In the most successful businesses the finance department acts as a hub of insight that informs both strategic and operational decisions.
After all, no other department is as well-suited to the task of generating and analysing metrics such as KPIs and providing the fundamentals for sound decision-making.
In some more traditional businesses the finance department tends only outputs small, measured and periodic insights: Here’s revenue vs target in the last quarter.
These are undoubtedly essential for proper business management, but periodic reports also mean it can be too late for you to respond. It’s like driving by looking only in the rear-view mirror.
The highly competitive and evolved business environment of today requires businesses to have proactive, indicative business metrics. Analytics-driven executives achieve 86% greater year-over-year increases in operating profit, 32% greater financial budgeting accuracy and 2x greater year-over-year growth in operating cash flow.
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