Technology is fundamentally changing the way successful Finance departments operate. It is delivering greater understanding about the operations and potential of a business, and enhancing the performance of the Finance team. Insights gleaned from connected, real-time data – presented via user-friendly dashboards – are turning the CFO and their teams into business enablers who are able to quickly make informed decisions that improve processes, create efficiencies and reduce costs. This keeps the business ahead of the competition, and provides the CFO with a platform to create a more reactive, agile organisation that can predict trends and act swiftly in response to opportunity or threat.
However, it can be hard to keep up with the ever-increasing sources of data streams coming into the Finance department. It is therefore vital to start developing an ecosystem of Business Intelligence in order to maximise the value of this data so the organisation can anticipate any problems and spot chances to innovate. The information needs to be held within integrated systems so it can be pulled together quickly in self-serve reporting, producing analytics that refine the decision-making process.
Business Intelligence (BI) is evolving in response to these increasing demands. It is becoming much more than a dashboard presenting data efficiently. The growth and implementation of emerging technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) means there is a need for them to be integrated into these systems – creating what we have termed RoBusiness Intelligence (RBI). This is moving traditional BI into a new robotic-based solution that will further enhance decision-making and empower users to charge their business intellect with intuitive, responsive and proactive technologies.
Unlocking these deeper insights is crucial for businesses looking to thrive in the Fourth Industrial Revolution. While traditional BI has enabled Finance leaders to make powerful decisions based on real-time data, recharging an organisation’s intellect by creating a culture based on facts from robotic analytics runs much deeper. An RBI ecosystem can harness the very latest and more impactful technologies to truly transform productivity and create products or services that respond to changing markets at pace. Connected data and analytics, powered by these new integrated technologies will give CFOs crucial time back so they can devote more of their day to thinking strategically, focusing on improving business performance and anticipating disruption trends. It also means the Finance team can fulfil their potential and undertake tasks that are more creative and in line with the core purpose of the business.
A CFO who can utilise latest technologies in order to look afresh at their organisation will gain a new perspective. They will be able to re-energise their team and entire company, with intelligent insights that inform and streamline the business – giving it a new lease of life. Evolving BI solutions mean that forward-thinking CFOs have the opportunity to become collaborative business partners, adding greater value to the company by building on past learnings and innovating for the future, based on data and robotic-driven analytics. A CFO operating as a digital pioneer will be the vital provider and interpreter of this information, transforming and recharging all areas of the business.