Consolidation systems have been the mainstay of the finance function for over three decades and are arguably one of the most successful categories of financial software. Consolidation systems bring order, structure and control to what is often a convoluted and fractured reporting process.
But over the same period, the role of the modern finance professional has grown out of all recognition from one steeped in financial stewardship, good governance, risk management and control, to a more proactive role around business partnership, strategic development and support. All of this has prompted unprecedented innovation in the design and capabilities of consolidation systems. In the face of a much broader reporting landscape, modern finance consolidation systems have evolved to the point where they are not only required to ‘crunch the numbers’ but must also drive insight and decision-making.
Of the four “V’s” of big data, (namely, volume, variety, velocity and veracity), it is the variety of data that the finance function finds most troublesome. According to FSN’s research, it is changing business requirements that is driving the pursuit of new data. In fact, 79% of finance functions list changing business requirements as their leading concern.
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