# Overcoming the Data Avalanche to Make Better Business Decisions-Magazine
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-06-10
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Unlocking Success: Transforming Financial Data Analysis for
Meta Description: Learn how finance teams can overcome challenges and drive growth with advanced financial data analysis tools and ERP solutions from Epicor Software.
URL: https://financedigest.com/overcoming-the-data-avalanche-to-make-better-business-decisions-magazinehtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/wm2a4339-613-1736843778109-compressed.jpg)

By **Hesham El Komy,** Senior Director, Epicor Software

![Hesham El Komy](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/hesham-el-komy-headshot-1-199x300-1736843777954-compressed.jpg)

Hesham El Komy

Business decision making has always been fuelled by financial data, but as data continues to swell exponentially making the right decisions has become dependent on the finance team’s ability to dissect and analyse this tsunami of information. Traditional [systems used by finance teams can often hinder their ability to make informed](https://www.financedigest.com/the-cardiovascular-information-systems-market-is-expected-to-grow-on-a-persistent-note-in-the-future.html "The Cardiovascular Information Systems Market is expected to grow on a persistent note in the future") decisions and recommendations, creating bottlenecks in processes. The same systems may also be restricting finance executives in performing their essential role of providing key information to stakeholders and possibly hindering the [company’s growth](https://www.financedigest.com/veterinary-teleradiology-market-insights-by-leading-companies-and-emerging-growth-till-2031.html "Veterinary Teleradiology Market Insights by Leading Companies and Emerging Growth Till 2031"). Effective [financial data](https://www.financedigest.com/how-can-financial-institutions-make-the-most-of-data-for-their-business.html "HOW CAN FINANCIAL INSTITUTIONS MAKE THE MOST OF DATA FOR THEIR BUSINESS?  ") analysis is the lynchpin to informed decision making and as such finance must become more responsive, agile and able in order to act more decisively than competitors.

For UAE finance directors (FDs), the January 01, 2018 introduction of the 5% VAT will add further complexity to their challenge. Not only will there be a steep learning curve for organisations in terms of understanding the [business implications](https://www.financedigest.com/bonn-to-boardrooms-the-implications-of-climate-diplomacy-on-global-business.html "Bonn to boardrooms: The implications of climate diplomacy on global business") of the new tax but as importantly, existing financial systems will need to be evaluated and tested for their capability to account for the new VAT regulations.Unfortunately, many finance professionals are struggling to [deliver insight](https://www.financedigest.com/research-delivers-insight-into-the-global-polymer-surfactants-market-during-the-period-2021-2029.html "Research Delivers Insight Into The Global Polymer Surfactants Market During The Period 2021-2029") at the rate demanded of them. In a survey commissioned by Epicor Software with Redshift Research Ltd of 1,500 business professionals in 11 countries [\[1\]](#_ftn1), 28 per cent of CFO’s interviewed felt that decision making is hampered by an inability to make effective use of information.

They may be victims of trying to gather data from multiple sources and systems and attempting to make sense of it all with dated or manual [reporting](https://www.financedigest.com/meta-denies-kazakh-claim-of-exclusive-access-to-facebooks-content-reporting-system.html "Meta denies Kazakh claim of exclusive access to Facebook’s content reporting system") systems. The result? No time left to even consider, let alone to integrate a more efficient system that allows proactive and strategic decision making.

Microsoft Excel®is still extensively used to download data and manipulate it into something meaningful. In fact, 60 per cent of CFOs interviewed stated that they are still using spreadsheets.  Unfortunately, Excel can be difficult to update automatically, so the data may not always be accurate. It also offers little capability for complex [analysis and when trying to bring](https://www.financedigest.com/analysis-end-of-furlough-brings-uncertainty-for-uk-jobs-and-economy.html "Analysis-End of furlough brings uncertainty for UK jobs and economy") in information from multiple sources or include multidimensional elements, it often falls flat. It comes as no surprise that 44 per cent of CFOs interviewed see mistakes occur as a result of missing or inaccurate information.

