BI Trends for 2021 – 3 of 9

Next up, visualizing your data and how it leads companies to action.

Finance teams turn to visualizations to help. Traditionally, financial reporting is numbers heavy. More than 65% of the population are visual learners, so it makes sense for finance teams to turn to visualizations to help people understand the data and make more informed business decisions.

A global finance study by PwC found that only a quarter of the finance team’s time is spent delivering business insight.

One effective way for finance to provide understanding is through highly contextualized, ‘smart’ visualizations. The ability to explain complex concepts, find correlations and causations in data and present compelling stories helps to elevate the finance team’s role in a business.

Visualizations lead to greater engagement of the broader management team. 

As an example, automatically showing or extrapolating trends for revenue that make-up actuals and forecasts part way through a financial period helps the rest of the business act quickly in areas that need improvement.

If the financial team presented this information in a dashboard, the stakeholders can investigate figures and find answers fast. Other people in the business can identify trends and insights more readily –helping the data to bring about more action.

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Written by Phocas Software