Finance Leadership
July 16, 2019

Why SolveXia is the Ideal Data Analytics tool for Finance Companies

Technology, automation and data analytics tools are helping businesses around the world perform more efficiently. With the mass amount of data that companies have access to, a paramount necessity is the ability to deliver proper analysis to make better business decisions. This is especially true of financial departments and companies as they are transforming into analytical powerhouses that are helping to shape businesses rather than solely serving to manage bookkeeping and accounts.

When it comes to choosing an analytical software that is right for your entire organisation, there is a multitude of considerations that must be made. Such factors include ensuring that the tool can sync and integrate with your existing technology stack, to knowing that it is easy to use for anyone within the organisation, not just tech-savvy employees.

SolveXia provides all this and more, and that’s why it’s a top human analytical software automation platform as it is helping to enhance operations in small and big businesses globally.

Let’s take a look at how SolveXia can help your organisation become better but first let’s understand what SolveXia is.

What is SolveXia Automation and Data Analytics Tool?

When it comes to automation, there are different types of tools you can choose from, from high-value analytical automation to low-value automation, such as robotic process automation (RPA).

RPA is useful for low value, back office tasks that are repetitive and can be recorded by a human so that the robotic system can continue replicating the process.

On the other hand, SolveXia operates as high value human analytical automation software. It uses automation for data processing to enhance a human’s ability to make better decisions.

In our Thought Leadership Survey, it became evident that most CFOs of companies, both large and small, share the same challenges, namely: disconnected data and manual processes, internal bottlenecks and the struggle of retaining talent. Mitigating and solving these situations relies on more than just automation - it requires a system that can provide your team with the tools it needs to aggregate data, communicate between departments, translate data to be used for insights, and create reports and forecasting models that support better decision-making. This is the difference between a human analytical software tool, and this is the difference with SolveXia.

Let’s take a look at how it all works and how SolveXia will transform your team’s ability to benefit from data analytics.

How SolveXia Can Help Your Organisation with Data Analytics

Save Time and Money

Automation is cutting time dramatically for both front and back office tasks. With robotic process automation (RPA) and artificial intelligence, SolveXia’s tool can reduce manual labour by ten times and free up the time for human resources to focus on what they were hired to do. Business professionals can perform analysis and make informed decisions based on clear insights rather than waste time on redundant tasks like data mining and guessing or misinterpreting what the data means. SolveXia goes further and allows users to access all data without loading times quickly, or connection issues, and run complex trend analysis, forecasting and modelling fast and accurately. This provides more clarity, more viewpoints, more accuracy with the data and what it means, bringing more confidence than ever to decisions, keeping you ahead of the competition and provide customers more of what they want.

SolveXia also saves time and money by allowing you to easily upload data from multiple systems, including legacy systems and in various formats that can automatically be combined into useful reports. Say goodbye to disconnected data. For example, the average finance staff member spends three months out of every year to prepare data in Excel. Instead, with the use of SolveXia’s tools, this time becomes available to perform more value-added tasks like communicating, partnering, collaborating and advising across business units.

Automated Reports and Processing

SolveXia comes with an easy-to-use process set-up. The visual editor provides users with various options to design their business process so that they can be run automatically. You can set reports to run after you create your desired process. As the process executes its commands, you can see the progress through a visual roadmap that shows you exactly what step is occurring in real-time. If an error does occur or anything is missing, the colour coded system’s block turns red and you can address the issue fast and avoid wasting time.

The data analytics tool also allows processes to be streamlined. For example, if two staff members are collecting or using the same set of source data and then working on performing data cleansing steps, their work can be combined into a single automated process, thereby saving time and also ensuring that data is consistent for their operations.

Enhance Oversight, Collaboration and Communication

SolveXia’s processes are made to be automated, and the best part is you still have oversight of what is happening. The system requires users to approve the outcome before distributing reports or automatically sharing any information to critical stakeholders and intended parties. Once the process finishes running, the necessary person receives an email and can either approve or reject the outcome, as well as add notes throughout the process so that anyone who accesses the system can see what was done.

With easy to share reports, you can set up the chain of command and know that the data will be sent to the right people without human interference. The automation aspect also means that real-time data and analysis is available, which provide instant insights and informed decision-making that can help to avoid costly mistakes.

