Is Finance Driving Your Strategic Evolution? Embrace the New Market with FP&A Software

Is Finance Driving Your Strategic Evolution? Embrace the New Market with FP&A Software

There was a time when your finance team focused largely on financial reporting, compliance, and managing financial risks. Excel spreadsheets could get the job done just fine in that bygone era. But those days are over.

The data that once rested in the silo called “finance” has grown richer and more complex. This information is now strategic gold that company leaders need at their fingertips at all times. Hustling to constantly update Excel spreadsheets and distribute them to the right person at the right time no longer makes sense in the digital business world. The ability to run scenarios on demand and model alternatives will provide decision input to answer your most important business questions.  The time has come to upgrade to cloud-based financial planning and analysis (FP&A) software. The 21st century market is well underway, and FP&A will help you prosper in it.

Five Reasons to Transition to FP&A ASAP

  1. Finance is now synonymous with strategy.

The finance team is a vital source of strategic business support. Information from data sources and business systems within an organization (e.g., enterprise resource planning, data warehouses, accounting) and without (e.g., market trends, economic indicators) are crucial to setting a company’s direction. This data-driven decision making is how a firm keeps abreast—and ahead—of customer needs and market shifts.

  1. Everything, everywhere, 24/7, is the new normal.

FP&A goes well beyond automatically collecting and integrating financial data. The software platform pulls information from across your enterprise—the customer relationship management system, sales figures, accounting information, and operations statistics—and integrates the data into cloud-based reports and interactive visuals in a standardized format. Automated analysis, modeling, and forecasting features produce more accurate reports in less time and at a lower cost than a spreadsheet-based system. Your firm’s leadership can run unlimited what-if scenarios to support real-time, data-driven strategizing. Time and energy go into interpreting results and developing a winning game plan, not hunting down spreadsheet inputs and double-checking their accuracy.

  1. The silos have got to go.

From multinational powerhouses to savvy small businesses, companies are discovering that cross-functional collaboration is the new market advantage. FP&A software is the tool that can help your firm make it happen. Accessible, cloud-based information can put all your organization’s great minds—from operations to human resources to sales and marketing—on the same page. Leadership can tell employees that everyone contributes to success; FP&A can show it. Team members can access, share, and analyze data in one place, so each division recognizes how its actions affect the rest of the company. Brainstorming solutions and new ideas becomes an enterprise-wide endeavor.

  1. Project-based companies need a customized solution.

Nue is a cloud-based FP&A software platform developed uniquely for project-based companies that serve government and commercial customers. The software is ready for your own take on what-if scenarios and shifting pipeline assumptions—lost bids, unexpected new business, amended project due dates, or added requirements. GovCons need not struggle to retrofit a generic FP&A system to handle the extensive information requirements in the government marketplace. For example, Nue supports compliant responses to Defense Contract Audit Agency budget requests, such as proposal rate impact assessments and forward pricing or provisional billing indirect rate calculations.

  1. Nue smooths the transition from Excel to FP&A.

Nue information’s developers applied the lessons they learned working with the complexities of Excel models to create a platform that encompasses greater depth and detail than spreadsheets. Your transition is even easier because Nue integrates with your accounting and CRM software and accommodates data exports to Excel. As a result, you will spend less time implementing Nue than you would creating comparable information in an Excel environment.

Embracing the new market with real-time data-driven strategy is easier than you think. Please contact us for more information and a free Nue demonstration at your convenience.