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Three Ways to Tell Your Story With Power BI and CXO

insightsoftware -
October 30, 2023

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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Finance teams are turning to automation for fast processing and actionable insights. This shift toward these stand-alone business intelligence tools is motivated by a need for rapid, informed decision-making in the competitive business landscape, allowing organizations to adapt swiftly to market changes and optimize their processes for better outcomes. However, leveraging these insights can be challenging if your reports and data don’t speak to each other.

Disconnected enterprise performance management (EPM) operational reporting can present significant limitations and challenges for your business. It can lead to outdated and inconsistent data, hindering timely decision-making processes. And maintaining this data consistency becomes difficult when information is spread across various disconnected systems, leading to errors and inefficiencies and an inability to tell your story.

Collaboration and communication can also be hampered, as sharing and updating reports becomes cumbersome and time-consuming. Moreover, the lack of real-time updates can result in missed financial opportunities and market strategies, impacting your organization’s overall efficiency and competitiveness in the market.

CXO Dashboards Meet Power BI to Turn Static Data Into Dynamic Insights

A recent survey by insightsoftware reported that 89% of organizations feel they are not getting high-value data insights from their EPM. This means that you likely aren’t able to access the data you need the way you need it.

That is why adopting a robust business intelligence solution that integrates with your EPM system could just be the solution you seek. By transforming static information into rich, dynamic report packs with integrated commentary you can tell the true story behind your numbers.

Together, CXO and Power BI provide you with access to insights from both EPM and BI data in one tool. You can now elevate their decision-making process by drilling down into more detailed data, and enriching EPM figures with non-financial data.

Transforming Financial Reporting with Dynamic Dashboards

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1. Expand Your Reporting Insights

The EPM data reported through CXO are designed to provide you with aggregated insights. It can, for instance, tell from which country profit growth is coming. However, eventually you aren’t able to drill down further if you want to deep dive into this profit growth. This is because the transactional detail necessary for such analysis is captured in different software. Power BI struggles with connecting to EPM systems and representing EPM data. However, it is designed for transactional data reporting. By embedding Power BI reports in CXO dashboards, you can have the best of both worlds. You’ll have access to insights for both strategical and tactical decision making in the same tool.

2. Gain Richer Data Access

Beyond delving deeper into EPM data, you no doubt aim to enrich your CXO dashboards with information beyond what EPM systems offer. With the incorporation of Power BI reports, you can enhance CXO dashboards with diverse data points, such as NPS scores, ESG metrics, and project details. This integration consolidates all pertinent information within CXO, providing management with a comprehensive overview in one centralized location, eliminating the need to juggle multiple tools.

3. Benefit from Dynamic Data Interaction

The integrated Power BI reports respond to the filtering selections made within CXO. When you switch from one month to the next in CXO, the embedded Power BI report automatically adjusts to reflect the changes. Notably, member names in CXO and Power BI sources often differ.

By adopting this integration, you’ll unlock real-time insights, streamline processes, improve collaboration, and adapt to the ever-changing financial landscape, ultimately contributing to your organization’s success. With CXO and Power BI, you’ll be able to see your EPM, operational, and non-financial data in the same dashboard, give your management complete information with financial and non-financial KPIs, and be-able to do deep dive analyses from aggregated to transactional level. This will let you help better tell your company’s financial story.

If you would like to learn more about CXO’s interactive EPM reporting firsthand, contact us today to arrange a demo.

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