The measure of financial success: how to make better business decisions

Untitled design 70 | The measure of financial success: how to make better business decisions
By Toby Lester | 17th June 2020 | 7 min read

Before you can be successful, you need to have a way of measuring success. One of the key performance indicators that many organisations use is the effectiveness of their business processes.

This is sometimes called corporate performance management. It's a continuous process of evaluation and improvement; where a process is highly efficient, it’s kept, whereas less efficient processes can be altered or replaced. This leads to reduced costs, better strategy and an improved financial planning process.

The problem with traditional corporate performance management

If your financial data is strewn across multiple platforms and locations, you’re going to have to go through a lot of manual work – and shoulder heavy expense – to compile it. It’s such a lengthy process that, by the time you do finally get it all in one place, it may already be out of date.

If your reports are already out of date every time you build them, it’s impossible to effectively manage your financial success.

It's also nigh impossible to enforce cross-business compliance, as each person involved in the process could produce an entirely different set of reports with completely different findings.

You need a way to pull together real-time data and make agile decisions based on this data. This is how businesses can benefit from business intelligence – and, ultimately, this will improve profitability as you’ll be working from the latest set of data.

But how do you get the timely insights you need to drive this strategic development? That’s where Business Intelligence software comes in.

Financial measuring sticks

Business Intelligence software is the financial measuring stick your organisation needs. It's an agile solution that enables you to build insightful reports on the fly.

When it comes to Business Intelligence software, there’s no options on the market better than IRIS Analytics. It empowers organisations to make data-based decisions that drive better, more profitable outcomes.

Organisations rely on IRIS Analytics to measure their finances against their business goals. It gathers your data from all sources, including IRIS Financials, into one centralised location for quick and easy analysis. This means no more decentralised, non-compliant reports.

It's an indispensable tool for finance teams, as you can build your most important reports and use them time and time again. Simply refresh the data feed and see the most up-to-date results. This means you get on-demand views of your financial position that you can automatically push to bespoke reports.

These reports can then be sent automatically to your key stakeholders, so you’re all singing from the same hymn sheet.

For more information, check out IRIS Analytics today. If you’d like to speak to one of our analytics experts, please don’t hesitate to get in touch – we'd love to hear from you.