june2021 - 29

FEATURE
Finance Leaders Depend on Business
Intelligence to Drive Change
By Chen Amit
IN THE WINDFALL of the pandemic, high-performing accounting
teams have adapted their operational mindset. These forwardthinking
leaders have elevated their roles from process administrators
to strategic partners that provide tangible, data-driven
insight. These financial professionals are agents of change-
individuals who consistently promote modern approaches to
drive business transformation.
Business intelligence is built from real-time
data and increased financial visibility, and
agents of change utilize these insights so that
their clients can flourish. These financial envoys
spearheaded the increased adoption of technology
in 2020-they understood what their clients
needed to support fluctuating demands in an
uncertain time.
By eliminating outdated business frameworks,
designing new strategies, and promoting
necessary change to future-proof operations,
finance leaders today know that business intelligence
can help their clients make educated
decisions based on historical and present data
within their organization.
With the business strategies of 2019 now
antiquated, financial agents of change have fully
departed from previous responsibilities. They're
strategists-providing real-time financial data to
clients to make better, cost-conscious decisions.
THE POWER OF STRATEGY
The pandemic urged leaders to evaluate their priorities
and goals by adjusting previous strategies.
And none felt this more than finance. Budgets,
investments, operational efficiency, business
opportunities, and cash flow analysis were critical
for increased success, and accounting teams
were challenged to find new ways to support
these goals.
During the pandemic, accounting teams
" leaned in " to technology adoption to radically
transform their client's business structure. They
built new strategies based on realistic, measurable,
and timely outcomes and prioritized the
importance of providing clear and accurate data
that was easily accessible.
These financial leaders were proactive, not
reactive. They created strategic roadmaps by collecting
relevant, real-time financial information
and found ways to increase operational efficiency
while reducing costs. They acted as partners-
analyzing current data points to provide clear
insights to their clients.
DATA INFLUENCES
DECISION-MAKING
Agents of change know that data and analytics
help organizations run smoothly and efficiently.
Business intelligence transmits raw data into
compelling findings, and the increase in numbers
provides a clear picture of how a business is actually
operating.
To modernize processes, accounting teams
need to integrate the best tools and technology
into their client's operations. And the best
solutions are the ones that offer 24/7 access to
analytics.
It's no secret that in a technologically
advanced world, data influences decision-making.
Financial awareness creates the operational
framework to help clients improve and elevate
business controls. Data allows accounting teams
to focus on critical initiatives and projects that
cement future success and drive their client's
mission forward.
Finding strategic solutions for client pain
points is imperative in modern-day business.
And the right technology facilitates this process.
During these unpredictable times, technology
helps clients meet their goals.
For agents of change in 2020, it was proven
that they needed to adapt-fast. The accounting
team found that to thrive, they had to expect the
unexpected. Teams that fully utilized business
intelligence set the bar in modern finance. They
had the information they needed to strategize
effectively through increasing unpredictability.
THE COST-BENEFIT ANALYSIS OF
AUTOMATION
To elevate business success for the future, finance
leaders will likely find themselves strategically
implementing new technology. The accounting
team is responsible for providing clients with tangible
insights to help them understand the exact
implications of their actions. Technology is their
strategic partner-delivering vital information in
ways that are understandable across the board.
Plus, business intelligence is beneficial in
analyzing the market competition-utilizing
data and insight to certify an advantage over
competitors. And operationally, the automation
of processes increases efficiency by eliminating a
heavily manual workload, reduces financial close
time, and improves the overall reporting process.
When the pandemic swept the world, the
accounting teams that prospered were the ones
that modified their strategies immediately. Agents
of change have this mindset always-not just in
times of crisis. They are constantly optimizing
to ensure their clients have the right solutions to
adapt to growing demand. To set themselves up
for success, agents of change rely on data-driven
business intelligence to influence results and
forecast for the future. ■
Chen Amit is co-founder and CEO of Tipalti.
JUNE 2021 ■ www.CPAPracticeAdvisor.com
29
http://www.CPAPracticeAdvisor.com
june2021

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