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Presenting the data in simplified reports and visualizations, discovering patterns and trends, and
then predicting future events can be challenging for organizations.
Working
A key area in which analytics has the potential to deliver substantial benefits is strategy
formulation and implementation.
Timely information that helps the business people to take important decisions.
Plays a crucial role in calculating the business’ profit, while helping answer questions and
letting forecast the future of your business.
Financial analytics provides different views of a company’s financial data.
As a part of finance transformation efforts, business managers and finance staff should
collaboratively define, develop and apply finance analytics. Decision teams with clear data
governance roles and responsibilities can brainstorm problem economics, co-create more
intuitive reporting formats and push one another’s thinking.
Processes
1. Begin at the end – Start form the problem and then work backwards.
2. Start Small- small issues making big impacts, learn from strategic challenges.
3. Take out the trash- Resolve small issues and challenging points
4. Keep on monitoring continuously for improvement.
financial analysis is employed for evaluating economic trends, setting financial policy,
formulating long-term business plans and pinpointing projects or companies for investment.
Problems
There is a shortage of trained professionals to analyze data in the finance industry. New roles being
created by the need for big data in an ever-expanding industry of data science.
The need to eliminate risk and predict market trends has always been the goal of financial
professionals on behalf of their companies or clients. Data analytics can even detect fraud or
mismanagement of resources to reduce the likelihood of audits, operational shutdowns, or criminal
activity.
Tracking, analysing and presenting vast amounts of data are now commonplace in the finance
industry and elsewhere.
Using tools like Google Analytics, these professionals can gather data from past, present and even
future customer interactions to provide key measurements and indicators to management.
There are restrictions on copyright and user privacy that must be considered.
Types of Analytics
Vertical- different sections with in a report such as balance sheet, Current assets/current liabilities,
Ratios, percentages etc.
Industry Comparison; Market share for example, something unusual among the industry average.
Results of company with results of industry.
Business managers and finance staff should co-design finance analytics frameworks for a shared
view of performance.
Turn mountains of data into nuggets of insight - Filter and analyze large amounts of data
promptly and easily.
Put the pieces together - Combine internal and external data to generate insights that
weren’t possible or practical before.
Paint a picture - Present data and results visually so they are easier to understand and have
more impact.
Take action with confidence - Become a data-driven organization that makes investments
and operating decisions with more confidence and mitigated risk.
Be more strategic - Boost the Finance function’s value and credibility as a strategic partner
to the business.
“Data plays an increasingly important role in marketing and product development.
Data is also helping us create more relevant content for different audiences.
Big data analytics has contributed to the development of risk management solutions,
Through this initiative, banks will possibly be able to carry out real-time risk analysis in the
near future.
Big data offers supplier networks greater accuracy, clarity and Insights -through the
application of big data analytics, suppliers achieve contextual intelligence across the supply
chains.
The company ensures retailers have the right products, in the right volumes and at the right
time.