Financial planning and analysis (FP&A) can be a complicated, time-consuming endeavor. Data must be gathered, processed and reviewed to determine the best path forward. The time it takes to collect and analyze data may limit the organization’s ability to conduct an in-depth analysis of every topic they’d like. It could also restrict their ability to drill down into data and discover undetected or unexpected trends or correlations.
The core challenge organizations typically face with financial analysis is that they often have financial data in silos, and data access must be given manually. Analysts often store financial data on local machines, or data is contained wholly within Excel spreadsheets, even when stored in the cloud.
Financial analysts must move away from manually compiling financial data in siloed Excel spreadsheets to solve the challenge outlined above. Instead, they need to modernize data by leveraging a cloud database to store and process data.
Modernizing financial data by bringing it into a cloud environment where it can be harmonized and serve as a single source of truth helps alleviate data access problems but doesn’t immediately result in faster and deeper financial analysis capabilities. For organizations to truly expedite financial analysis, they require sophisticated platforms that pull forth the relevant insights at the right time, at the individual user level.
Crux Intelligence allows users to easily garner actionable insights within seconds. Use natural language search queries to ask questions of your data with ease and reliability. Build custom boards to monitor performance and receive personalized alerts tailored to your KPIs to drive results and truly impact the business.
To learn more, check out How to accelerate financial analysis at Neal Analytics, a Fractal Company.