 2020
Poll
How would you classify your analytics?• Insightful• Routine• Siloed• Reactive
70% are dissatisfiedwith the amount of time they spend on analytics.
This finding was consistent across all four key processes: • Quote to Cash• Purchase to Pay• Record to Report• Budgeting, Planning, and Forecasting
Source: The Future of Analytics in The Finance Function Global Survey 2020
Only 12% of organisations have mastered their data.
Source: The Future of Analytics in The Finance Function Global Survey 2020
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Organisations Find Themselves Technology Constrained
Source: The Future of Analytics in The Finance Function Global Survey 2020
• Data Overloaded: We have too many conflicting data sources and data governance is poor.
• Data Constrained: We cannot get hold of the data we need to drive insight and decision making.
• Technology Constrained: We do not have the analytical tools to fully exploit the data we have.
• Data Masters: Data is actively managed as a corporate asset and we have the tools and resources needed to provide competitive edge and insight.
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Ineffective Use of Operational Data
Source: The Future of Analytics in The Finance Function Global Survey 2020
38% Can make use of non-financial data
62% Can’t make use of non-financial data
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Relying on IT for Reporting/Data
Source: The Future of Analytics in The Finance Function Global Survey 2020
52% of organisations do not have a strategy for managing their data
24% of finance functions can add
new data sources without the IT function
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Data Challenges
Source: The Future of Analytics in The Finance Function Global Survey 2020
46% of organisations struggle to respond to ad hoc requests for analysis
66% of organisations say they cannot analyse their data fast enough
40% of organisations are overwhelmed by the volume and variety of data
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Specialist Systems Significantly Improve Data Mastery
Source: The Future of Analytics in The Finance Function Global Survey 2020
PU
RC
HA
SE
TO
PA
Y 39%
19%
0%
10%
20%
30%
40%
50%
Data Master
QU
OT
E T
O C
AS
H
17%
16%
16%
16%
17%
17%
18%
Data Master
REC
OR
D T
O R
EPO
RT
28%
14%
0%
5%
10%
15%
20%
25%
30%
Data Master
BP
F
35%
20%
0%
10%
20%
30%
40%
Data Master
Specialist Purchase to Pay
No Specialist Purchase to Pay
Specialist CRM System
No Specialist CRM System
Specialist CPM System
No Specialist CPM System
Specialist BPF System
No Specialist BPF System
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Most Companies Struggle with True Financial Intelligence
62%of organisations cannot make
widespread use of non-financial data
40%of organisations are
overwhelmed by the volume and variety of their data
66%of organisations
cannot analyse data fast enough
Decrease the time spent collecting and reporting data and increase your analysation to drive better decisions
Source: The Future of Analytics in The Finance Function Global Survey 2020
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It is data analysis, not just collecting and reporting data.
It is insight that creates and enables value, not just reporting on performance.
It creates a culture of empowerment, proactivity, and expertise.
In our technology-driven world, financial intelligence is the organisational concept that fuels how best-in-class finance teams operate.
The Path Forward to Reshaping Future Growth
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Finance: Better, Easier
Reporting
Drill down to the details of your data
Access accurate and real-time visibility to your
data
Build ad hoc reports without IT or
consulting help
Conduct complex searches
Reshaping Future Growth: Accurate, Self-Service Reporting
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Data visualisations don’t just help people see data differently, they help them see it better,
highlighting insights, opportunities, and obstacles that would have been invisible otherwise.
Quickly see trends Empower non-finance
users with data
Bring your data to life Drive insight and
decision-making
Reshaping Future Growth: Effective Data Visualisations
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Reshaping Future Growth: Leveraging Operational Data
Scenarios where operational data helps:• AP & AR• Payroll• Inventory• Sales
Operational data serves as a supplement to financial KPIs, driving efficiency for different aspects of the organisation.
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1 | Identify
Identify key organisation drivers to ensure plan
accuracy and achievability.
3 | Involve
Involve all functional areas throughout the
planning lifecycle.
2 | Automate
Automate the planning process to speed
time-to-decision and reduce costs.
6 | Capture and Communicate
Capture and communicate the actions of
your best decision makers.
4 | Simplify
Simplify for speed and improved
decision making.
5 | Empower
Empower employees to take action
– anytime, anywhere.
Reshaping Future Growth: Continuous Planning
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Reshaping Future Growth: More Time for Analysis
Data Prep, Reporting
Analysis
Data Prep, Reporting
Analysis
Reduce time-consuming, repetitive processes
Spend more time on value-added analysis
Current State Desired State
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Ladbrokes had been on Oracle E-Business Suite (EBS) since 1999, but users struggled to access meaningful data
and answer their own questions with standard Oracle reporting tools. The finance team relied on IT to create a
combination of inflexible financial statement reports and operational reports and then would use multiple
spreadsheets to cleanse and reformat the data. This resulted in delayed answers. The company had complex data
in over 20 ledgers and supported 17 currencies, all with very different tax rules.
