In a 2016 global survey, 60 percent of CFOs said that data integration is the primary technological hurdle standing in the way of getting information for financial reporting & planning.
It’s not that the data doesn’t exist – it’s that it exists across so many different systems, that it takes too long to collect it. That same survey showed that 54 percent of CFOs generate reports by exporting data out of their ERP, finance and accounting system, and into a Microsoft Office file.
21 percent said that the pulled reports directly from their ERP – but of this group, 41 percent found errors in the information. But it wasn’t the ERP that was the problem. Most of the discrepancies occurred because inaccurate information was put into the ERP in the first place.
An Easier Way to Access & Analyze Your Reporting Data
There’s no way around it: you need your data to make informed decisions (and subsequent progress.) But you also need that data in a single, centralized system – and you need it to be accurate.
That’s where electronic content management can make your life easier.
IntelliChief lets you access your financial information in seconds – and you can trust that the metrics and calculations are always correct. That’s because data is automatically imported into your ERP as soon as it comes in your organization. And the beauty of IntelliChief? It captures all of your financial data – whether that’s in the form of an emailed/electronic invoice, a hand-written purchase order, or a faxed-over paper contract.
And because IntelliChief is a fully-ERP-integrated solution, you no longer have to deal with disparate, unconnected systems. Your finance and accounting professionals no longer have to spend inordinate amounts of time manually collecting information from multiple databases, or verifying its accuracy. Our ECM software organizes, validates, and updates information within each system, as daily transactions occur. This isn’t just convenient – it ensures that all of your records, across all of your finance and accounting platforms, are accurate and up to date.
IntelliChief even lets you map out manual processes that you want to automate. You can keep what’s working for you, but do it faster and more efficiently. There’s even the potential for major cost savings when you’re not spending valuable resources on manual reporting.
We know that in today’s data-driven world, it’s more important than ever to analyze your company’s spend (and incoming payments.) We’re here to help. To learn more about our intuitive analytics platform, contact us today.