To help support finance leaders throughout their journeys, we’ve identified 5 Steps organizations can take to Unleash the True Value of Finance (see figure 3). The 5 steps to unleashing finance include:
- Know the business – Gather feedback from business partners and understand their key success metrics and KPIs.
- Drive agility in planning & forecasting – Adopt dynamic forecasting processes that are less focused on a 1X event, such as the annual budget.
- Streamline the financial close – Simplify tasks with automation; eliminate manual data movement, errors and risk, provide complete audit trails and visibility.
- Automate reporting – Create self-service reporting for business partners, drive standardization and reduce risk.
- Leverage advanced analytics – Consider predictive analytics or scenario analysis to enhance the dialogue with business partners.
Figure 3: 5 Steps to Unleashing Finance
Over the coming weeks, we’ll be covering each of these steps in more detail in a series of blog posts. Regardless of where you are in your journey, our blog series is designed to share insights from the experience of OneStream’s team of industry experts. Of course, we recognize that every organization is unique – so please assess what’s most important to implement and when, based on the specific needs of your business.
Over the coming weeks, we’ll take a deep dive into how sophisticated organizations are unleashing their finance teams. And with a dedicated blog post for each step, we look forward to sharing best practices, thought leadership and examples from OneStream’s 300+ successful customers around the globe.
To learn more about how to unleash your finance team, download our whitepaper titled Finance Unleashed: Enabling Modern Finance with CPM 2.0 Platforms.
Re-posted with permission from Source