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Data and Reporting Technology
Leveraging innovation to strengthen your data and reporting efforts
Technology now plays a key role in nearly every element of the business process, and finance is no different—emerging innovations can enhance how companies collect, distribute and analyze data while further increasing efficiency and clarity. In most companies, the enterprise resource planning system (ERP) is the financial system of record, but integrating supplemental solutions can ease the reporting process and provide greater accuracy.
Companies now have access to many source applications that feed into the ERP system including point-of-sale (POS) systems, operational applications, logistics modules and payment processing solutions. Yet the use of spreadsheets to transmit information between source applications and the ERP remains rampant. Spreadsheets, along with custom reports and formulas, can lead to data governance issues and subsequent reporting challenges.
Your finance function needs a reliable dashboard- and desktop-based mechanism to deliver data to the right hands. RSM Canada’s experienced advisors can help you understand and develop a more refined corporate information factory approach, leveraging current technology to create data repositories and analyze information beyond the capabilities of your ERP system.
For example, you might currently obtain basic financial reporting and data management from your ERP, but you’ll eventually receive business questions from internal constituents that your ERP simply can’t answer. Instead of trying to develop reports manually, the corporate information factory model not only maximizes your ERP but adds additional layers, including tools for:
- Business intelligence
- Enterprise or corporate performance management
- Financial close automation
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In addition to these tools, a data warehouse can help you create an authoritative data source. The warehouse is a combination of various data architecture and flexible database structures. You can pull customized reports and data, which enables a deeper analysis than what your ERP currently provides.
We can further enhance reporting analytics through tools such as robotic process automation, automating repetitive tasks to yield information that drives business decisions and course corrections.
Do you need more operational analytics or departmental analytics? RSM Canada consultants can help you determine what your ERP isn’t providing, and consequently which structures and tools will support the insights you need.
All finance executives possess a strong finance and accounting acumen, but with the right tools, a data-driven CFO can become a central hub for reporting. We’ll help you find the missing link to creating the right analysis in a timely fashion, as well as provide the governance to attest to the appropriateness of related data.