Financial Analytics has become a great tool to gain an edge over your competition. It involves using the database available with a company and drawing insights. These insights can be related to various aspects like the state of finances (internal) and segment-wise study of sales of product or service (external). By making use of Financial Analytics, companies can benchmark themselves against their competitors and increase their profitability by putting their financial house in order. This also allows companies to study the newer models of business and maintain an edge over their competition.
Given that the insights derived from Financial Analytics can help shape the future of a company, it may seem difficult to think of outsourcing this operation. However, there are certain benefits to doing that:
Cost-saving: According to some reports, outsourcing firms claim that companies can save up to 60% of their cost by outsourcing this activity. This is mainly because if they want to leverage Financial Analytics but do not want to outsource, they will need to hire permanent staff. This cost, along with the cost of technological tools to help mine and study the data will prove expensive as compared to outsourcing the same.
Access to better technology: Though saving cost is an attractive reason, it cannot be the only reason to decide on outsourcing an activity. Drawing from the previous point, another benefit is getting better technology to work on available data. The usefulness of analytics will be restricted if old technology is used to draw insights. Since outsourcing firms specialize in Financial Analytics, they have the latest tools and techniques that they can deploy to help fine-tune a company’s finances.
Better transparency and compliance: Outsourcing this function can help a company in becoming more transparent as all departments need to work together to provide the data. Further, since this data is being provided to a third party and it is responsible for giving out suggestions, it helps in greater compliance as well.
Actionable intelligence: Even if a company were to decide on conducting Financial Analytics in-house, it would need the expertise to read the data. This is where the proficiency of outsourcing firms come into play. Their accurate interpretation of financial data makes the function more effective.
Boston Financial Advisory Group (BFAG)can be an excellent partner of your firm for Financial Analytics. Its team of experts has years of experience and know-how in the financial business. Their proficiency can provide your company the edge it needs to improve its profits. They have an array of analytical services like customer profitability analytics, value driver analytics, and cash flow analytics, among others, which can make a substantive difference in how your company operates.
BFAG provides the best Accounting and Financial Services. We have a team of experienced professionals who can help you in maintaining your books of accounts.
So, get in touch with us to avail our services.
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