How Tableau can help Finance Leaders transform from accountants to strategists?

  • 05 May 2020
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analytics for businesses

As a CFO or finance leader, you serve as a strategic advisor and your team looks up to you for supplying key financial information and guiding other lines of business about the company key finance details. Key stakeholders consult you often for the critical questions about the fiscal health of the organization and the company’s finances. You are expected to respond to their answers, quickly. It is tough to be informed of everything when you are running a legacy system.  

To compete in a digital world, finance leaders must step out from the legacy zone and think about investing in Tableau which is the most reviewed and highest rated analytical platform on Gartner Peer Insights. Tableau has over 100 amazing capabilities that make it easier for all CFOs and senior management to answer more sophisticated questions from billions of records without compromising speed, accuracy, and performance. 

Tableau is a complete, easy-to-use analytics solution that renders complete peace of mind and assurance to all C-level executives that they are basing their decisions on trustworthy data.  Worried about cost, enterprise-level security, and scalability features? With Tableau, there are no hidden costs. Companies of all sizes- from startup to global enterprises standardize on Tableau platform and vouch for its scalability, enterprise-grade features, self-service capability, and security. 

So, as a finance leader, if you want to analyze the financial health of your business in one dashboard, reveal unknown insights, or advance your financial planning and analysis process, or want to be informed as what’s happening across your entire company on a daily basis, you have the self-service BI tool by your side. 

Let’s find more probable reasons as how Tableau software will be a strategic asset to all finance leaders and CFO.

1. Spend analysis

The software helps you to gain a deeper understanding of how your money is spent. It gives you a true picture of all sorts of spending activities. Whether you want to examine travel cost, HR hiring cost, want to evaluate administrative costs, sourcing and procurement cost or capital expenditures, the BI software can help you gain a 360 view of your business. 

2. Risk Management 

Tableau helps you to analyze all key finance functions and drill down into the subsidiary levels.  It keeps you informed of all the complex financial functions of your business.  You can set performance benchmarks for all subsidiary levels and analyze the investment position of all group companies. Business users can dive into time frames and do counterpart analysis to mitigate potential risk.  It also gives you a comprehensive view of the current credit risk in the volatile financial market landscape. 

3. Cash Flow Analysis 

Chances are your organization’s cash is spread over multifarious banking and investment accounts. This can give a false image of the cash flow in your business. Finance professionals can gain a clear picture of their investment portfolios and analyze their cash flows in real-time with the Tableau software. It brings data together from your various bank accounts and investment portals. There are no unanswered questions with transactions and there is a clear understanding of your cash flow in your business.  

4. Cost-Cutting analysis

Cost reduction has become a global requirement of organizations of all sizes and complexity. Understanding the key components as to where you can mitigate cost is key to success. Using Tableau as a solution, you can dive deeper into business revenue, uncover insights, and easily spot problems and opportunities. You can perform accounts receivable analysis, average selling price analysis by product or discounting policy analysis. By using a self-service BI solution, finance leaders can quickly provide strategic direction to business to control cost wherever possible.

Now, it is easier for all CFO and finance leaders to lay their decision based on facts and figures. By automating manual processes and leaving behind their legacy applications, they can gain more time for strategic analysis. You can do cash flow analysis, audit, risk and compliance analysis, revenue, and pricing analysis and contribute immensely to the success of your business.

It’s time to step in the era of intelligence and automation. Let Uneecops be your partner of choice for Tableau implementation and help you achieve a faster, more compliant financial close and achieve complex closing cycle with 360-degree visibility and trusted data.

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    Nidhi Batra

    About the author

    Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.