We don’t have sufficient insight into our data — having it spread over many systems causes a mountain of manual data entry and makes decision-making difficult. Can you help?
— Dense Data Dilemma
Dear Dense Data,
Transparency into financial data is an ongoing challenge in higher education. Institutions struggle with tying data from multiple sources to financial data; accessing data that’s clean, consistent, and trusted; delivering meaningful reporting for end users; and creating reports, dashboards, and visualizations quickly and easily.
For Finance to truly serve as effective storytellers and valuable strategic partners, they must convey key data points to their audience. Effective reporting means aggregating disparate data into a single source of truth and then highlighting key trends for stakeholders using a method that’s easy to understand.
An appropriate reporting hierarchy is organized through dashboards of KPIs that allow for quick analysis of trends and measures for a given time frame. From there, users should have the ability to drill through to view underlying report data, highlighting anomalies and identifying root causes.
Informed decision-making starts with access to accurate, trusted data. Axiom™ Budgeting & Forecasting provides transparency into financial data, which enables the Budget Office to make informed decisions about resource allocation. Users can see multiple funding sources, view transaction-level details, and see variances to identify departments that have under- or over-spent.
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