Digital Finance or drown in manual processes

Master Data Management (MDM) is a method of managing and structuring your company’s master data within and between different systems. With an MDM system for your Business Intelligence solution, you have the opportunity to automate administration and collect, validate, structure and enrich e.g. chart of accounts, departments, products and customers in the same system.

The MDM system also helps to ensure the quality of your master data and can be used to identify missing and incorrect information on e.g. newly created master data. It allows you to continuously add and correct the information, so that the reporting is accurate at all times.

Process automation (RPA) and artificial intelligence (AI, Machine Learning technology) can be used as a supplement in the work processes and facilitate a large part of the manual work of identifying and solving the errors. It can ensure a higher level of accuracy in the rule-based and transaction-heavy work processes.

Business Intelligence (BI) can be used to provide insight into e.g. inconsistent master data, unfinished purchase orders, unapproved invoices, reconciliation of creditor entries, financial ledger and input to liquidity forecasts. You can automate data collection and form the basis of many operational KPIs.

With a Business Intelligence platform, consolidation and reporting can be streamlined. A large part of the manual work is automated through integration between the source systems. The consolidation process becomes transparent, and the reporting itself can be done with standard settings that are easily and quickly adjusted month by month.

A well-functioning data platform makes it possible to display structured and clear data to users in the form of KPIs, reports and visual dashboards. For users to optimize their time consumption, they receive training in the company’s BI tool so they can serve themselves with data.

With a digital approach, a budget and forecast tool can ease the time-consuming manual process and solve some of the challenges that finance departments experience. The process and interaction between all the budget managers can be streamlined by implementing a centrally managed, web-based solution.

In one system alone, it becomes possible to work simultaneously – and the actual collection, processing and consolidation of the data is automated and can easily be controlled by a central team. In addition, the many unused spreadsheets can be replaced with budget models, which ensure coherence and transparency in the many dependencies that exist between the individual budget managers.

Implement data visualization as a complement to the classic table reports. The most important variances in data become visible more quickly, and this frees up more time for further analysis. Data visualization must be seen as a language of communication that the finance department must adopt to be able to better analyze data and collaborate with the business.