When thinking about what the future will demand, visibility of data will become a key determinant of competitive differentiation. Effective information management is quickly becoming an essential requirement to achieve control of spend and a healthy bottom line. For many organisations, this takes the form of data-driven spend management, i.e. strategic purchasing, cost reduction, and supply chain management informed by in-depth data.
The speed and sophistication of management dashboards is vital. Business users should be able to ‘self-serve’ their analysis and ‘slice and dice’ data, and results should be presented in a visual way.
In terms of spend management, CFOs need to be able to provide:
Clearer insights, by communicating performance and highlighting shortfalls.
Faster insights, so that management can understand recent performance and make decisions to change its trajectory quickly and decisively.
Richer insights, based on more robust datasets from a wider variety of sources, providing broader perspectives than those based only on internal financial data.
Digitising the Finance function
A digital Finance function offers CFOs a way of delivering on ever-increasing expectations and provides the kind of real-time financial insight needed in today's complex and increasingly competitive business environment. CFOs who take time to understand digital finance's potential and use this to help plan their way forward, will provide their organisation with a competitive edge.
The best spend management solutions can overcome these tricky issues and more. Modern tools ensure that Finance constantly have the right information, at the right time, with 100% insight into the organisation’s financial and operational performance. They can aggregate, cleanse, validate, categorise and analyse every ounce of data across transactional systems.
Contact us today to speak to an expert about how to achieve these requirements.