Analytics

The fast-paced world of business requires insightful decision-making. Organizations need to harness data effectively to make truly data-based decisions. Many companies today struggle with their ability to leverage technology to capture and compile crucial enterprise data for impactful decision-making. 

Current Landscape: Challenges in FP&A

According to a study from Forrester Consulting, enterprises face a daunting task in managing data from as many as 700 different sources for downstream analytics and business intelligence applications. Organizations need this data to keep up with the speed of business, especially when considering factors such as high inflation, rising interest rates, geopolitical disruptions and the lingering effects of supply chain shocks.

Our partner Incorta recently surveyed finance leaders on the allocation of time within the finance department. The data collected points to some challenges in FP&A processes:

• Working with complex financial and operational data
• Team members working in offline Excel
• Inconsistencies in taxonomy and definitions
• Outdated data
• A lack of a single, trusted data source.

These challenges contribute to FP&A teams spending a considerable amount of time on low-value activities such as data collection and validation, hindering their ability to focus on high-value strategic activities.

Organizations can overcome these challenges by using a data hub. A comprehensive solution can provide:

• Access to Fresh Enterprise Data
• Streamlined Financial Processes through immediate access to organizational data
• Improved decision-making by reducing deployment times for baseline reports
• A unified view of data
• Integration with existing systems

Incorta provides details on the survey in “Analytical Freedom at Last: Financial Planning and Analysis Reimagined.” Download your copy today.

Read more about Data Analytics in Finance:

How GenAI Will Impact Data Analytics

Increasing Accuracy in Forecasts by Using Workday Adaptive Planning with Incorta

EnergySolutions Makes Faster Data-Driven Decisions with Incorta

This is a guest post from Margaret Guarino, vice president of global marketing at our partner, Incorta. Margaret explains how EnergySolutions relies on Incorta to make data-driven decisions and save time and money.

EnergySolutions, a distinguished international nuclear services company, has long stood as a key player in the specialized field of nuclear waste processing and disposal. With a unique portfolio that encompasses waste management, recycling, and decommissioning of nuclear power plants, the company navigates a complex landscape that demands precision and governmental and environmental compliance. EnergySolutions serves an array of clients, including government agencies and nuclear power plants, positioning itself as a leading expert in a highly regulated and distinctive industry. 

Challenges in their Reporting Landscape 

For years, EnergySolutions grappled with the limitations of manual reporting processes, particularly those driven by Oracle OBIEE. The company’s operations spanned multiple systems, each with its own data source, hampering the ability to form a holistic view of the business. The outdated procedures led to bottlenecks, caused by sluggish data loads and impeded the attainment of in-depth insights due to the lack of comprehensive data access. These challenges were magnified by the nature of their industry, where precision and informed decision-making were paramount.

Revolutionizing Reporting and Data Access 

Incorta’s implementation catalyzed a significant transformation within EnergySolutions. Users gained access to a previously unexplored treasure trove of data, unraveling insights and relationships that were previously elusive. The platform enabled users to bridge gaps between disparate data sets originating from various sources, thus illuminating a comprehensive view of the business and providing access down to the individual transaction level disclosing context and details not accessible before. 

One of the most compelling aspects of Incorta was its innate adaptability. Unlike the conventional ERP systems that often necessitate altering business processes to align with the technology, Incorta molded itself to the company’s existing processes. This malleability proved invaluable, as it allowed EnergySolutions to retain its operational integrity while harnessing the capabilities of the platform.

Fostering a New Partnership for Future Growth 

The implementation of Incorta not only resolved EnergySolutions’ immediate reporting challenges but also unveiled opportunities for future growth. By centralizing data access and analysis, the company streamlined its processes and increased efficiency, allowing teams to focus on their core tasks. Reports that once took hours or even days to generate were now available in seconds, freeing up valuable time for value-driven activities. 

As EnergySolutions continues its journey with Incorta, the partnership promises to shape the company’s future trajectory. The enhanced ability to generate insights, supported by seamless data access, positions EnergySolutions to make informed decisions swiftly. The platform’s agility to accommodate custom applications and adapt to unique industry needs reinforces the company’s competitive edge and underscores the transformative potential of the partnership. 

Empowered Insights for a Dynamic Industry 

EnergySolutions’ story exemplifies the transformative power of leveraging cutting-edge technology to overcome challenges. By transitioning from manual reporting to an intuitive open data delivery platform like Incorta, the company not only resolved reporting bottlenecks but also redefined its operational landscape. The collaboration with Incorta signifies a commitment to innovation, efficiency, and excellence, ushering EnergySolutions into a future empowered by data-driven insights. As the partnership continues to unfold, EnergySolutions stands poised to navigate its intricate industry with renewed vigor and a heightened competitive advantage. 

This blog post was originally published on the Incorta blog.

Read more about Data Analytics in Finance:

Bringing Operational Analytics to the Office of Finance

Incorta Recognized in 2023 Gartner Magic Quadrant for Analytics and BI Platforms