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An Open Business Data Fabric for Enterprises and the Modern CFO: Unleash the Power of Unified Financial Data

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insightsoftware is a global provider of reporting, analytics, and performance management solutions, empowering organizations to unlock business data and transform the way finance and data teams operate.

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For finance professionals, daily tasks like budgeting, forecasting, and reporting can feel like wading through a swamp of disconnected data. If your information lives scattered across ERPs, CRMs, modern data stacks, and other systems, analysis becomes a time-consuming struggle. Historically, this was simply the price of doing business for the finance team.

However, advancements in technology have opened the data floodgates, granting finance access to a far greater range of data sources. While this oversight has earned them a seat at the strategy table, the technological landscape is more complex than ever for modern finance professionals. The sheer volume of data, without the right tools, becomes a burden. Hours are wasted on manual manipulation, and nights are filled with worry about errors. Manual consolidation is slow, prone to mistakes, and delays critical insights. Data warehouses offer a traditional solution to this data management challenge, but are expensive, slow to update, and strip away context, leading to skewed results.

Imagine the power of a real-time, single source of truth, a unified view of your entire organization’s data, instantly accessible for analysis, and action. This is the promise of open business data fabric – the key to unlocking the true value of your data and transforming finance from data firefighters into strategic business partners to predictably run the business.

Data Fabric: A Promising, But Incomplete, Solution for the Office of the CFO

As the variety of data sources explodes, organizations are turning to a new approach: data fabric. Gartner defines data fabric as “an emerging data management design for attaining flexible, reusable and augmented data integration pipelines, services and semantics. A data fabric supports both operational and analytics use cases delivered across multiple deployment and orchestration platforms and processes.

Data fabrics present a modern approach to data management, offering real-time data access and a unified, business-friendly view for applications and BI tools. They eliminate the need for central data storage and provide a more flexible architecture.

Despite offering a standardized approach, data fabrics initially lack domain-specific context. They can’t immediately understand the unique terminology and workflows used by existing systems, yet claim that metadata discovery alone will help to address this gap. This can lead to limitations for specific departments, like finance, where generic data views require extensive customization to generate insights specific to their unique business needs. Building the necessary pipelines and views from scratch further strains IT teams whose resources are already stretched thin.

Open Business Data Fabric: The CFO’s Game Changer

With insightsoftware’s intimate understanding of the modern CFO’s data needs we see the potential in data fabric, but also the limitations when applied to finance & operations priorities. The solution? insightsoftware’s open business data fabric, which addresses these limitations head-on and provides data management specifically designed for the Office of the CFO. With open business data fabric your team will accelerate insights to action with:

  • Effortless Data Integration: Combine real-time data from more than 200 environments from leading ERPs, data warehouses, modern data stacks, and cloud vendors. Gain a holistic view of your organization’s financial health without the manual consolidation struggles.
  • Deep Source System Understanding: Forget complex schemas – we’ve spent years building the industry’s deepest understanding of business data structures, seamlessly translating their language for effortless data access, regardless of the source.
  • Pre-built Business Views: No more wasting time and resources building custom reports. Leverage over 1,000 pre-built, business views designed with financial concepts and workflows in mind.
  • Future-Proof Flexibility: As your data structures evolve, so does the open business data fabric. Our views are designed to adapt automatically, ensuring your reports and applications remain functional.

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Real-World Benefits for Finance and Operational Teams

insightsoftware’s open business data fabric empowers finance and operational teams, like yours, to make faster, data-driven decisions by seamlessly connecting siloed data across your ERPs, applications, and other sources. It serves as the foundation for our entire Platform: a single source of truth built on a deep understanding of your business context and logic to power our finance, accounting, and operations applications.

This modern approach minimizes data movement and delivers real-time insights through direct access to source data, along with pre-built business views that are easy to understand, regardless of your technical expertise. An open business data fabric opens an array of possibilities for your finance team including the ability to:

  • Easily Combine Actuals and Forecasts: Unify actuals and forecasts in a single view within Excel or your preferred BI tool. Gain a complete financial picture without wasting time on manual consolidation. Data structure changes in your source systems won’t break your reports – they’ll update automatically.
  • Simplify Regulatory Reporting: Readily combine data from your source systems and insightsoftware applications to streamline regulatory report creation. Ensure accuracy and compliance with confidence.
  • Empower Everyone with Self-Service Analytics: Provide your team with the power of self-service analytics. Access a reliable, single source of data through web dashboards or their preferred BI tools, fostering a data-driven culture across the organization.

Building a Strong Foundation for AI

While powerful AI models can analyze vast financial datasets at lightning speed, their true value lies in generating meaningful insights. This, however, hinges on a crucial factor: context. Without understanding the nuances of the data – industry trends, specific regulations, or unique company factors – AI recommendations can be misleading or irrelevant. This lack of context is a key reason for modern CFOs’ hesitation to fully embrace AI. A recent Gartner survey found that 61% of finance functions either had no plans for AI implementation or were still in the initial planning phases, with “low-quality data within the organization” cited as a top reason for delaying investment.

An open business data fabric lays the groundwork for AI-powered finance by:

  • Standardizing Financial Data: This ensures a consistent understanding of financial data across your organization and applications. This common language allows AI to generate insights directly relevant to your unique business needs. Imagine AI analyzing data from multiple sources – CRM, ERP, and legacy systems – and seamlessly extracting insights without getting tripped up by inconsistencies.
  • Unveiling Hidden Opportunities: Imagine AI analyzing cash flow patterns and pinpointing hidden opportunities to improve liquidity. The open data fabric empowers AI to unearth these insights by providing a clear, unified view of your financial data and the context behind it. Imagine AI uncovering previously invisible correlations between seemingly disparate data points, leading to smarter financial decisions.

By investing in data preparation and leveraging an open business data fabric, organizations can bridge the gap between raw data and meaningful insights. This not only unlocks the power of Generative AI today but also positions them to capitalize on future advancements in AI-powered finance. It’s a shift from hesitation to informed decision-making, driven by the power of context.

Open Business Data Fabric: Streamline Finance Processes and Drive Growth

Fragmented financial data hinders clear decision-making. An open business data fabric offers a modern data management solution, improving data quality, automating tasks, and providing real-time insights. This empowers finance teams to make better decisions today.

  • Effortless Collaboration: A single source of truth for financial data eliminates discrepancies and allows finance teams to work cohesively with other departments.
  • Goodbye Manual Workflows: Automated data consolidation frees up valuable time for strategic analysis. Say goodbye to tedious manual tasks and hello to real-time insights.
  • Data-Driven Decisions, Every Time: Confidently make critical financial decisions supported by accurate and up-to-date data.

Transform your finance function and unlock the potential for growth. Explore how an open business data fabric can empower your organization.

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