While Excel is easy to use and intuitive, it does not always have the ability to deliver fast, on-demand access to the type of information that is key in today’s competitive [business landscape](https://www.financedigest.com/disruption-and-innovation-four-predictions-for-the-business-landscape-in-2016.html "DISRUPTION AND INNOVATION – FOUR PREDICTIONS FOR THE BUSINESS LANDSCAPE IN 2016"). Automation of value-add tasks and producing more accurate reports that can be delivered to stakeholders faster, will inevitably free up resources to develop and support the business with strategy, [innovation and growth](https://www.financedigest.com/the-diabetic-retinopathy-market-to-gasp-through-innovation-based-growth.html "The Diabetic Retinopathy Market to gasp through innovation-based growth").

Enterprise [resource planning (ERP) solutionsprovide an end-to-end, central source of information – a single point of record where sales](https://www.financedigest.com/most-twitter-shareholders-vote-in-favor-of-sale-to-musk-sources.html "Most Twitter shareholders vote in favor of sale to Musk-sources") data can be accessed and analysed, financial data, operational data and so on. It can optimise the use of Excel and expand on it by adding new functions and formulas that enables users to pull data from a live source.

Modern tools like ERP should and can deliver the ability to access the information needed whenever and wherever required, 24/7. Whether through web browser, smartphone or tablet, there is no need to wait for IT or finance to create a report, the analysed [data should be available on demand](https://www.financedigest.com/oil-eases-as-weak-asian-data-more-lockdowns-dampen-demand-hopes.html "Oil eases as weak Asian data, more lockdowns dampen demand hopes"), on a self-service basis. Of course, this calls data security into question, but ERP vendors should provide security features such as personalised access rights to [control what people see](https://www.financedigest.com/electronic-control-module-ecu-for-automotive-market-to-see-incredible-growth-during-2021-2031.html "Electronic Control Module (ECU) for Automotive Market to See Incredible Growth During 2021-2031") and who sees it.

ERP was once viewed as a tool for the Fortune 500, but today it has been [developed as a solution](https://www.financedigest.com/brand-metrics-partners-with-xite-to-develop-world-first-ctv-measurement-solution.html "Brand Metrics partners with XITE to develop world-first CTV measurement solution") for businesses of all shapes and sizes from blue-chip to start-up.  Finding the right ERP solution for a business can give companies the edge, whatever their size or geographical footprint.  However, it’s important to take the following into consideration when making a decision: ensure there is a full understanding of the objectives and desired results of a solution before purchase.Confirm whether the ERP provider understands the industry and whether it has the right tools to support finance in [overcoming its challenges](https://www.financedigest.com/overcoming-challenges-faced-in-business-from-one-woman-to-another.html "Overcoming challenges faced in business: from one woman to another")? If the [business runs internationally](https://www.financedigest.com/chinas-international-flight-suspensions-leave-travellers-stranded-hurt-businesses.html "China’s international flight suspensions leave travellers stranded, hurt businesses") or has global ambitions, does the ERP provider have multinational capabilities and the ability to scale and grow alongside these ambitions? What customer support services does the ERP provider offer – can it [meet the 24/7 demands of the business](https://www.financedigest.com/not-business-as-usual-for-g20-foreign-ministers-meeting-in-bali.html "Not ‘business as usual’ for G20 foreign ministers meeting in Bali")? Can the ERP provider support mobile working across multiple devices?

Finance executives have a great opportunity to inform the business and drive decision-making, and being able to deliver information that the business needs can prove to be a huge win both personally and professionally.Ensuring finance professionals have the right information at their fingertips at any time will aid in meeting their [business growth](https://www.financedigest.com/euro-zone-business-growth-slowed-in-may-as-factories-struggled-pmi.html "Euro zone business growth slowed in May as factories struggled-PMI") objectives, by making better business decisions than ever before, boosting their reputation and adding credibility to the organisation.

[\[1\]](#_ftnref1) [Epicor Software special report: Decision Making in Finance](http://go.epicor.com/rs/758-ABG-695/images/Special_report_Decision_Making_in_Finance.pdf)

```
“Original publication in Finance Digest Issue 1 https://www.financedigest.com/finance-digest-print-magazine/”
```


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---