How Dashboards & Scorecards Can Improve Your Financial Reporting
By Kevin Hsu - Nov 29, 2016
For many modern business owners, creating a proper financial reporting system using dashboards & scorecards is a task they know they have to accomplish. However, in order to attain all the benefits that derive from accurate data-driven reports, businesses need to invest in and utilize the accompanying data-driven financial plans.
Today I want to disclose to you three measures you can take to improve your business’s financial reporting.
1) Discard of the antiquated static reports method, and succeed them with visual analytics dashboards & scorecards.
The method of using static reports has become antiquated, due to the nature of today’s swiftly changing business environment. Today, almost as soon as they are compiled, these kinds of reports are meaningless. In today’s world it matters greatly that different people can look at the same information, understand it at-a-glance, and then take immediate remedial action to correct the problem. You want to employ a system that allows your team to obtain at-a-glance views of KPIs, graphs, metrics, and tables and that can slice and dice by territory, business unit or a certain sales channel. Therefore, in order to obtain the most accurate corporate performance image, and also have your finance teams create graphs and charts that everyone on the team can easily comprehend, you need to be switching to cloud-based visual analytics dashboards & scorecards.
2) Allow users to easily utilize drill-down capabilities by connecting dashboards & scorecards to data sources.
Consolidating your data sources — reports, budgets, plans, etc — into your CPM software solution is compulsory if you want to be able to successfully assess your business’s actual performance against prior expectations. By making thorough use of intuitive dashboard designs, your are allowing users to easily utilize drill-down capabilities and quickly discover the root cause of certain events. If your users have easy access to these capabilities, then they will have a better understanding of how dashboards & scoreboards are created and what truly drives business performance.
3) Employ systems with self-service capabilities.
When choosing an intuitive financial reporting software tool, you want to ensure that you are employing a system with self-service capabilities that allow users to create sophisticated dashboards & scorecards with no specific skills or programming. Having self-service reporting tools that your employees and managers can utilize, means that they are free from relying on the IT department and both divisions can focus on their own projects.
With Kepion, your business is able to build rich dashboards & scorecards that everyone in your organization can use. Important in today’s business environment, this system offers complete integration into financial and non-financial data, allowing you to always have a real-time pulse of your company’s complete financial performance. Since Kepion is built on the Microsoft Business Intelligence platform, users can take advantage of drill down features for deep analysis of their business. In addition, users of Excel PivotTables can also connect easily to Kepion data models for conducting their own analysis.