Today's CFO is more than a keeper of checkbooks. The digital age is marked by technological and economic disruptions that necessitate businesses to constantly evolve to meet the shifting market demands. And as a CFO, you have to wear many hats - this comes with challenges and opportunities.
Finance executives are well-positioned to thrive in this era of unprecedented changes. CFOs use data to drive value. Finance functions are evolving as machine learning sweeps in to improve productivity and reduce costs.
Today’s tech-savvy finance departments have to capitalize on powerful planning and analytics tools to make sense of base data to drive value. Predictive analytics tools are indispensable and should be in every CFOs arsenal. However, there’s a catch. For data to be worth something, it must be organized.
The Data-Driven CFO
As a CFO, you need to be more analytical and innovative; the modern-day increasing regulatory scrutiny and rapid technological changes demand these actions. To drive transformation and develop more resilient financial functions, you need to have the right information at your fingertips before you even need it. Now more than ever, finance departments have to be agile. CFOs are expected to have real-time analytics available at all times. This requires you to have the right systems and data management structures in place.
Few things are more frustrating and time-consuming than disconnected data. Nowadays, companies are lagging behind technological advances. This is true in almost every industry. As a result, companies have to keep running old processes and business models as they implement new ones. A setup like this means your data is housed in multiple, incongruent databases, which can be a significant drag on your department's agility.
Understandably, some CFOs hesitate to fully switch from legacy back-office systems to more integrated analytics systems. Concerns about information security and reliability, not to mention the steep learning curves associated with using these systems, are not unfounded. Planning analytics uses machine learning and algorithmic forecasting to develop accurate and consistent financial forecasts helping finance departments to provide more value in less time. Besides, the cost savings make them well worth the effort.
Time is an Asset
Using planning analytics tools offers so many dynamic advantages, but they can often be challenging to optimize and use. They are time-consuming and often frustrating, making it difficult to streamline planning across the organization.
As a CFO, your time is an asset. For today's finance leaders, data is only useful if it can be accessed easily and quickly. Planning Analytics are powerful tools capable of multi-dimensional data modeling, but there’s a caveat: usability for end-users.
The learning curve is steep, and you have to invest a lot of time in learning the ins and outs of the platform as well as the complicated jargon. However, your biggest concern may be how to build a framework to reduce risk. It can be challenging to keep track of the intricacies of analytics tools unless you have a detailed, accurate documentation framework.
Too often, documentation with planning analytics tools, such as IBM Cognos TM1, is too complex to make sense and can be incomplete or outdated. The documentation process is time-consuming, and it's near impossible to ensure inaccuracies won't arise. Now, this is where QUBEdocs comes in.
What is QUBEdocs?
QUBEDocs is an incredible tool that enables automatic documentation and visualization of planning analytics models as a whole. It provides you with the tools to manage and change your business models without sacrificing features that make analytics tools so powerful.
With QUBEdocs, you can
- Depict models visually
- Visualize comprehensive model dependencies
- Develop an impact analysis of planned changes
- Automate as-built documentation
- Create model comparisons
- Track changes and report on them over time
- Carry out integrity checks to ensure error-free documentation
- Automatically generate documentation
By delivering a comprehensive documentation framework, QUBEdocs removes many of the time-consuming activities associated with making accurate changes to analytics models. With QUBEdocs, you can comprehensively present TM1 model documentation, making it easier to interpret and transfer knowledge between different departments or organizations.
As mentioned, your time is valuable. QUBEdocs will help you maximize your investment in planning analytics systems. It will allow you to spend time on what matters: strategizing and developing financial insights. As a finance executive, one of your main goals is to develop cost structures and reduce costs.
Gain Control of Your Infrastructure Investment – Get QUBEdocs
QUBEdocs lets you understand what is happening in your planning analytics server environment with just a glance. With QUBEdocs integrity checks, you can find and fix areas that don't conform to corporate governance regulations, all while keeping costs under control.
For your company to remain competitive, you need to take the lead role and drive digital transformation in your organization. After all, as CFO, you’ll have to figure out how to finance the transformation. So, why not champion the cause? Besides, your company’s bottom line is as good as your financial insights and analytics. And you have to do all this while under pressure from shareholders to control costs. It’s a fine balancing act. Get QUBEdocs and focus on what matters.