Why Should You Use A Bi Platform For Financial Planning And Analysis?

By Author: Bappaditta Jana
Total Articles: 79
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With the right Business Intelligence (BI) platform, you can significantly improve your organization’s financial performance through automated financial reporting, data visualization in BI dashboards, and accurate forecasting through data-driven insights.

BI for finance has numerous applications, from reviewing past performance to estimating future financial performance. Financial planning tools can fetch and consolidate real-time data from different sources, and analyze and produce dashboards with graphs and charts. This data visualization yields valuable insights. Thus, BI software solutions can help organizations adapt to the latest challenges in the modern business landscape.

Can BI platforms enable data-driven financial planning to steer your financial analysis in the right direction? Let us explore how BI can support financial planning and provide actionable strategic financial insights.

5 Advantages of Using BI for Financial Planning

#1 Gain Deeper Financial Insights And Visibility

The BI dashboard for accounting and finance is connected to multiple ...
... data sources within your business, yielding deeper, valuable, and actionable insights. The dashboard's data visualization for financial planning will uncover hidden trends using graphs and charts in real-time.

#2 Save Time And Resources

Business intelligence tools can automate the core functions of your finance team. BI platforms can fetch data from all sources and produce automated financial reports within seconds, which would require a lot of time and resources if done manually. Moreover, automating complex tasks like these also reduces the risk of inconsistencies and manual errors. Shifting the bulk of financial planning and analysis functions to BI technology leaves more room to focus on strategic business planning.

#3 Ensure Well-Informed Decision-Making And Financial Planning

BI tools enable financial performance optimization by automatically transforming your data into actionable strategic insights. These insights guide you in your business decisions. BI allows real-time tracking and monitoring of your financial performance. As a result, your financial planning game becomes ten times stronger. You can optimize your decisions, respond to challenges beforehand, and plan smarter.

#4 Break Data Silos

A business uses multiple databases and data sources. It results in data silos - creating redundancies, ambiguities, and inconsistencies in financial planning. However, an integrated BI platform syncs data from multiple data sources. With a company-wide BI connecting all databases in a unified platform, you get a complete view of your financial performance with a centralized warehouse for all data.

#5 Integrate Key Business Systems

BI software solutions come with powerful features for integrating different business systems, including ERP (Enterprise Resource Planning), PM (Project Management), SCM (Supply Chain Management), CRM (Customer Relationship Management), and AMS (Accounting Management System). Therefore, BI dashboards can automatically draw unified data-driven insights in minutes and significantly improve cash flow projection, forecasting, budgeting, and your organization’s overall financial planning.

Bottom Line

BI solutions speed up your organization’s budgeting and planning by automating financial reporting, cash flow projection, budgeting, and forecasting. It saves time, eliminates data silos, and supports more efficient financial planning.

EasyReports can strengthen your organization’s financial planning and analysis with automated financial reporting using BI software. We integrate data from your ERP and other databases in a unified BI dashboard and offer data visualization using graphs and charts.

Bappaditta Jana is a blogger who loves to spend his free time engaging in sports or gardening. Based in Kolkata, he is currently working with EasyReports an IT firm that has developed a BI reporting tool that can easily integrate with Tally ERP and many other applications.