Unlock the Potential of Your Financial Data - Here's How

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This week, we have a guest post from Mike Sellberg, Chief Product Officer at Workiva. Mike wants to help your finance team play a more important role in your company. He has some tech tips to help you get the most out of your data so you can understand your business better than ever before.

financial data strategy

Marketing and sales teams have embraced tech innovation as a powerful way to advance their business, but the same hasn’t happened with finance. As cloud services and software continue to evolve at a rapid pace, forward-thinking leaders are realizing that technology is enabling finance teams to play a more strategic role in the organization .

The right technology can make a huge impact right away: 99 acres database eliminating manual, error-prone processes, simplifying reporting, and speeding up common functions like accounts receivable and payroll. What’s more, many of today’s offerings are user-friendly and data security compliant, making teams more productive and efficient.

Because often the little things—getting bogged down in version control or switching between email attachments to find the right file—end up leading to bigger problems like inaccurate numbers or skewed forecasts. Eliminating these pain points is a huge step forward.

Beyond productivity
Technology allows financial professionals to look for patterns and understand the factors that drive their business. Ultimately, the goal is to look beyond the rows and columns to understand what it all means and what the implications are for today and tomorrow.

To choose the right technologies, look for solutions that view data as a series of relationships that bind the enterprise together. When you start to see data this way, you can make better decisions with more accurate information.

Save important data at any time
Before the advent of connected devices and cloud services, finance teams often collected data after the fact, creating spreadsheets filled with transaction or expense details.

Now you can extract that data at the source so that every transaction is recorded as it happens. Expense reporting has lagged behind, but it should be treated the same way. For example, Concur ’s Business Intelligence solution allows employees to automatically download digital expense reports.

Data from a taxi ride, Starbucks meeting, or hotel stay isn’t locked away in a stack of paper receipts, but is instantly captured in the corporate expense system. This not only eliminates manual errors and reduces delays, but also gives finance teams visibility into previously hidden areas of travel and expenses.

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