Everything we do today results in data. CFOs, board members, and managers in the financial industry need to maintain a firm grasp of their current and past performance to develop more precise predictions to drive data-driven decisions. The key to effectively using BI for financial markets starts with asking the right questions to pinpoint valuable data points to help you take actionable steps.
Business intelligence (BI) offers end-users the ability to collect operational and financial information across the entire organization. The CFO can access this information through data visualizations that allow a more intuitive view of the whole business.
The use of BI can pinpoint exact information to develop what questions need to be addressed. BI provides a roadmap for you to see the larger picture or more granular details, allowing you to concentrate on asking the right questions. There may be questions about decreased sales or shrinking profit margins. From there, everyone in the organization can pinpoint data for actionable insights that propel business growth and solve current pain points.
If you manually sift through large amounts of numeric data or use a combination of analytics and spreadsheets to assess information, you may not efficiently identify various financial or economic patterns. Additionally, when you are manually manipulating data in any way, it leaves room for human error.
With data visualization and interactive BI dashboards, recognizing data trends and patterns becomes much easier.
How Data Visualization Brings Your Numbers to Life:
Interactive dashboards are an important component of a business intelligence for finance solution. BI and analytics solutions can make the numbers come to life and give you an easy way to evaluate your financial health.
Your dashboard can be customized for the aspects that you need to concentrate on most. Set up your dashboard so you always have access to your gross profit margin or net profit margin at a glance. You might want to see your burn rate on your dashboard or include information on your accounts receivable turnover.
Analyze large volumes of data, visualize year-over-year comparisons, and find growth patterns with an Income Statement Dashboard.
Finance Dashboard - Income Statement Dashboard
This allows you to uncover market volatility. You can track trends in the industry and identify the problems in your own organization, as well as the strengths.
This type of dashboard would consist of things like your portfolio, wealth scorecard, asset management tools, and credit history tools.
A Financial Risk Managementdashboard provides tools to help organizations meet regulatory needs, plan budgets, and analyze risks in the market.
Profit and Loss dashboards might include general bookkeeping or ledgers, balance sheets, annual and monthly earning reports, and budget estimates.Profit and Loss - Sales Analysis Dashboard
Your Investment Portfolio Analysis dashboard Determines financial objectives and investment durations, monitors the performance of investments to build and monitor a diversified portfolio.Finance Dashboard - Sector Performance Portfolio
Business intelligence helps to quickly tell the story of what’s happening in your business at a glance. It can help you manage your business, spot warning signs before they become problems, and find areas you can accelerate your growth.
Ultimately, data visualization is a form of storytelling. Visualizing your Finance BI can showcase data correlations that might get lost in the numbers.
Need help making sense of your data? Wyn is a web-based BI and data analytics platform that provides greater insight into your data.
Wyn offers built-in tools for report and dashboard creation, data governance, security integration, embedded BI, automated document distribution, and a business-user friendly interface for self-service business intelligence.
Test drive on your own data with our free evaluation.
You can also request a personalized demo to address your individual BI needs.