BI Trends for 2021 – 2 of 9

Continuing down this journey of trends for 2021, the financial performance IS the heart of an organization.

Near real-time access to key performance indicators helps people to see the impact of their decisions, which makes them more accountable for the execution of a strategy and quickly demonstrates what works and what doesn’t.

Widespread access to financial performance also allows people to have more meaningful conversations about business performance.

The tools embedded in BI such as visualizations and dashboards, make it easier to educate the entire team about financial indicators. The BI solution functions as a holistic digital backbone for all divisions while financial dashboards improve interdepartmental communication, allowing everyone to work from the same data, and monitor and own their departmental financial performance.

In a dashboard, the data is interactive allowing stakeholders to investigate figures and find answers quickly.

For a long time, the financial numbers were the domain of the accounting team, but this has changed. Using software that makes it easier to share revenues, profitability, performance to budget with other departments means more people can engage and invest in the improvement of the team’s performance.

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Written by Phocas Software