How easy is it for Finance Leaders to get on board with Business Intelligence?

a bi-weekly series to help you get started on your data strategy journey.

Sophisticated data wrangling tools are often seen as the preserve of highly trained data professionals – leaving the people who need the insights, like CFOs and other C suite execs frustrated at the inability to get to the data they need to make decisions. 

There are so many scenarios where being able to generate your own reports and manipulate data would be useful. From planning and budgeting to forecasting, cash flow, revenue analysis and identifying growth opportunities.

So how can finance leaders like Finance Directors and CFOs get hands-on with business intelligence? 

The good news is that Business Intelligence tools are highly versatile, empowering you to transform raw financial data into actionable insights. By leveraging BI in these key scenarios, finance leaders can enhance financial decision-making, improve operational efficiency, and contribute to the overall success of the organization.

You can leverage user-friendly tools like Microsoft Power BI, which is popular within the Microsoft ecosystem but there are many others available.

Here are some key steps and considerations finance leaders might need to take to effectively use and understand BI tools like Microsoft Power BI:

Define Clear Objectives:

Start by defining clear business objectives and key performance indicators (KPIs) that you want to track and analyse using BI. Understand what specific financial insights you need to make informed decisions.

Data Integration:

Ensure that your BI tool can easily integrate with various data sources. Microsoft Power BI can connect to a wide range of data sources, including Excel, databases, cloud services, and more.

Data Modelling:

Create data models or hire a data expert to help you set up the data structures necessary for your analyses. Power BI has a user-friendly interface for data modelling, making it accessible to non-experts.

Visualization:

Power BI offers a drag-and-drop interface for creating interactive and visually appealing reports and dashboards. Finance leaders can use pre-built templates or customize visualizations to suit their needs.

Accessibility and Collaboration:

Share your reports and dashboards with relevant stakeholders across your organization. Power BI allows you to share reports securely and collaborate in real-time, ensuring that everyone has access to the same data-driven insights.

Training and Education:

Invest in training for yourself and your team. PTR can provide bespoke training for you and there is a wealth of resources and online courses to help users become proficient in Power BI without requiring advanced technical knowledge.

Data Governance:

Establish data governance policies to ensure data accuracy, security, and compliance. This is crucial, especially when dealing with financial data.

Automation and Alerts:

Use Power BI's automation features to schedule data refreshes and set up alerts for when specific financial metrics cross predefined thresholds. This helps in staying proactive about financial performance.

AI and Machine Learning:

Explore advanced analytics capabilities within Power BI, such as AI and machine learning integrations, to uncover deeper insights and make predictions about financial trends.

Continuous Improvement:

Regularly review and refine your BI reports and dashboards based on feedback and changing business needs. BI is an ongoing process of improvement.

Microsoft Power BI is designed to be user-friendly, with an intuitive interface that allows non-experts to create and understand data visualizations. However, for more complex analyses, it may be beneficial to collaborate with data experts or data analysts to ensure the accuracy and reliability of your financial insights. For help getting started, training and advice please consider working with us at PTR – we are obsessed with this stuff and can really help you to start seeing value.

How can we help?

PTR offer mentoring style consultancy services to assist you with building your initial data strategy, selecting the correct data platform and toolset and guiding you throughyour business intelligence implementation roadmap.

Please contact caroline.atkinson@ptr.co.uk to find out how we can help you improve your data insights. Our Business Intelligence Consultants are here to guide you on your data journey.