Freed-Up Finance DepartmentSpend more time supporting the organisation rather than on basic, manual tasks
Reports in MinutesUsers build their own inquiries and reports in minutes using live data
Reshaping Future Growth: Ladbrokes Coral Case Study
"We now have a single version of the truth, and as a result, the finance team spends more time answering questions than manipulating data in static spreadsheets. [insightsoftware] provides the exact level of detail required by the business.“
Daniel WeissInternational Financial ControllerLadbrokes
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McDonald’s Deutschland LLC is Germany’s leading restaurant chain with 1,476 nationwide outlets. For the finance
function, the responsibilities include delivering 50 top-down oversight of organization performance, including product
mix analysis, budget analysis, and month-end financial insights. In addition, around 25 reports offer a bottom-up
simulation process at a restaurant level. The reports are delivered to a wide range of executives and managers across
the business, reaching various offices and restaurants across the country. As the company grew, the amount of data
handled day to day was growing far too quickly to be handled by the reporting systems in place.
Greater Insight, Fewer ReportsReduced number of PDF reports produced each month from 20 to 8
Finance-Owned SolutionFinance staff create and manage their own reports, data-sourcing processes, and data hierarchies, without IT involvement
Reshaping Future Growth: McDonald’s Case Study
“Several years on from implementation, performance reporting at McDonald’s Deutschland has risen to new levels.”
Tim DeegeSenior Manager Finance SystemsMcDonald’s Deutschland
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Connect to your ERP in Real-Time
• Live data provides fast answers to critical questions
• Make sense of rapidly changing conditions with tighter reporting intervals
Built for Finance
• ERP Smarts that understand yourfinancial data
• Self-serve reporting -reduces burden on IT
• Adheres to your ERP security
Drill into the Details
• Go beyond native ERP reporting with deeper, flexible analysis
• Easily click from balances to transaction details
Get Up and Running Fast
• Easy to Install, Easy to Use
• Time to value in 1-2 days
• Minimal IT Impact
• Enables Remote Workers
The Power of insightsoftware Solutions
Poll
What would you like next steps to be? (select all that apply)• I’d like to see a software demo• I’d like a reporting consultation (limited availability)• I’d like to be sent the FSN Future of Analytics Research• I’m already an insightsoftware customer• Other (please specify in chat)
Be ready to answer any financial question thrown at you.Learn more or schedule a demo at insightsoftware.com
Contact: steve.spencer@insightsoftware.com
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insightsoftware European Head Quarters8 International House 4th FloorHigh StreetLondonW5 5DB
info@insightsoftware.com
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With teams spanning the globe—from Australia to South Africa to the UK and all the way to the west coast of the
United States—Sage found its month-end close process to be particularly disjointed. “All the reporting was done
in Excel and converted to PDF,” recalled Finance Systems Manager Andrew Murphy, who is based in Sage’s
Newcastle head office. “The entire close process took twelve business days. We had a consolidation system,
Oracle Hyperion Financial Management (HFM), but we didn’t have a uniform view. That led to a big disconnect on
metrics.”
Reporting AccuracyNow, there’s a clearer understanding of overall performance
Standardized Reporting One reporting pack for all regions resulted in a more consistent reporting structure
Reshaping Future Growth: Sage Case Study
“The first report we tackled [using insightsoftware] was replicating our ‘city pack,’ a 120-page deck we provide for the CFO when he makes announcements in London. It was easy to recreate the reports effectively and accurately.”
Andrew MurphyFinancial Systems ManagerSage
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The Edinburgh Woollen Mill Group (EWM) implemented insightsoftware’s Tidemark Performance Management
application to replace a cumbersome, time-consuming, and error-prone budgeting and planning process based on
spreadsheets, with an automated system that accelerates the budgeting process, leaving more time for finance staff
to analyze and understand their financial data. By fully integrating store-level planning input with input from head
office, Tidemark makes it easy for EWM to project a consolidated view of its organisation and where it’s heading.
Reshaping Future Growth: The Edinburgh Woolen Mill Case Study
“With [insightsoftware], the manual number-crunching and data-consolidation tasks have been eliminated, leaving finance staff with much more time to review and analyze the data and manage any exceptions.”
Andrew SelbyFinancial ControllerThe Edinburgh Woollen Mill Group
EWM has a complex reporting structure and creates reports with considerable granularity, such as by business unit, by geographical region, by like-for-like stores, and other hierarchical views. These reports are available for weekly time periods as well as the usual monthly reporting cycles. “Tidemark is handling all of these requirements,” said Selby. “I can’t think of anything we haven’t been able to do with Tidemark.”