BI Trends for 2021 – 4 of 9

Continuing our list of top trends, predictive analytics can advise the immediate impact on revenue and the potential fixes with Phocas Software.

The Accenture report, “Finance 2020: Death by Digital”, states that finance is evolving from:

“an expense control, spreadsheet-driven accounting and reporting center into a predictive analytics powerhouse that creates business value. Finance is doing things that it never could before, thanks to digital technologies.”

Traditionally, business intelligence has relied on people to extract insights. Given the structured nature of financial data (revenue/cost of sales/operating expenses etc.), insights can be generated automatically such as the identification of the reasons for a drop in profitability and the recommended courses of action to remediate.

The tasks that finance teams can perform are transforming.  The accounting team will move away from transactional accounting and rely on technology for predictive insight into how markets, competitors and consumers are affecting overall business performance.

Imagine if a retailer cuts the shelf space of your product line in stores by 15% across the country.  Predictive  analytics can advise on the immediate impact on revenue, what are the potential fixes and the effects on purchasing, competitiveness and sales.. 

To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

Written by Phocas Software