Skip to main content
AboutContact Us

Is Your Finance Team Stuck in the Past? Real-Time Answers

insightsoftware

insightsoftware is a global provider of EPM, data analytics, and equity management software, helping finance, technology, and HR leaders make confident decisions in a world shaped by AI.

Is Your Finance Team Stuck in the Past? Real-Time Answers

In this episode of "Don't Panic, It's Just Data," host Christina Stathopoulos explores the world of real-time analytics and its impact on financial decision-making. She is joined by Thomas Gorr, insightsoftware's Director of Product Management for extended planning and analysis (XP&A), and Cody Riemenschneider, Director of Solutions Engineering, and they discuss the challenges and opportunities of integrating real-time data into finance.

"Finance teams are often the last to embrace change," Christina says, when highlighting one of the industry hurdles. Cody responds: "It's kind of the mentality of nothing's broke, don't fix it."

We explore the issue of data silos and how real-time AI integration can break them down. Thomas explains: "Each department has its own data report, its own planning tools, which are mostly Excel files... They don't collaborate."

The future of finance lies in real-time data, driving a shift to XP&A, where finance should act as a collaborative partner. This transition is further explained in insightsoftware's whitepaper, "Unlocking AI-Powered Financial Planning," which highlights the potential of AI in financial planning and analysis.

Watch our latest podcast now for an insightful conversation on how real-time data is reshaping the future of financial planning and analysis.

EM360 Podcast - Is Your Finance Team Stuck in the Past - Real Time Answers Video

Takeaways

  • Finance teams are often resistant to change, clinging to outdated tools.

  • Real-time data integration can help break down data silos and better decision-making.

  • The shift from FP&A to XP&A emphasises collaboration across departments.

  • Data governance is crucial when handling financial data.

  • Real-time data enables more accurate forecasting and budgeting.

  • Organisations should define their data strategy before implementation.

  • Proactive adaptation to data technologies is essential for future success.

Chapters

  • 00:00 Introduction to Real-Time Analytics in Finance

  • 03:14 Resistance to Change in Finance Teams

  • 06:30 Breaking Down Data Silos

  • 12:43 Pros and Cons of Real-Time Data Integration

  • 18:27 Real-Time Data in Corporate Performance Management

  • 22:11 Future of Financial Planning with Real-Time Data

  • 27:36 Key Takeaways for CFOs and Financial Leaders