The new year is a time for reflection, resolutions, and honest assessments of where you stand. This is as true in business as it is in life. It’s easy to let your organization get into a groove, but without some awareness, you could find yourself getting into a rut. One area where organizations can become complacent is in their approach to finance. It’s all too easy to rely on the same financial metrics you were using five or even ten years ago. Within that time, analytics technology has exploded. If you’re not using it, you’re missing out on a smarter, easier way to run your business. Here are a few good reasons to rethink your approach to financial metrics in 2018…
You’re missing key insights into your business.
Many businesses get by without much insight into their financial data. They check their numbers once a week, or once a month, and everything seems to be okay. It’s uncomplicated, and everyone is used to it. It’s natural to be apprehensive about overhauling your approach to finance, or adding analytics to your organization, but a better way is out there. With deeper insight into your data, you can pinpoint discrepancies in your budgets, identify runaway expenses, and set more accurate finance goals.
Your competition is doing it.
Analytics has transformed business. In 2018, analytics give organizations of all sizes the power to react in real time to real-world events. Because of this, the world of business is moving faster than ever. Companies that do things the old-fashioned way are beginning to notice it’s getting harder and harder to keep up. This is especially true for smaller companies in a field with large competitors. It’s possible the time hasn’t yet come where analytics are a requirement for running a business, but they’re coming soon. In order to prepare, the best approach is to get started early.
You’re wasting time and labor doing things the old way.
With almost every analytics solution, building reports in Excel becomes a thing of the past. It may not seem like much work to have someone spend a few hours per week building a report, but those hours add up. Furthermore, you’re limited to basic insights. When you build a report in an analytics tool, it stays up to date. There’s no need to build it again. That means the next report you build can focus on deeper insights.
Analytics isn’t just for big companies anymore.
For smaller businesses, it’s easy to see analytics as something reserved for big companies. Until a few years ago, they basically were. However, analytics is getting cheaper, smarter, and easier to use every day. You no longer need a computer science degree or a full-time analyst to take advantage of analytics. Several solutions, like iCharts Finance IQ, take the guesswork out of creating an analytics dashboard. With a pre-built dashboard based on real-time data, all you have to worry about is the numbers themselves.
Check out our on-demand webinar to learn about different approaches to finance metrics, and how to choose one that’s right for you. Discover how the right analytics tool can help you focus on financial metrics that matter and see a demo of iCharts’ latest offering, iCharts Finance IQ , a plug-and-play solution to finance analytics for NetSuite users.
*Guest blog by iCharts, the top-rated BI solution for NetSuite users, and a strategic partner of ManageForce