With an erratic and fast business environment, finance teams are facing high pressure to process reports. The main challenge lies in how mid-market firms achieve digital transformation, not by abandoning familiar tools but by making them more effective.
In this episode of the Don't Panic It's Just Data podcast, host Kevin Petrie, Vice President, Research and Head of Data Management Practice, BARC, speaks with Maeghan Carriere, Divisional Vice President, Software Sales NA, insightsoftware; and Nate Cook, Director of Product Marketing, insightsoftware.
They discuss the importance of automation, the role of CFOs as strategic leaders, and, most importantly, how mid-market companies can leverage tools like Spreadsheet Server for digital transformation. The conversation also spotlights the need for finance professionals to upskill in AI and data analysis to remain competitive.
All speakers agree that the key is in equipping finance professionals with direct, real-time access to their data in the environment they know and trust – Excel.
CFOs as Strategic Leaders
Cook believes that the role of the Chief Financial Officer (CFO) and their team has changed massively. "We really expect them to look back only as it helps them find a path forward.”
This new role requires finance teams to become effective data teams, but how can they do that? A recent Gartner study found that 75 per cent of CFOs "said they own or co-own enterprise data and analytics at their organisations." Unfortunately, these teams "sometimes struggle to have access to the data that they need." The time wasted on tedious data entry and report generation is time lost for important analysis and strategic thinking.
"The short answer is Spreadsheet Server," Cook told Petrie, explaining that better decisions rely on better data, and Spreadsheet Server provides the latter.
Also Watch: Struggling with ERP Data? How to Get Real-Time Reporting in Excel
Excel with AI Upskills Finance Teams
Automating reporting doesn't just save time; it allows finance professionals to develop skills in areas like Excel, data analysis, and AI. Carriere points out that AI is an important tool that every professional needs to learn to use effectively.
"Once you understand how data flows and connects in real time, you're better positioned to use AI tools because you can quickly tell if the results make sense," she explains.
The key message for IT decision-makers is clear, as per insightsoftware’s divisional VP, "Stop fighting Excel and make it more powerful instead."
When Finance Becomes Data-Driven
How real-time ERP-to-Excel reporting frees finance from manual tasks and positions teams as strategic partners in enterprise decisions.
By embracing the tool that finance teams prefer, organisations can achieve quicker results, faster adoption, and ultimately free their financial experts from manual tasks. Cook also notes, Spreadsheet Server is "one way to help remove a lot of that toil and refocus the time that your folks are spending on the more strategic parts of analysis and decision-making that can help drive your organisation forward."
Takeaways
- Finance teams are facing scaling pressures and resource constraints.
- The need for speed in decision-making is critical for finance leaders.
- Automation can save finance teams significant time and improve productivity.
- CFOs are increasingly expected to be strategic leaders within organisations.
- Excel remains a preferred tool for finance teams and should be leveraged in digital transformation.
- Mid-market companies should identify specific areas for technology to deliver efficiencies.
- Real-time data access is essential for better decision-making.
- Upskilling in AI is necessary for finance professionals to remain competitive.
- Finance teams can develop analytical skills while automating reporting processes.
- Building trust in data is crucial for effective AI implementation.
Chapters
- 00:00 Introduction to the Podcast and Guests
- 02:22 Current Challenges in Financial Reporting
- 05:18 Transforming Finance Teams with Automation
- 11:21 Digital Transformation for Mid-Market Companies
- 13:43 Accessing ERP Data for Better Decision Making
- 18:04 Upskilling Finance Teams for AI Integration
- 20:45 Key Takeaways for CXOs
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.
Power ON: For enterprise organizations using Power BI, Power ON transforms it into a robust planning, forecasting, and collaboration tool with real-time data write-back, a familiar Excel-like interface, and enhanced data control and flexibility, empowering teams to plan and model efficiently within their existing BI environment.
Power ON Budget Planner: For mid-market organizations using Power BI, Power ON Budget Planner unifies budgeting and planning processes within the platform, enhancing data governance and collaboration. This streamlines workflows and boosts accuracy, providing a comprehensive solution for efficient financial management in a familiar environment.
Fiplana: For mid-sized organizations using Qlik, Fiplana optimizes financial planning and analysis by integrating real-time data and enhancing collaboration, reducing spreadsheet dependency. This streamlines workflows and enhances decision-making, offering a scalable solution for efficient and accurate financial management within the familiar Qlik environment.
Spreadsheet Server: For organizations seeking to automate financial reporting, Spreadsheet Server is an intuitive Microsoft Excel add-in that connects to over 140 data sources, providing users with direct access to live data in Excel for self-service reporting and analytics. With the full power of Excel, Spreadsheet Server allows you to leverage your existing skills to mix GL and non-GL data, drill down to subledger detail, and automate report distribution.
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