Now more than ever, your organization relies on finance team for strategic insights. You need to have the rights tools at your disposal to create an accurate budget, run timely forecasts, and incorporate meaningful scenario analyses into your plans.
Accuracy and timeliness are keys to becoming a strategic advisor to your company. As business decisions are only as good as the underlying data supporting them.
Recent data shows that while finance departments can forecast more quickly than four years ago, forecast accuracy has deteriorated. Only 43% of organizations can forecast their revenue within +/- 5%, and 80% of companies cannot forecast beyond a year.
To improve your forecasting accuracy, you need to master your data with a dedicated software that holds the financial truth of your business and integrates data from across your business.
If not done right, integrations can add time, complexity, and unnecessary frustration to your finance processes. You need a secure way to integrate and centralize your data with an easy-to-use interface, so your accounting, ERP, CRM, and HRIS systems data will be ready for retrieval in seconds.
Data centralization enables finance leaders to become proactive rather than reactive when it comes to budgeting and reporting.
With this release, we are excited to showcase enhancements to data integrations, as well as faster data analysis with our Virtual Financial Analyst.
Data Integration Services
First, let’s talk about your data. Prophix’s Data Integration Services (DIS) connects your various source systems, such as your ERP, for data retrieval.
This release introduces new integration agents while adding additional functionality that provides more control and flexibility when choosing the source and destination connections for your financial data. This extends the capabilities of DIS by offering additional opportunities for integration and a richer exchange of data.
Virtual Financial Analyst – Contribution Insights
Take your budgeting, planning, and reporting to the next level with Prophix’s Virtual Financial Analyst (VFA), powered by Artificial Intelligence (AI). The Virtual Financial Analyst serves up insights naturally via voice or text to help you work smarter.
Contribution insights is one of the many capabilities of the Virtual Financial Analyst. In an instant, your VFA can perform a comparative analysis to provide you with an accurate and consistent narrative surrounding a number, as well as visualize its trend through time and the influencing factors.
In the Spring 2021 release, insights generated by your VFA go deeper by analyzing your data to reveal variances over time or between versions. You can see what factors influenced the rise or fall of report values, as well as the breakdown of the underlying data. And since your VFA is powered by AI, Contribution Insights will deliver your insights with speed and accuracy unmatched by humans.
With the exciting new enhancements in the Spring 2021 release, Prophix makes it easier to become the strategic partner your company needs today and tomorrow.