Three Ways CXO Dashboards Turn Static Data Into Dynamic Insights

February 16, 2023

The role of finance has evolved significantly in recent years. No longer limited to recordkeeping and reporting, your finance team must understand your company’s financial narrative and be able to easily present it to C-suite executives who rely on these insights to inform your company’s a strategic direction.

To easily access these insights, you need to be ahead of the automation curve. However, a recent survey by insightsoftware reported only 11% of organizations feel they get high-value data insights from their EPM. This means chances are your company isn’t getting the insights it needs to see the bigger picture.

That’s why having the right reporting software is so important. Your team needs instant access to accurate financial information to generate in-depth actionable insights. With easily customizable dashboards in hand, you’ll be able to intuitively grasp what is happening in your business at a glance, instead of becoming lost in a sea of spreadsheet data.

CXO is a powerful financial storytelling tool to share dynamic information within your organization. By offering the ability for everyone to work in the same environment, you won’t have to deal with multiple versions of the truth floating around. With CXO dashboards, you’ll be able to package and present key data to enable timely decision-making and organizational agility.

Here are three key reasons why CXO dashboards enable better analysis and faster decision-making.

Confidence in the Quality of Your Static Data

It’s important to tell the right story when you’re presenting your organization’s financial story. But relying on outdated processes or software can leave you with unreliable data. Versioning of static documents and copy-paste errors can lead to major misinformation mishaps if not caught. There’s nothing more anxiety inducing than presenting your data to executives knowing deep-down you are second-guessing the quality of your static data. At best, even if no one spots the errors, inaccurate data will only lead to confusion. At worst, executives might be making financial decisions on incorrect data, eroding trust and significantly reduce your teams value and influence.

With CXO dashboards, you know what you’re presenting is the right data. Dashboards always remain interactive, pulling from a single source of truth by integrating with your EPM system. You’ll be able to rely on flexible dashboards that are responsive when changes and updates are made, and easily link to other reports and information outside of CXO.

The Right Data When You Need It

If you are relying on functionally limited spreadsheets to find granular financial details, you could be stuck scrambling through vast sums of data. This inhibits proper analysis, and you can easily lose the narrative you’re trying to tell.

In contrast, dashboards give you a concise, top-level narrative thread to follow through your finances. CXO storyboards paint a vivid financial story using a collection of bookmarked reports for the year and period you want to display. And when you need to, you’ll be able to click through to more detailed data that supports the story. The ability to easily identify a trend or issue and dive deeper into the numbers behind it is critical when trying to deliver valuable analysis to your stakeholders.

Additionally, with the market in a state of flux, ad hoc reporting requests are increasing. CXO dashboards offer the relevant information from a reliable, up-to-date, single source of truth. Detailed data will compliment your analysis instead of bogging it down.

Collaborative Commentary For Richer Digital Delivery

For your finance team, the ability to clearly communicate corporate performance is a major competitive differentiator. Feedback and commentary are essential for adding insight into the story behind your analysis.

However, traditional integration of commentary into performance-reporting processes is manual, ad hoc, and highly error prone. Important notes can become lost in versioned spreadsheets, and errors can go unresolved.

CXO tailors each template to a specific metric, workflow, or strategic priority. Without requiring any input from IT, you’ll be able to stimulate collaboration and engagement with built-in commenting functionality, translating to immediate business value.

With CXO, report commentary is consolidated quickly and easily within the report itself. You’ll be able to streamline internal reporting processes, combining quantitative data with valuable narrative context in a single, secure, collaborative environment. With collaborative comments next to numbers, you’ll know everything you need to know when you need to know it.

CXO dashboards are a great solution to elevate your company’s financial intelligence and drive better decision-making. If you are looking for a better way to tell your company’s financial narrative, contact insightsoftware to arrange a free demo.