The role of the CFO and finance organizations has undergone profound transformation in recent years. Traditionally, their focus was on accounting, financial reporting and compliance. Today, finance teams are expected to play a more strategic role where they drive the direction and success of their organizations using their knowledge and understanding of the financial position of the company. As they make this shift, the need for technology-enabled data insights using ad-hoc reports, dashboards and KPIs has exponentially increased. According to this Gartner study, “By 2022, more than half of major new business systems will incorporate continuous intelligence that uses real-time context data to improve business decision making.”
Finance teams already have an enormous responsibility of managing the period-end close process which requires handling large amounts of financial data and the associated processes to ensure production of reliable financial statements. On top of this, with the added expectation to deliver business insights for various performance improvement initiatives, productivity analysis, etc., our customers need a comprehensive solution that provides all these capabilities in one place.
Trintech’s System of Accounting Intelligence™ (SOAI) platform provides a state of the art financial close solution to meet all your Record to Report (R2R) needs. Now, with the addition of a new DaaS (Data as a Service) offering to its System of Integration layer, our customers can access business critical data on-demand and use any business intelligence tools such as PowerBI™, Tableau™, etc. for data insights to make more educated business decisions.
Typically, when finance teams are asked to gather data for high priority projects (usually sponsored by executive teams) to improve business performance, teams start scrambling to identify which groups own the data needed for analysis, engage in data collection efforts, piece together data from various systems, and use a variety of custom data manipulation scripts and software to format the data and then figure out the analysis needed to be done for the problem at hand.
Some of the key challenges in this process include:
- Requires coordination from several teams making the task very complex and adding unnecessary delays
- Data accuracy issues due to several touchpoints and manual steps involved
- Occasionally requires help from data consultants which drives up the cost of the project
- Security challenges from handling the data via non-standard means, raising audit and data theft issues
- Reduces the time available to be spent on the actual analysis
And this cycle repeats over and over again if the analysis has to be performed periodically – But it does not have to be this way.
Trintech’s SOAI platform already provides a comprehensive R2R solution that allows our customers to manage the period-end close including; reconciliations, journal entries, close management tasks, intercompany and compliance. With the new DaaS offering, our customers can eliminate the challenges identified above with business analysis and focus their time and energy on solving problems that improve business outcomes and gives them a competitive advantage.
Key highlights and unique capabilities of the DaaS solution include:
- Provides business critical R2R data in realtime via cloudbased datawarehouse platform, Snowflake® (Gartner Magic Quadrant Leader), that can be readily utilized by customers’ preferred business intelligence tools such as Tableau™, PowerBI™, etc.
- Combines multiple data sources and builds a data lake, enabling advanced analytics and data-driven business decision making
- Makes accessing, managing and leveraging data easy, secure and cost-effective with high accuracy and configurable controls
- Uses a data management tool to provide configurable refresh rates, high performance and high availability of data
Trintech is continually focused on improving the efficiency and effectiveness while reducing the risk and cost across all aspects of the Record to Report process, to help finane organizations become more strategic to their business. With the addition of our DaaS offering, our customers will have a technology-enabled data insights capability that will allow them to play a more strategic role across their organizations.
Written By: Mantosh Kumar, Technical Product Manager at Trintech