EPM data visualization: from numbers toinsights9Minutes estimated reading time
There was a time when reporting within companies was a slow and static process. Think thick reports full of figures, hand-bound and distributed by internal mail. Every change meant an entire page had to be reprinted and replaced. Afterwards, they switched to e-mail. The secretariat tried to update an e-mail list every month. The recipients then received an e-mail with their report. Fortunately, those times are now a thing of the past.
Today, modern consolidation applications offer a more efficient alternative to these old methods. Standard reports such as an income statement or balance sheet are still important, but today's technology offers much more: interactivity and in-depth visualizations are the new norm.
From passive to active: interactive reports and dashboards
Where you used to receive only a static report, modern consolidation applications now act as a starting point for deeper analysis. You can zoom in directly on specific details, such as a particular account or entity. This does require a change in mindset: the passive PDF reader must now become an active user of the application. But this is easier than it seems.
With a simple link in an e-mail, the user immediately opens the system, without the need for lengthy manuals or training. Once inside, you can quickly and easily find the answers to the most common questions. No analyst needed and no risk of making mistakes, as the application displays only what is relevant, while irrelevant information remains in the background.
The 'web of reports': click and discover
The strength of modern consolidation applications lies in their network of interconnections. From a balance sheet report, for example, you can link directly to a detail report with specific movements. Or link sales figures to a product breakdown, with further links to units sold and average prices.
This approach provides a seamless and dynamic experience, where you can effortlessly find exactly the information you need.
In short, with these consolidation applications, reporting is evolving from static and rigid to dynamic and flexible. Companies that embrace this technology will find that they can respond more quickly and efficiently to change.
Real-time data insights: the power of dynamic visualization
Instead of relying on outdated, static reports, consolidation applications provide real-time data insights. Graphs, charts and other visual aids are continuously updated so you always have insight into the most current data. This dynamic approach enables you to make faster decisions based on the latest information-essential in our rapidly changing world.
Personalizable visuals: customized data visualization
Today's consolidation applications make it easy to fully customize your graphical output. Choose which type of chart best suits your data, whether it's a bar chart, line chart or pie chart. In addition, you can customize colors and styles to align the visuals with your brand or personal preferences.
Instead of struggling with a rigid matrix full of numbers, visualizations allow you to identify trends and discrepancies at a glance. Numbers become more visual. What would normally take twenty numbers to understand is now clearly presented in a single image.
The application not only provides the necessary information for a presentation, but can even deliver the presentation itself already fully prepared and visually appealing.
Image: Oracle
Advanced analytical functions
In addition to standard reporting functions, consolidation applications integrate advanced analytical tools such as predictive analytics and scenario modeling. These tools make it possible to simulate future trends and inform strategic decisions.
The results of these analyses are instantly converted into graphical views, providing visual support for complex decisions. This enables companies to not only react to the current situation, but also proactively plan for the future.
Automation of visualization
Thanks to advanced automation, graphical reports can now be generated and sent automatically, based on predefined triggers or schedules. This ensures that important business information is visualized consistently and in a timely manner, without manual intervention. Automation within consolidation applications ensures that the right people always have the most up-to-date insights at the right time, crucial for fast and effective decision-making.
In short, thanks to the powerful mix of personalization, visual metrics, analytical tools and automation, modern consolidation applications provide unparalleled support for data-driven management and strategy. Do yourself and your business a favor and make grateful use of them!
Want to learn more about the many reporting capabilities within Oracle Financial Close and Consolidation or OneStream's EPM solution? If so, feel free to contact me or one of the other colleagues at Bart & Partners.
About the author
Erik de Rouck is an inspired EPM solution architect. He brings with him 25 years of experience in Oracle Hyperion and the Belgian and Dutch EPM market.
