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Financial Planning in 2023

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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.

Fans of The A-Team television series, as well as movie remake of the same name, know John “Hannibal” Smith’s catchphrase by heart: “I love it when a plan comes together.” While those may be words to live by for Special Forces turned soldiers-of-fortune, they also define the mentality any crack finance team should have, with an emphasis on careful planning that all comes together.

For that to happen, however, financial planning must be comprehensive, gathering all necessary data, ensuring its integrity and providing a unified view your organization can use.

The Old Way

Unfortunately, many companies do not have the tools necessary to have a comprehensive approach to financial planning. Instead, all too often companies rely on antiquated static spreadsheet-based methods to track, analyze, and utilize data.

Traditional spreadsheets are handy, but they come with some built-in challenges.

Static spreadsheets often lag behind real-time data, lack data integrity due to multiple sources, are prone to errors thanks to manual input, can quickly become unwieldy, and can be difficult to adapt to changing data sources and formats. As a result, while static spreadsheets have been an invaluable tool for decades—and continue to be—today’s fast-paced business demands a faster, more integrated approach.

The Better Way

To truly be able to have a unified approach to budgeting, reporting, and financial planning, finance departments need solutions that tap directly into the necessary data, are updated virtually instantaneously, and allow for rapid reporting.

Hubble by insightsoftware is just that solution. By directly connecting to your JD Edwards and Oracle EBS ERP systems, it eliminates the need for data dumps, manual input and unwieldy spreadsheets, not to mention the errors that can creep into a manual process.

Instead, with a single data source that is updated automatically, your organization can focus on forecasting and planning rather than wasting precious time inputting data. In addition, thanks to the continuous forecasting that direct access to your ERP provides, you can see as much as a 70 percent reduction in cycle time. This integration goes both ways, as your finance department can easily and quickly upload your planning amounts back into the ERP with a single click.

insightsoftware helps you see what’s happening now, explore what-if scenarios, plan for the future, and create modern, robust spreadsheet models that can be used in the reporting module.

How insightsoftware Helps

There’s nothing like a plan that comes together perfectly. For that to happen, your company needs the right tools to access, analyze and act on available data. Read our Guide to Driving a High Performance Organization to learn more about ways your company can implement unified financial planning in 2023.