The digitalization of financial management makes it possible to automate repetitive tasks, and check or generate standard reports of the Finance Department processes. Therefore, human errors are avoided and the members of the team only have to review the resulting exceptions and can focus on more relevant tasks. In addition, the CFO can focus on strategic analysis and business performance monitoring and improvement.
A global survey of executives on financial management in a digital world, by IMA-Deloitte, shows that the most in-demand skills for these profiles are:
- Critical thinking for problem-solving (61.7%). Clearly, there is a need for the CFO to exercise a more strategic role to bring greater depth to their reporting.
- Skill in the use of technologies for intelligent data analysis (40.4%).
The finance team will undoubtedly be more efficient and focus their efforts on what adds value to their company if the financial processes that drive business performance (Corporate Performance Management) are digitalized:
- Reporting & Analysis
- Budgets & Forecasts.
In addition, another financial process that impacts profitability is the management of Purchasing Commitments. In fact, digitalization facilitates the cost reduction and expenditure control objectives linked to a budget.
Reporting & Analysis
These processes help those responsible for business management and stakeholders to make the best strategic decisions. Therefore, it is vital to present reliable information on the financial situation and consistent descriptions of business performance and management to help them assess the overall performance.
Thus, Talentia CPM’s Reporting & Analysis facilitates:
- Multidimensional and dynamic financial analysis according to business needs. Automatic consistency checks ensure data quality.
- Use of KPIs/dashboards to analyze performance.
- Standardized reporting based on homogeneous data submission. Automatic generation of Financial Statements: local or consolidated ones and XBRL reports or other documents.
Budgets and Forecasts
The planning process with the consequent budgeting and forecasting is crucial for financial performance management. Digitalization makes it possible to systematically and frequently update income and expense budgets. And given the current uncertainty, these rolling forecasts are even more frequent for cash flow forecasts.
Thus, Talentia CPM’s Budgeting & Forecast offers:
- Dynamic validation workflows for collaborative, agile and modelable budgeting. Including a structured data model and secure loading.
- Powerful simulation capabilities for reliable collaborative forecasting.
The management of procurement processes and investment commitments/general expenses have a significant impact on profitability. By digitalizing these processes through workflows, we can facilitate the tasks of the Finance Department, while at the same time achieving better control, secure processes and save money by following better the costs vs budgets allowed in the organization.
The management of Purchasing Commitments with Talentia Financial Purchasing allows you to:
- Follow the chain of expenses from the beginning (purchase orders/requests) to end (payment).
- Streamline administrative procedures, order entry and order tracking.
- Secure processes and be safer against cybercriminality
- Compare the budget with that committed, actual and variances.