According to the Association of Certified Fraud Examiners, organizations lose 5% of their revenue to fraud each year. It’s no wonder that financial analytics for fraud detection is in such high demand given this alarming statistic. Fortunately, financial analytics can play a crucial role in helping businesses detect and prevent fraud by analyzing various…
A comprehensive data analytics strategy gives financial firms a competitive edge, helping them inform decision making, drive overall financial performance, and improve business outcomes. The fact is, all types of financial firms, from banks to investment companies, are finding new uses for analytics while optimizing proven use cases. You’re probably leveraging analytics for some…
Is Financial Trouble Brewing? There are many financial metrics that can indicate that trouble is brewing in a company. Most of them tell you what’s happening in your business, but they don’t tell you why. Let’s explore the more important metrics, revenue, profit, and contributing indicators that will help you gain a comprehensive picture…
Most, if not all, organizations need to understand their financial performance to improve business processes, identify the risks they face, and focus on the right goals. Harvard Business School provides an excellent list of important financial key performance indicators (KPIs) that companies should track, measure, and analyze across a wide range of categories, including…
Many organizations are discovering that spreadsheets and financial reporting tools are inadequate to deliver timely insights into the underlying trends of their business operations. Perhaps this is why, according to Gartner, only 47% of decision-makers say that financial analysis adequately portrays the story of their business area and its performance. Slicing and dicing stale…
Financial analytics involves the collection, interpretation, and analysis of financial data to identify patterns, trends, and relationships. These insights help businesses enhance their operational efficiency by revealing ways they can use their resources more effectively to maximize productivity and revenue and minimize costs. Financial analytics impacts virtually all aspects of a business through the…
Many organizations are implementing real-time analytics that make data readily available to users and processes as soon as the data is available in the database. This type of analytics lets you make instantaneous decisions based on the most current data. In industries such as healthcare when seconds matter, real-time data analytics gives you the…
Financial analytics is one of many tools that when integrated on a single platform, enables organizations like yours to identify, prevent, and respond to data security threats quickly. And let’s face it—with ongoing threats against data security, you need to leverage all the robust technologies available that make sense for your business. By optimizing…
Organizations across all verticals are using financial analytics to gain insights into the financial health and stability of their business. While there are many ways to define this type of analytics, Gartner sums it up nicely by stating, “Finance analytics provide insight into the financial performance of an organization.” The data analysis is typically…
There’s a saying that data is just data until it’s analyzed. It’s the analytics that turns data sets into insights to guide businesses. It’s important for data users and decision-makers to know which type of analysis will deliver the answers needed. Two common types of data analytics are business analytics and financial analytics. While…
