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

insightsoftware

insightsoftware is the most comprehensive provider of solutions for the Office of the CFO. We turn information into insights, empowering business leaders to strategically drive their organization.

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  • Finance teams are often resistant to change, clinging to outdated tools.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