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Five signs that you are losing control of your planning and reporting process

Sep. 8 2020 by Leslie Cant, Product Marketing Director - CCH Tagetik

Performance Management Budgeting & Planning

If any of the following signs sound familiar, you are not alone. But it indicates that your planning and reporting is not truly data-driven, which means you’re not really in control.

  1. Simple tasks become complex – you have to build every process and functionality from the ground up
  2. You can’t identify who did what – your audit trail is long, and you need tech resources to find out who did what and how they did it
  3. You’ve become dependent on IT resources – the savvy IT expert needed to build and maintain admin tasks is a symptom of control leaking out of the Office of Finance
  4. It’s impossible to keep pace with the market – shutting down systems and overnight calculations for allocations and simulations? Real-time analysis and control are the losers
  5. You can’t locate reports – when data changes mean updating and redistributing reports, the risk is inconsistent and incorrect data and all that follows

So you are likely spending too much time on data maintenance, scripting, programming and offline manual work. Time that could be spent driving your business forward.

If that’s where you are, how to get to where you want to be? To switch to a positive outlook, it’s probably time to evolve your planning and reporting. Time to evolve from a database to a data-driven model.

With a data-driven solution, you can start devoting yourself to value-added analysis, multi-variable scenarios and deriving insights. The benefits will include:

  • The ability to take control of planning and reporting processes
  • Gaining agility by aligning financial and operations plans
  • Reduce dependency on IT
  • Improve business efficiency by avoiding undue complexity
  • Shorten the planning cycle – act faster!
  • Increase ROI by reducing the cost of management
  • Improve the speed and accuracy of reporting
  • Drive your business forward with confidence

Once you have taken the step towards digital transformation, you won’t look back. On a unified, finance-maintained platform, you’ll move beyond mere budgeting and planning and discover an all-in-one solution which covers consolidation and close, reporting and disclosure, profitability analysis and regulatory solutions.

The alignment and accountability will enable a new level of control thanks to workflow and collaboration tools and audit trails that bring finance and operations under the same spotlight.

Get the power to turn high volumes of granular financial and operational data into actional information. Get ready for the future – to leverage artificial intelligence and machine learning technology.

Download the whitepaper "From database to data-driven planning": see who else has taken this step and start to Evolve!

 

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