Balancing and understanding a massive influx of data and reports can feel like too much to handle. But, as a financial leader, you know that using such insightful information is paramount for proper decision making. To alleviate the burden of having too much information without knowing what it means, you can rely on data aggregation and automation tools for assistance.
Data aggregation and automation tools provide you with easy to read reports at your fingertips. Here, we will take a look at the different types of data aggregation that exist, as well as how automation tools can help.
Data aggregation is the process of pulling together information to provide meaningful insights. It is often done before statistical analysis is performed. To accomplish data aggregation, data is searched, gathered and then presented in reports.
As a subset of business intelligence solutions, data aggregation serves all industries. When it comes to financial data aggregation, it allows for a snapshot of all accounts and transactions in one centralised location. This easy to read information is used for better and more desirable decision-making.
For example, in the financial industry, data aggregation offers immense benefits to both the business and the banker. It allows clients to see all their accounts in one view. It enables the financial institution to see a full picture of all its business dealings and complete, timely reports more efficiently.
When do you know if it’s the right time to incorporate data aggregation into your business process? Well, for starters, if you are looking to achieve efficiency, decrease costs and increase employee satisfaction, then now is a good time. Data aggregation tools are useful for a business of any size and can undoubtedly provide many benefits.
However, the bigger question is, how do you choose the right tool?
To incorporate data aggregation successfully within your business, you’ll want to opt for a solution that meets the following criteria:
These are just a few of the main components to check for when looking for the right automated aggregation tool. SolveXia provides all of these, along with a supportive team that is always there to help.
There are two main ways to categorise data aggregation, namely:
To collect data within the period, there are different ways to view the reports (or data aggregation). These include organisation by:
As mentioned above, it’s always the right time to incorporate automated data aggregation in your business. Both manual and automatic aggregation include the following steps:
But, the differences between automated and manual aggregation come to life in the results. Performing data aggregation manually can result in an immense amount of human error and data entry mistakes. It also means that data is not centralised and can be easily missed. It may also lack proper security and create bottlenecks for teams. With manual aggregation, you risk the following:
When you select an automated data solution like SolveXia, you can count on a solution that is:
As CFOs and financial teams lean more into serving as analysts and decision-makers, they need insights to back up their choices. Data aggregation provides organisations with necessary insights to better position businesses for success. Data aggregation gives you:
Interested in learning more about how data aggregation can work for your business? Let’s take a quick look at some examples outlined by industry.
No matter the current size or state of your business, data aggregation will provide you with unparalleled benefits. As companies continue to rely on data for informed decision-making, data aggregation is one of the first steps in pulling all the pieces together for insights and reporting.
Automation tools like SolveXia make data aggregation seamless, secure and accessible to all those who need to view reports and dashboards.
The automation of financial reporting will save your business time, money, and many headaches. See how it can work within your organisation.
Robotic process automation in finance has become ubiquitous because it is so well-suited for finance processes. Take a look.