Reduce Compliance Risk

Everything in SolveXia’s system is documented all the time. Businesses of all types, especially within finance departments, face many cumbersome rules, regulations and laws to comply with. Failure to adhere to such rules and regulations create compliance risk can cost businesses a lot of money, and in extreme cases, even threaten to shut down a business entirely.

For this reason, it is necessary to maintain a clear trail of processes and keep data safe and secure. SolveXia’s system does just this and can quickly and provide auditors with any information they may require at any historical point in time. This means staff no longer need to dread the arrival of auditors or internal compliance teams that require vast amounts of their time to provide endless documentation. It also frees up compliance teams time to monitor, and implement new checks, rather than collecting continuous documentation and data.

With SolveXia, the tool instantly displays what process ran, and provides the exact data that was used. This is because the SolveXia system locks data once it’s been run and used so that no modifications can be made after the fact, leaving a clean representation of version control and history.

Ease of Use and Knowledge Transfer

Many departments struggle with data analysis and often need to wait on analytics teams or their team analysts to provide the insights they need. While companies use a multitude of complex data systems, it can be a timely and challenging process for anyone to get the data they need, and then to try and understand it. Especially for those team members that are not analytically or data minded the task can be impossible, putting a lot of workload on analysts, and requiring prioritisation of analysis requirements, and long waits in getting the much-needed data.

SolveXia’s analytics tool is built for every team member. It is built to be intuitive and for all staff in all departments. This means for the first time; staff can feel comfortable by accessing data in one system, and getting precise analysis and insights fast without load times, or requiring complex data processing. This allows staff in departments to be agile, more empowered, less reliant on others, and always have instant clarity on the data and the impact of their daily decisions.

Various departments within businesses also need to work together for efficiency. However, without automation and collaborative software, many companies face bottlenecks as processes get stuck within departments or communication is lacking between different business units. Since employees come and go, you never want to rely on just one person to know how to do a task.

SolveXia’s system reduces dependency on any key staff by outlining processes in plain view. That means if an employee leaves, another person can quickly pick up the job and easily understand what is happening and still get the job done without timely onboarding.

For example, let’s say a banking client needs a large and complicated reconciliation process to occur before being able to submit information to regulators. One person is in charge of this process, but if they are sick or out of office, then any other staff member can easily pick up the process and ensure the creation of the report happens, just with the click of a few buttons.

Easy Integration and Quick Onboarding

Many companies fear change and have to implement extensive change management protocols to receive buy-in from key employees and stakeholders, especially if there are many different technologies already integrated and talking to each other. The greatest fear, is the cost of a new or replacing technology, the time to integrate, adding complexity to an already overloaded network of systems and ultimately causing issues with other functioning technology. But, technology isn’t meant to be scary; it’s made to be helpful.

To help staff get up to speed fast, SolveXia has prioritised how it looks, how it feels, and how it works to be easy to use and intuitive. Therefore, any team member in any department can learn the system without hassle or trouble. The tool also offers top-notch support so that should any problem occur or a question arises, you always can reach out for rapid assistance.

Additionally, SolveXia it easy to set up and integrates with your current technology stack so that you can be sure all your data is connected and accessible in one place. This means you don’t have to worry about replacing your current technology or that your prior technology investments will go to waste. There are many ways to integrate data; you can even do it with a click of a button, and upload via Excel files and run processes to integrate its data.

Best in Class Support

Not only does SolveXia offer best in class and rapid support, but we also can help to design your automated processes for you. While SolveXia is built for everyone to use no matter how comfortable they are with data and analysis, we also understand that some business prefers the experts to set everything up on the new system first. If this sounds familiar and creating or setting up the process from the existing data library isn’t for you, at any point of your SolveXia journey, our dedicated support team can step in and set up all the steps for you within just 1 to 3 weeks. This leaves you safe in the knowledge that everything will be working just as it should be, and you get all the insights and analysis you need right from the start.

Additionally, you can leverage our Tips and Tricks or training processes for extra help. We’re always available to answer questions or address needs so you and your employees can rest assured knowing that support is just a call, email or chat away.

The Bottom Line

SolveXia gives you the option to incorporate an easy-to-use human analytical automation software that anyone in your team can use to expedite daily operations, save money, reduce risk and ultimately understand your customers better, stay ahead of the competition and drive profits.

SolveXia’s system is purposefully designed to execute automated processes, benefit organisational collaboration and much more, all at an affordable price for both small and big businesses alike.

Want to find out more and change your organisation for the better? Schedule a demo today to see how SolveXia can radically enhance your business processes.

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