For most businesses, the office environment isn’t what it used to be — it’s better. Thanks to new and ever-improving technologies, the modern-day workplace has evolved into one where all manner of tasks can be executed more efficiently. And teams no longer need to occupy the same physical space in order to collaborate. This has paved the way for a more open and flexible workplace culture across business departments.
But financial analysts aren’t commonly among the early adopters of new technologies. Often those in financial reporting or analysis roles are reluctant to deviate from what they deem to be reliable processes — even if those processes are not the most efficient.
The biggest problem with adhering to these “tried-and-true” methods for executing monthly financial reporting and analysis is that they remain extremely manual. In fact, they haven’t changed much at all, still closely resembling what they were a decade or more ago.
For a majority of businesses, financial analysis continues to mean poring over data feeds, and relying largely on Bloomberg Terminal or similar system, and executing reports in Microsoft Excel — all processes that drain efficiency. This is bad for business and can be frustrating for a new generation of financial analysts that are used to a higher level of flexibility and collaboration when managing their daily tasks.
Ready for innovation
The financial industry is ripe for innovation, and with a new generation stepping into financial analysis roles, finance departments must embrace new technologies and innovation sooner than later.In a time where we’re visually sharing the details of our lives across social media and other media — from pictures of our children, to the lunch we ate at work — it’s not surprising that this desire to collaborate and share has spilled over into the workplace. Gone are the days when a boring Excel spreadsheet will suffice.
New tools have paved the way for improved efficiency and deeper, more visually appealing insights across all areas of business — even financial reporting and analysis. These platforms present endless opportunities to increase flexibility, collaboration, and efficiency through innovation.
Imagine if you could cut 90 percent or more of the time spent collecting data from data feeds and give your team more time to dig deeper into that data? What opportunities would that present for you in your individual role? For your entire team? For your company?
New financial data discovery platforms allow you to quickly dig into, and source, financial and non-financial data. That means you can go beyond simple KPIs and dig into details such as segmented data, MD&A disclosures, footnotes, and SEC comment letters.
What’s more, new platforms are changing the way data is visualized and shared. Let’s face it, no one in your business wants to sit through (or nod off during) yet another presentation filled with Excel spreadsheet data. Advanced data visualization tools enable you to speak everyone’s language, and present your data in a compelling and impactful way.
Deeper, more visual financial analysis will bring innovation to your entire business allowing it to be more flexible and accomplish its goals more effectively.
If you’d like to learn more about the ways innovative financial analysis can make your workplace culture more flexible, collaborative, and efficient, contact us today.
Our platform simplifies data compilation and makes public financial and non-financial data easily accessible and shareable. That means your team will have the flexibility to collaborate more — and more efficiently — all in just a handful of clicks.