Note: As a courtesy to our followers, this blog article presents a synopsis of the Innovation Management article “3 Ways Real-Time Financial Data Drives Business Intelligence” on December 13th, 2021.
The financial sector has long used real-time data to drive innovation in the form of predictive analytics, forecasting, decisions, pivots, and priorities. However many business and government agencies struggling to innovate are stuck using stale data and slides. A common reason to resist using real-time data is they have not yet adopted cloud-based solutions and other tools that make that data available. 93% of finance leaders want to transform their workflows with the help of data.1
To make digital transformation a reality, here are 3 ways to apply real-time financial data to elevate everyday workflows.
- Automate cash flow management with new technologies. Introduce software that “learns” and makes recommendations based on incoming data. Maintaining a “forecaster’s focus” will help you and your team remain proactive.
- Evaluate supply chains, improve contracts, and enhance working capital. Supply chain managers don’t often collaborate on financial department decisions. However, real-time data might show normally imperceptible jumps in pricing within the supply chain ecosystem leading to immediate relevant discussions.
- Invest in cost analysis and reduction through scenario planning. Cutting costs should always be handled with almost surgical care and precision. Real-time data can put the spotlight on where money belongs and where it doesn’t. Teams that can confidently fund new innovations and investments based on real-time financial data have an advantage.
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