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In the Data-Centric Landscape, Finance Departments Should Do More Than Just Bookkeeping
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July 9, 2021 Blog

 

A business can achieve so much more if given the right data in this digital era. Some benefits include faster innovation cycles, higher productivity, more effective research and development, as well as better products/services. With all the promise of data, however, organisations need to take measures to ensure success – one of them being the fostering of data-centric practices for all the departments, not only their IT.

As a steward of data, algorithms, metrics and benchmarks for the enterprise, finance departments play a big role in this transformation. Still, they need to be freed from the burdens of laborious and often repetitive workloads in managing accounts and keeping books. In today’s digital era, the role of finance departments can be elevated beyond these traditional tasks, as they can contribute more to the business by helping to generate valuable insights enabled by data.

Organisations are now realising the benefits of transforming their finance processes to allow for more data-driven workloads. In fact, the majority of finance leaders understand the need for process reinvention, with 66% saying they are effective at streamlining and digitising finance operations.

To help modernise finance departments for the data-driven age, IBM offers its Cognos Controller. It is software that supports the financial close, consolidation and reporting processes with the agility and affordability of a cloud-based solution. IBM Cognos Controller aims to enable finance teams to automate and accelerate the financial close with minimal IT support, so they have more time for tasks that involve data.

First, the IBM Cognos Controller automates tasks that can be time- and resource-consuming for the finance departments. These include intercompany eliminations, allocations, currency conversions and acquisition calculations among many other workloads.

Finance departments can even flexibly define and maintain changing rules and processes without coding, scripting or complex language, further accelerating the process within financial management. In addition, finance departments can address extended financial close processes—close, consolidate, report and file—in an auditable solution owned by themselves.

On top of all these, you can track data flow throughout the consolidation process and monitor the performance of subsidiary reporting with built-in workflow and status reporting. With the IBM Cognos Controller, not only are you able to simplify your financial processes but also realise data-driven decisions as it gives finance departments the capability to produce insights and improve cost efficiencies and cash flow, delivering more value for the growth of the business.

In line with the goal of fostering modernisation, which requires all aspects of IT to be more flexible, fast and agile, the IBM Cognos Controller is available for on-cloud deployment with the functionality of an on-premises solution. It is designed to help finance teams deliver financial results accurately and efficiently, create informative financial and management reports and provide the chief financial officer (CFO) with an enterprise view of key financial ratios and metrics.

To learn more about how your business can automate your financial consolidation processes and accounting procedures, click here.

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