30 seconds of Power BI saves hours of redundant work, but why would you care?

Problem

I received a call from one of the FP&A Directors, who is also a great friend, and the conversation went like this,

Friend: Last night was so hectic; I spent 4 hours from 7 PM to 11 PM (UK Time) working because my CFO asked for some numbers, and he was in the US time zone, so I couldn't refuse but provide him with the details requested.?

Me: Oh, but what took you so long??

Friend: I was supposed to provide him with numbers on trends in travel and entertainment accounts, what's in the budget this year, what is our actual YTD, and what the numbers were last year and the year before and after COVID. And the data was unorganized; hence it pissed me off more.?

Me: But why did it take you 4 hours??

Friend: Tejas, you keep telling me about Power BI, and since I had a situation last night, tell me how fast this tool is & it could have saved me some time. I want to know.

Solution

And then, while I was on a call with him, I used Power BI based on the information provided by him, and the tool produced the EXACT NUMBERS, not even a difference of decimals, and it took me only 30 seconds to execute.

The results were accurate despite the data needing to be more organised.

The FP&A director was stunned to see how he missed an opportunity when he had all the time in this world to be quick, accurate, and best in his job.

More than this, he could have gotten back to his family & not taken their time for anything that could have been done so quickly.

Coming back to why you should care about this?

Today it was him, and tomorrow it can be you in a similar or even more complex and immediate situation.

Honestly, I have seen amazing finance leaders losing on to many things because of their need for more awareness of such tools and their execution. It isn't the first time I helped someone, but what makes my nerves bleed is the gap between technology and finance that most leaders don't accept and depend on their manual skills to do the complicated tasks which machines can do better than them.

If you're in the finance sector, these everyday struggles eat your time without making you realise the redundant patterns of your work style.

But tech tools or AI-powered applications allow you to focus on strategy and analysis rather than collecting numbers and driving you hopelessly in this extremely data-obsessed industry.

It's not only about saving a couple of hours, but it can provide insights that may be hidden beneath all the data.?

Breaking the status-quo

When the complexity of data grows, so does the need for an AI-powered application. As a result, these applications are becoming critical tools for working on spreadsheets & exploring vast amounts of data in minutes.

This is why investing in such tools is important as creating a common language between tech and finance. That way, you can have the perfect combination of data-driven decisions and analytical expertise, just like I did with Power BI in the above case.

There is also a team advantage that most of us need to realise. With these tools, teams & stakeholders can access insights faster and with ease. This will improve the efficiency of operations and reduce your redundant tasks.

Power BI also allows teams to share insights across organisations with ease & make data-driven decisions quickly so that everyone can benefit from it and become more competitive in today's rapidly changing environment. As a result, such tools are no longer a bonus but a necessity.

This will help you and your team become more productive, efficient, accurate, and faster than ever!

It's more like balancing the two greatest industries and maximising them for the human race's advantage.

A bigger picture perspective

As the business world continues to evolve with each passing day, technology plays a vital role in the success of any organisation. With such powerful tools as Power BI, businesses can easily analyse their data and gain valuable insights that can help drive growth and profitability.?

When it comes to making decisions in today's ever-changing world, having access to the right data is critical. While some companies may feel intimidated by technology, it's important to understand that there are tools out there that can help them gain a competitive edge. Power BI is one of those tools.

Not only can it help organisations save time and money, but it can also provide them with insights that they would otherwise not have access to. Any organisation can benefit from its powerful capabilities with the right knowledge and understanding of using the tool properly.?

So if you feel stuck just like my friend and want more clarity on such tools and their right use to 10x your work productivity then we are here to help!

Be ready to join forces with tech and revolutionize your FP&A processes? Let's talk!