The Forecast Is Clear for the Future of Finance

For many years, Microsoft Excel has provided finance departments with the planning and budgeting tools they’ve needed to succeed — thanks to its flexibility, short learning curve, and formulas and macros for basic automation and analysis.

Even as today’s business technologies grow more complex and powerful, most organizations are still reliant on Excel for budgeting, planning, and forecasting. Excel is still firmly entrenched as a key contributor to financial data compilation and visibility — but other, more powerful business tools are emerging, and they must operate in alignment with Excel to help meet today’s expanding digital finance needs.

For all that Excel provides, it also has a number of limitations, especially for enterprise-scale organizations: lack of error control, scalability, automation, transparency, and collaborative potential.

How, then, can businesses continue their effective use of Excel — while unifying it with powerful new business tools? The answer will unlock the ability to deliver greater insights — available to every department, enterprise-wide — and enhance data-driven decision support.

While new technologies are refining how organizations reach their planning, budgeting, and forecasting (PB&F) assumptions, the great majority of organizations are still limited by their legacy processes and platforms.

Though spreadsheets and legacy planning systems have historically provided a great foundation for finance processes, they weren’t designed to meet the needs of modern digital finance and aren’t capable of delivering the analysis and insights that generate business value.

The challenge facing organizations today is the unification of their basic financial tools with more advanced solutions that can greatly enhance their PB&F capabilities by:

This need for a unified solution is widely felt: Seventy-five percent of organizations reported that their non-integrated digital financial systems presented a challenge.¹

Unfortunately for finance teams, this lack of integration and insight has contributed to PB&F becoming the process that normally receives the most complaints and criticism within an organization, especially from those outside the finance function. Limited visibility into processes and lack of enterprise-wide access to a single source of truth for analysis and reporting are largely to blame.

Fortunately, new platforms are enabling financial planning and analysis (FP&A) teams to illuminate their future financial picture by providing enterprise-wide visibility into consistent, accurate, and timely analysis and reporting.

This enables finance teams to transition their function away from the manual processes of data amalgamation and reporting, and towards their true role as important contributors to high-level decision-making that informs organizational strategy.

No matter the scale or scope of your business, inflexible planning, budgeting, and forecasting processes will negatively impact its ability to grow and respond to market changes. With the proper unifications, finance teams can drive operational efficiencies and accelerate the accomplishment of their overarching business goals by:

To unify budgetary planning and forecasting across the organization, FP&A needs to break down data silos, connect disparate information streams, and gain even more value from its existing tools.

Specialists in improving effectiveness across organizations through collaboration and process automation, Jedox offers a powerful solution for FP&A to unify information across functions for a more collaborative business planning process.

Jedox pulls data from all sources of information used by FP&A teams — including Excel spreadsheets, ERPs, and even cloud databases — into a single interface that is accessible to all cross-functional users (using role-based permissions). This streamlines planning, budgeting, and forecasting processes, and links FP&A with enterprise-wide operations to optimize processes, boost data quality, and reduce planning cycles throughout the organization.

Unifying with Jedox presents many opportunities for finance teams to thrive, allowing any financial manager to facilitate a truly collaborative, cloud-based approach that accelerates FP&A, while increasing the granularity, frequency, and accuracy of your digital finance processes with:

Microsoft Power BI is tailored to empower everyone at every level of your organization. For finance teams dedicated to creating a data-driven culture, Power BI and Jedox enhance spreadsheeted data by easily transforming and visualizing it — enabling all team members to make confident decisions using up-to-the-minute analytics:

For organizations already using Microsoft Power BI, implementing Jedox maximizes the value and insights from your existing Power BI investment.

Adding Jedox to your Microsoft stack enables you to unlock the value hidden in your actual and planned data. This better informs Power BI’s interactive, immersive dashboards and reports. The powerful combination of Jedox and Microsoft takes your planning and analysis to the next level by utilizing your existing data for better planning and decision-making.

“Jedox provides us stability in our complex reporting processes. It gives us powerful results for forecasting and target setting. Because we use Jedox from Excel, we can easily and efficiently do history comparisons and variance analysis. We depend on Jedox.”

— Mercedes-Benz

Optimize your Excel-based planning and budgeting processes with capabilities that unify your spreadsheets, data warehouse, and ERP or CRM. This includes write-back and data entry capabilities that provide you a more cohesive planning approach. While acknowledging the continued popularity of Excel as a tool for basic finance processes, having a modern solution that holds all of your data is an important step forward in your Digital Transformation strategy. Jedox bridges that gap easily, as anyone familiar with Microsoft Office 365 can connect Excel, data models, and reports to Power BI dashboards — helping to quickly gather, analyze, publish, and share business data in new ways.

As a Microsoft Azure Gold Cloud Platform Partner, Jedox utilizes the latest cloud technology to securely manage your data and applications. Jedox has also been selected as a preferred solution in Microsoft AppSource for its quality, performance, and ability to address customer needs. Validated by a team of Microsoft experts, the Jedox solution’s proven competencies are featured in Microsoft’s commercial marketplace online stores, Azure Marketplace and AppSource, as well as in the Azure portal. Learn more about how bringing Jedox and Microsoft together can help your organization get better insights and drive better decisions.

“We replaced Excel with integrated planning and reporting through Jedox in a few weeks. Jedox gives us high flexibility: Controllers maintain Jedox independently, adjusting reports in seconds. We save valuable time and expenditure, and my team is able to focus on profitable growth.”

— Sanofi