In today’s fast-paced business environment, accurate budgeting and forecasting are more critical than ever for midsize businesses. Yet many organizations still struggle with fragmented data sources, time-consuming manual processes, and outdated or unwieldy Excel spreadsheets. In this on-demand webinar co-hosted by NexTec and Solver, our industry experts provide valuable insights on leveraging modern Business Intelligence (BI) tools to transform financial planning.
The Challenge: Breaking Free from Data Silos
One of the most significant hurdles facing finance teams today is that critical data is dispersed across multiple systems. From ERP and CRM to payroll and point-of-sale systems, valuable financial information often exists in isolation, leading to an incomplete and fragmented picture of business operations.
Mary Miller Freeman, Director of BI Consulting at NexTec Group emphasizes how this challenge impacts decision-making: “When analysts have to pull data from multiple sources and consolidate manually, it can be time-consuming, slow down the financial close, and delay decision making. It’s also subject to the risk of errors and inconsistencies, no matter how careful you are.”
The Solution: Integrated Data Warehousing
The webinar highlights how modern BI tools like Solver are transforming the financial landscape for midsized organizations through integrated data warehousing. Stephanie Johnstone, VP of Solution Engineering at Solver demonstrates how their platform creates a single source of truth by connecting various data sources:
- Financial data from multiple ERPs
- CRM pipeline information
- HR and payroll data
- Marketing metrics
- Custom data sources
This integration enables companies to move beyond traditional financial planning into what Johnstone calls “extended financial planning and analysis,” providing a comprehensive view of organizational performance.
Modernizing Excel-Based Processes
While Excel remains a popular tool for budgeting, planning and forecasting, its limitations become painfully apparent when multiple stakeholders are involved. Some CFOs and financial professionals call it “Excel hell.” The webinar reveals several best practices for managing the transition from Excel-based budgeting and forecasting to a more modern and comprehensive cloud-based BI solution:
- Implement Version Control: Track changes and maintain clear documentation
- Standardize Data Organization: Keep similar data types together and clearly labeled
- Automate Data Refresh: Eliminate manual data dumps and imports
- Utilize Workflow Management: Streamline the review and approval process
For those that feel at home in Excel, Solver’s BI solution allows you to design reports and budget forms in a familiar environment while offering enhanced or extended power and flexibility.
Dynamic Forecasting for Real-Time Decision Making
Among the key insights from the webinar, perhaps the most compelling is the rise of dynamic forecasting. As NexTec’s Mary Miller Freeman notes, “If the budgeting process takes three months, it’s effectively out of date by the time it’s done, and everyone’s burned out.”
Modern BI tools address this by enabling:
- Rapid scenario planning
- Driver-based budgeting
- Automated consolidation
- Real-time updates and adjustments
Solver’s Stephanie Johnstone demonstrates how organizations can update forecasts in minutes rather than weeks, allowing for more frequent and accurate financial planning. “We can make it a seamless process where we’re updating our budget instead of building a new one from scratch bottom up,” she explained.
Implementation Made Simple
For organizations considering the transition to modern business intelligence tools, a key question is the expected timeline for implementing a solution. While implementation complexity varies, companies can typically be up and running within one to three months. Additionally, solutions like Solver come with pre-built templates and reports, significantly reducing setup time and ensuring rapid time-to-value and ROI.
The Path Forward
Mid-sized businesses no longer need to be constrained by traditional budgeting and forecasting limitations. Modern cloud BI tools offer a quick and simple path to:
- Consolidated data from all sources
- Automated workflows and approvals
- Dynamic forecasting capabilities
- Improved accuracy and efficiency
- Faster decision-making processes
Gone are the days when only large enterprises could afford the time, cost and effort of implementing a data warehouse. The cloud has democratized access to dynamic forecasting, enabling companies of all sizes to improve their financial planning and budgeting.
Ready to Transform Your Financial Planning?
Watch the on-demand webinar to learn how your organization can leverage modern business intelligence tools to streamline core budgeting and forecasting processes. You’ll gain detailed insights into implementation strategies, best practices, and real-world examples of successful business intelligence transformations.
For more information about implementing Solver for your company, or if you have questions, contact us at info@nextechgroup.com or fill out our contact form.