The functions of a company’s finance department can seem to operate in a vacuum. The team is often viewed as its own island of data, numbers, and financial reports. Outside departments often have little or no interaction with the valuable financial data in which the finance department is so heavily immersed.
In reality, however, that financial data can have far-reaching and highly beneficial contributions companywide. That’s because data and numbers are at the heart of your business, helping to define it, tell its story, and ensure that it remains competitive.
Using this data to its greatest benefit begins with uncovering information and insights that go beyond what you can glean from a standard financial database, and sharing it in a visual and impactful way across your business. A dynamic and collaborative financial data SaaS platform such as idaciti’s allows you to do just that.
With access to deep historical financial data, as well as current financial and non-financial data and disclosures, there is no limit to the potential benefits that can be realized across your business. In addition to making standard quarterly reporting and accounting functions more accurate and efficient, a modern analysis platform allows you to share financial data in a visual and interactive way, both inside your business, and externally.
Speak every department’s language
While accountants and other members of your finance team are used to looking at data in Microsoft Excel spreadsheets, that language doesn’t always translate universally. When using financial data across different departments, it’s important to remember that others in your company may get more out of the information if they’re able to view and interpret it in a format that’s preferable to them. This is one of the reasons why we designed the idaciti platform to offer a number of visual and graphical options for sharing and utilizing financial data.
To better understand how the open sharing of financial data can impact your entire company, let’s take a look at a few of the business functions that can be positively impacted:
- Competitive analysis - The ability to look across your market, not just at KPIs, but to also go in-depth with additional financial and non-financial data can be an extremely powerful tool to empower meaningful competitive analysis. By identifying patterns and anomalies and drilling into the details of what’s driving them you can position your company to be more competitive. You can also use the data to stay ahead of trends in your business and make smart business decisions based on information about other companies in your industry.
- Investor relations - Armed with a financial tool like idaciti, you can paint a clear picture of how your company compares with others, and put yourself in the best position to attract the right investors. You can also get an in-depth look at how your company is being perceived across your market. With all of this additional information you can connect with the resources that will benefit your business the most and help you reach your goals.
- Marketing - The ability to look beyond simple data feed software and exploit a platform that allow you to go in-depth with financial data and analysis can have an enormous impact on the effectiveness of your marketing efforts. With a deeper understanding of your market, you can better communicate your company’s message to the world, and separate yourself from the competition.
- Sales - Looking at a broad range of data can help you gain the insight you need to properly hone in on your sales efforts where they’ll yield the greatest benefit. If you’re a pharmaceutical company, for example, quality data might show you that, while you can’t compete with Pfizer on a global scale, perhaps you can compete on a certain drug, or in a certain market where they are not doing as well or where their market share is shrinking. With idaciti you could even build a card and send it to the sales director to show how competitors are doing in different regions and look at new business opportunities.
No man is an island
How vast is the ocean between the “island” of your finance team and the rest of your organization? Using modern financial data software can better connect all areas of your business. Your entire organization will benefit from strengthening the collaborative opportunities between teams, and allowing data to be visualized from department to department.
So, what are you waiting for?