Last updated on April 5th, 2024 at 11:28 am
CFOs are endowed with the responsibility of taking critical financial as well as business decisions. Most of them invest their trust in analytics and consolidated data for taking better decisions. However, accomplishing the daunting task of forecasting, data reporting and data-driven financial decision-making is quite challenging.
For leveraging real-time data and streamlining the workload, CFOs are working towards developing their technical skills by utilising AI and automation. Along with learning new-generation technology for growth and financial leadership, almost all CFOs now use one software platform - Power BI.
With Microsoft Power BI, CFOs and stakeholders can improve their data reporting and facilitate suitable integration with other Microsoft products. Before making the final call to switch, CFOs must know the importance of Power BI for data analytics. Read on to know how Power BI is beneficial for CFOs and stakeholders.
What Is Power BI?
Microsoft Power Business Intelligence (BI) is a comprehensive and robust business analytics tool. The tool provides business intelligence capabilities and interactive data visualisations. The user-friendly interface of the software is great for creating dashboards and reports.
Finance professionals including stakeholders use this business intelligence platform for aggregating, analysing, visualising and sharing data within the business organisation. The Power BI interface has great similarities with MS Excel and offers a great user experience.
Power BI offers excellent insights from the business data for creating clear data models with charts and graphs for presentations and visual representations. This helps key stakeholders and CFOs in setting actionable goals for the business.
Benefits That CFOs Reap from Power BI And Similar Tools
Along with data-driven financial decision-making and honing skills for financial leadership, there are many other benefits of Power BI and similar tools for CFOs and stakeholders. Let us look at some of the benefits:
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Helps in assimilating data into a single system
CFOs can gather a huge range and volume of data into one system with the help of any business intelligent platform like Power BI. Power BI provides useful insights into non-financial and financial data. With a robust data system in place, CFOs can implement various forward-thinking strategies in real time. They can also provide real-time reactions to events.
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Plays a role in impartial information collection
Business intelligence platforms including Power BI collect and analyse data impartially. Generally, finance professionals are biased towards any set of data. By using Power BI, CFOs ensure that the information is completely impartial and only fact-based before it is imputed into the BI ecosystem.
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Helps in supporting informed decision making
Authentic CFO courses mention that data is mandatory for CFOs for making any kind of business decision. Business intelligence has developed as a prerequisite for data-focused work culture, where every decision should be backed up with substantial and valuable data.
Power BI provides data context for CFOs for informed decision-making. It also helps in making more accurate data analyses for CEOs. business strategies without foolproof data can bring dire financial consequences.
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Helps in defining data clearly
It is a general tendency for data to become complicated and puzzling when it goes through various technological systems. Business intelligence makes sure that all data is documented and quantified so that it can be used effectively and accurately throughout different departments in the business organisation.
Power BI helps in positively impacting decision-making among the various departments as there is a single database to be defined and gathered.
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Helps in predicting consumer and market trends
CFOs not only get a deep look into their business organisation with Power BI but the analytics tool also provides ways of monitoring consumer behaviour and market developments.
Business intelligence like Power BI uses data and complex methodologies for understanding potential market conditions and predicting trends. With this tool, CFOs can identify opportunities for boosting market share. They can also bring changes to their business strategies for exploring more profitable options.
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Helps in identifying the weak links in the business organisation
Every business organisation has some weak links which should be fixed as soon as possible. With business intelligence, CFOs can have a new approach to a problem. The tool provides better ideas and insights on how problems can be solved successfully.
Power BI sheds light on these potential problems and weak links and also brings to notice incomplete and inconsistent data. Once the weak links and errors are identified, CFOs can suggest implementing mitigating strategies for overcoming the issues.
Reasons Why Power BI Has Become Popular with CFOs
Extremely user-friendly with low technology skill threshold, Power BI has become a coveted business intelligence platform. The platform offers integration with the Microsoft ecosystem and other applications which the majority of financial professionals use.
Implementing Power BI in the company’s workflow helps CFOs in developing a suite of analytical tools for monitoring business success, sharing valuable insights, analysing data in real time and getting instant answers to various business-related queries.
Here are some reasons why Power BI has become so popular with CFOs:
- Offers holistic data analysis, which is flexible and accurate along with offering access to practically all data sources.
- Power BI develops engaging and interesting visuals for elevating presentations to showcase data.
- All Microsoft applications, including Power BI, offer 24/7 access from all corners of the world. CFOs can access information from different devices in real time, including at off-site locations.
- One of the most fascinating features of Power BI is the interactive dashboard, where you will find the most relevant data about the business, thus helping in accelerating the decision-making process.
- Power BI comes with excellent customisation scopes with different features so that CFOs can import new tools, change the appearance and choose reporting tools that are most useful.
- Power BI has the Cortana integration feature along with easy mobile and app integration facilities.
Conclusion
CFOs are using Power BI extensively for value addition to their business organisation by leveraging real-time data for understanding the exact market and financial position. Along with offering financial leadership, the analytics tool also plays a pivotal role in data-driven financial decision-making in the business organisation.
Emerging CFOs need to be well-trained and well-informed to become successful in their careers. Imarticus Learning offers a CFO course in the form of a Postgraduate Certificate Programme for Emerging CFOs in collaboration with IIM Indore.
The 12-month course is a specialised finance programme offering a comprehensive understanding of financial management and financial services. The course helps in developing analytical, strategic and tech-focussed skills. The main subjects in the course include financial technology, business valuation, risk management, strategic thinking, etc.
Visiting Imarticus Learning to know more about similar courses and study programmes.
