Reporting
How much of your data is reported in real time vs. after the fact?
It’s safe to say that almost every industry has been affected by the 24-hour, real-time nature of the Internet. With the upcoming onslaught of data generated from the IoT, the pace of business will increase even more and customers will further demand instant, timely information. Real-time reporting will soon be a must, not a nice-to-have. Departments need to understand what is going on across business operations and customer reactions in real time, not after the fact.
Beyond that, finance departments should train their employees to build effective visual reports, interpret analytics, and write compelling narratives that are easy to understand for the non-finance layperson. The goal of a finance department is not just to keep track of cash flow, but also empower the business to strategically get ahead of the competition.