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What is business insights?

Most organisations say they want to be ‘data driven’. But this data is only useful if it delivers insight into how the business is performing, and what needs to be done to drive success going forward.

Business insights are generated by analysing the information that has been gathered and drawing conclusions that help with decision making and reduce the risks that come with a trial-and-error approach. Organisations that don’t have the software tools they need in their existing systems to mine and interpret this data will struggle to access, present and benefit from these nuggets of vital intelligence.

These insights can create the light bulb moments that spark new ideas, introduce fresh perspectives, energise productivity and open up untapped opportunities.

Explore resources

Gain data insights with MyWorkplace.

Insights trends

Stats from the Advanced Annual Trends Reprort

37%

say their IT software gives them the business intelligence to make the right decisions

22%

say their IT software and services give them a connected, real-time view of the business

41%

say it’s to have a clear vision and strategy amid economic uncertainty

37%

say their software gives them the business intelligence to make the right decisions

Additional insights to help you transform

INSIGHTS RESOURCES

  • A Guide to Improve Financial Reporting and Clarity Using Cloud Financials

    A comprehensive guide on financial reporting and clarity from Advanced with focus on how Cloud Financials can help CFOs and Finance Directors meet finance reporting standards.

    Read blog
    an image associated withA Guide to Improve Financial Reporting and Clarity Using Cloud Financials Blog
  • The Changing Nature of Finance and Accounting Solutions

    Your business continues to face changes, having a framework to measure competence ensures your finance team is prepared to support its operational needs.

    Read blog
    an image associated withThe Changing Nature of Finance and Accounting Solutions Blog
  • How Covid changed the role of the finance director forever

    Whitepaper Read Whitepaper
  • What the future of Onboarding might look like

    Blog Read blog
BLOG // 12-08-2021

The Great Re-engagement: how to retain disconnected workers

by Alex Arundale, Chief People Officer, Advanced

The Great Re-engagement: how to retain disconnected workers

The Empowerment of Finance Teams

Although the road ahead is not without its challenges, CFOs and Finance Directors will have a great capacity for driving meaningful change.

THOUGHT LEADERSHIP // 19-07-2021
The Empowerment of Finance Teams

Expert Insight

“A key driver for tech adoption is the ability it brings for businesses to analyse and extract meaningful data to drive decision making. In the past businesses have generally directed strategy on ‘gut feel’. Today this just doesn’t cut it. Leaders need to be able to base their direction on data and insight from software systems to ensure optimum success.”  

Amanda Grant, Chief Product Officer at Advanced

Expert Insight

“Having a clear view of business performance is critical today. Unstable markets and external environments mean understanding what is happening inside your business is paramount. Without access to accurate, real time data, leaders can’t drive continued growth and success.”

Gordon Wilson, CEO at Advanced

OUR PLATFORM

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Tips for improving business insights

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4 Tips

for creating insights

  • Read tips
      • Understand what data you have available and where that information resides in your business
      • Create a plan around what information is most important to the business and how you are going to report on this to ensure it is used effectively
      • Monitor and report back on data trends and insights on a regularly agreed basis
      • Ensure that reporting on insight isn't time consuming and can be done regularly without huge manual effort

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4 Tips

for gaining meaningful insights from your data

  • Read tips
    • Make sure data is collected centrally and is accurate
    • Have goals around what insight you would like to see from the system
    • Make sure you regularly review actionable insights and discuss findings
    • Revisit strategy based on insight and measure effectiveness

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4 Tips

for improving employee experience with insight

  • Read tips
    • Encourage employee feedback and use findings to drive decisions and overall business goals and initiatives

    • Share findings from employee data where relevant to showcase how data is driving development and improvements

    • Equip the business and your employees with the right tools so personal development and feedback can be shared in a central area and can be analysed by HR

    • Provide effective performance reviews with clear goals

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4 Tips

on improving financial insight

  • Read tips
    • Remove duplicated efforts in the finance team by streamlining processes and manual effort with technology
    • Review current software to ensure it meets reporting and analytics requirements
    • Focus time of team members on analysing data rather than inputting it into the system
    • Redefine the roles of finance team with goals and initiatives which are data centric and around strategy

Frequently Asked Business Insight Questions

  • What are actionable insights?

    Actionable insights are when you analyse data from your software solutions and use the information to guide business strategy. Organisations use actionable insights to make decisions based on accurate and meaningful data.

  • Why are data insights important in business?

    Using actionable insights means you are basing your decisions on accurate and meaningful data, not assumptions. This means you can be more confident about your strategy and the impact it will have. Using data to drive decisions should lead to enhanced success and growth of your business.

  • What are the biggest challenges that the financial industry face?

    Financial services organisations are struggling to enable their teams to work securely and effectively in a hybrid working environment. Security is paramount for financial services, which means traditionally employees have not had access to systems when working remotely. This however, is not sustainable moving forward as it is impacting employee productivity. Financial services firms need to find a way to give tools to teams when they are away from the office without compromising on security.

  • What are the ways to gain valuable insight to improve employee performance?

    You can only truly improve employee performance if you have a deep understanding of your people and what their requirements are. Therefore, gaining actionable insights to support this are critical. Only by tracking employee trends, monitoring training and performance and collecting employee feedback can you draw actionable insights to drive your employee performance strategy.

  • What are the main components of an insight?

    True insight comes from accurate, reportable data which is gathered over time. The quality of the data is vital and it must be up to date. The next key cornerstone is then being able to analyse and report on the data which is held in systems, so you can clearly understand and act on the insight the data is showing.

  • How do I convert data to insights?

    Converting data into actionable insights can be difficult if you have a complex or outdated software system in place. Ideally, businesses should look to implement Cloud-based software which comes with inbuilt reporting and analytics tools to support this. For example, Advanced customers who have Cloud HR or Cloud Financials are able to build their own reports and dashboards into their own personalised workspace using their platform, MyWorkplace. This gives users up-to-date, easy access to view and track the latest actionable insights from their system.

  • How can I improve my business insight?

    There are a few ways businesses can improve their insight, such as:

    • Make sure you always update data to a Cloud-based, accessible system for all to use
    • Ensure teams are using the Cloud software in place and everyone is accessing one version of the truth
    • Regularly review data in the system so changes and trends can be picked up
    • Continue to monitor data over time, comparing to last month or last year to pick up on noticeable changes

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