Merging Financial Data and Operational Metrics

Finance leaders are tasked to create high levels of financial visibility across the organization to help drive growth and profitability.

This is why conversations on new technology and best practices around accounting practices are steadily rising in popularity.

Today, many organizations still do not integrate their financial information with their operating metrics. A move that is usually limited by their current process and technology in place.

The good news is that many financial systems can now accommodate the analyses of operating metrics from statistical accounts so that the organization can achieve a clearer, more defined view of the business.

Epicor Financial Planner is one of those few robust and unified reporting systems that allows the merging of these two. You can read more about this reporting and budgeting software here – www.dsp.se

There are a variety of reasons why it is important to merge financial information and operating metrics. Below are just 3 of them.

  1. Allows the company to identify obvious and not-so-obvious opportunities
    • Finance leaders have a unique and powerful position of having a good understanding of overall corporate performance. Merging financial information and operational metrics will pave the way for easier identification of opportunities – both those that are easy to spot and those that do not always seem apparent. Being able to do this will help maximize revenue and minimize costs.
  2. Improved Cross-functional Collaboration
    • Operational metrics have risen in importance in businesses. Having the ability to integrate both operational metrics with financial data paves the way for improved collaboration with other departments so that functions can be managed better not just in financial terms but also in non-financial terms.
  3. Same Playbook Across the Organization
    • A common problem faced by many businesses today is the issue of having too many parallel systems running that do not talk to each other. This is a huge source of conflict. Imagine having two reporting systems – the amount of time needed to reconcile the varying results and the amount of time needed to resolve different interpretations of things can add up to the cycle time unnecessarily. In the end, having the same playbook across the organization where everyone can work on ensures you do not report revenue differently for GAAP, sales payouts, or for other reporting purposes.

To end, find a solution that will allow you to integrate your financial information and operational metrics in a single reporting system. This will improve the quality of your output, shorten your reporting cycle time, and will improve the overall performance of your business.

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