Insights-led finance strategy
Our Finance Effectiveness Benchmarking Report shows us that top performing businesses spend about 20 per cent more time on analysis of financial data than gathering it. The need to have control of your data and the technology to manage and analyse it has never been stronger.
An inability to store, gather, segment and analyse data accurately often results in a fragmented picture of finance performance (and that of the wider business) which gives rise to some familiar issues, including:
- Conflicting goals and activities across the business because separate departments have their own data sets and base their decisions on siloed information, as opposed to an integrated approach based on one unified set of data.
- The business strategy is not communicated with the right metrics. This leads to an ineffective execution and a warped picture of performance.
- The planning process is not delivering against expectations. With bad data and insights planning can rarely perform as required.
- Insight into the performance of the business is lacking. With poor data, or an inability to accurately analyse it, it can be difficult to assess how your business is performing and make changes where needed.
- Analytic capabilities to predict future outcomes are missing. Growth requires insight on future outcomes, and if your data is bad then predictions will be inaccurate.
However if high quality data and the ability to interpret it accurately is at the core of your finance strategy you’ll be able to inform and strengthen your business decisions. After all, the role of finance has many moving parts including providing insight, maintaining financial control and running an effective function.
Using technology to improve your finance performance management
As in all areas of business, technology plays its part in finance performance management. With the right systems in place you will have a finance strategy supported by technology that is fit for your current needs, but can also adapt and scale with your business needs.
Modern finance technology allows you to build and implement processes and rules, manage data, and evolve your ways of working. We have key alliances and work closely with the leading providers in the sector including Hyperion, SAP, Anaplan and Tagetik.
The right solution for you will depend on a multitude of factors, but the focus needs to be on finding the solution that fits your needs as opposed to making you fit or work around the technology.
Why choose PwC for your finance performance management?
We focus on stripping away complexity and offering a simple, scalable solution that is business-led, sustainable and fit for growth in the future. Our intention is not to make you reliant on us, but to give you a framework that allows you to be autonomous, and then have us on hand for advice, additional insights and strategic input to help you stay ahead.
The expertise we have across disciplines such as tax, operations, technology, governance and risk, means we have the skills and capabilities to support your project no matter where it leads.
Contact our finance performance management consultants today to see how they can help you focus the efforts of your Finance team towards adding greater value and investing in the right skills and technology solutions for your business.