Reshaping Future Growth Leveraging Impactful Financial Analytics Events Europe/CIMA 6... · 2020....

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Reshaping Future Growth: Leveraging Impactful Financial Analytics

CIMA Presentation | 6 August 2020


Your Presenters

Steve Spencer

Head of Enterprise Accounts

insightsoftware

Gary Simon

CEO

FSN and The Modern Finance Forum

David Rincon

Senior Solutions Engineer

insightsoftware


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


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

http://www.fsn.co.uk/


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


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


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


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


Only 12% of organisations have mastered their data.



Organisations Find Themselves Technology Constrained


• 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.


Ineffective Use of Operational Data


38% Can make use of non-financial data

62% Can’t make use of non-financial data


Relying on IT for Reporting/Data


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


Data Challenges


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


Specialist Systems Significantly Improve Data Mastery


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


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



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


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


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


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.


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


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


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


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


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: [email protected]


insightsoftware European Head Quarters8 International House 4th FloorHigh StreetLondonW5 5DB

[email protected]


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


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.”

Reshaping Future Growth Leveraging Impactful Financial Analytics Events Europe/CIMA 6... · 2020....

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