Decision-making platforms (DMPs) are a next-generation approach to business thinking, unifying business intelligence, planning, and predictive analytics. DMPs help today’s chief financial officers perform as strategic leaders by opening up a more holistic view of company performance. They break through silos of data within the company, and make that data accessible more quickly while bridging the gap between financial and operational reporting. DMPs also help CFOs connect financial reporting directly to the companies’ business decisions, all while addressing a key concern of CFOs: data reliability.
DMPs can also help CFOs empower individual users outside the finance team with tools for financial planning and analysis, and financial reporting. This helps CFOs as they are increasingly asked to guide business initiatives in all areas of their companies, including supply chain, sales and marketing, human resources, and IT projects.
DMPs foster more efficient decision making within companies by supporting driver-based decisions, self-service analysis capabilities for business users, and automated decision making. With a DMP, an individual can take the company’s enterprise reporting, customize that reporting, and use it to support his or her business objectives within the company. DMPs open up a more holistic view of company performance by unifying planning, analysis, and simulation in a single environment, supporting a stricter connection between insight and action. DMPs also offer these more holistic views without disrupting the day-to-day business activities of the users.
Empowering individual users with better FP&A tools and customized reporting doesn’t make the CFO’s job any easier if the data for those tools is incomplete or inaccurate. DMPs address the data reliability issue by offering a reliable and connected solution for individual users, replacing the makeshift spreadsheet tools that individual users often create with superior planning and analysis capabilities, and capabilities they need. Effective planning and analysis helps individual users see their decision making from a financial results perspective. Also, through a DMP, a CFO can analyze, simulate and plan all with the same data, without moving that data from one environment to another. That level of integration is a key innovation for CFOs.
The greater range, granularity and flexibility offered by DMPs help CFOs reach the next level in planning. This is especially important for companies with disparate lines of business, global operations, or merger-and-acquisition activity. Markets are evolving more and more quickly, so if an acquiring company doesn’t have the right system, managing information for planning, analysis, and simulation becomes very difficult.
The flexibility of DMPs provides advantages both to sellers and acquirers, in evaluating potential deals, in integrating operations from separate companies, and in adopting new business models. Flexibility and connectedness fostered by DMPs allow companies to incorporate new operations quickly and productively.
For more information on Decision-Making Platforms, please visit www.board.com.