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It is a common trend that Financial Managers or CFO’s tend to choose software or solutions based on what other businesses are using, often leaning towards the ‘off-the-shelf’ solutions that are expensive but rich with features and functionality. However, those features and functionalities, which are often the ‘cause’ of the elevated price tag, are largely left unused and forgotten.
This begs the question of whether the usage of the solution in its entirety justifies its cost, especially when there is a way to implement a solution that can both meet all the business requirements and provide features and functionality that will be used time and time again and confidently by the user.
How ease of data exploration plays a role
Why do they spend a substantial amount of money on a solution and not make use of all the functionality? Most likely it is because they are Financial Managers or CFO’s that simply do not have the time to learn yet another software process or change the way they’ve been doing things for years without fault or fuss. Another reason: it is easier for them to export their data from these types of software to Microsoft Excel so that they can manipulate the data the way they know how. It is perhaps a telling sign that almost all software has the requirement to be able to export the data to Excel.
A concept that is big in the current BI market is the power to be able to explore your data. Users need to be able to ‘slice and dice’ the data as they wish; compare different variables to one another, build hierarchies and filters as they go and use them again in following months. Although there are data exploration tools being released they are still not easy to use as the data model has to be implemented by someone with specialised skills.
This is where e-magination Infosolutions comes in and builds custom solutions that enable Financial Managers and CFOs to easily explore their data and modify their data model themselves in Excel.
Expensive ‘off the shelf’ software versus e-magination’s ‘tailor-made to fit’ solutions
Traditionally ‘off the shelf’ software was more auditable than Excel models; however our solutions’ processes can easily be rerun for previous months’ data to audit the numbers and see where the data came from, what was processed, and how the reports were generated.
Customising reports with ‘off the shelf’ software can be an expensive and time consuming process as the skills necessary are often not available in-house. Our solutions are customisable by our users, as they already have the skills necessary to manipulate the data model because it is built using a familiar interface, Excel technology.
E-magination Infosolutions have the rare balance of technical knowledge, finance and business acumen, as well as the unique understanding of what kinds of information are useful to a business at various levels, enabling us to deliver solutions across the different divisions within the organisation, empowering effective decision making.
If you’d like to know more about our solutions leave your details and let’s connect!
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