FinCheck Power BI dashboard: the analytics foundation of right decisions!
In the final days of May we held our breath as a human crew was once again launched in a US spacecraft. Crew Dragon, developed by SpaceX, flew to the International Space Station just like Space Shuttle Atlantis nine years ago on its final flight.
You might think this a strange introduction, but floating through space and running a company are actually not that much different. Both are based on data; on a whole lot of data. In order to make optimum plans for how your company will fare for the next few months, you must – just like astronauts – know how to find the exactly right information at any given moment. This used to require years of managerial learning by error, but today we have software to assist us.
FinCheck: a simpler overview of finances
At Stroka Business Group we utilized years of experience when developing FinCheck, the Power BI dashboard of financial indicators for monitoring and analyzing operations in accordance with the latest trends. This is a completely new tool that will make it possible even for the managers of small and medium businesses to make giant leaps into an environment that was until now the sole domain of the big players, those with the enterprise label. Only a few factors are more important to a manager than the chance to always be able to obtain the data that can serve as the basis for quality decisions. What is the company’s liquidity and profitability? How much cash flow does it achieve? How fast does it transform claims into monetary assets? And many other. What’s more, FinCheck reports have support for comments, charts and analyses.
What does Power BI provide? »
Simple and detailed
To return back to Atlantis and Dragon for a bit; the comparison of their technologies, with the fifty-year gap between them, has been highly interesting. The cockpit of both spacecraft certainly drew the most interest. While Atlantis’s was fully decked with switches and displays, Dragon’s shines in its sterile white minimalism. In front of the astronauts there were only three large, touch sensitive screens that the pilots use to control their craft and monitor all the factors. They only include the essential data, while everything else is in the background, ready when needed. Uncluttered, practical and foremost efficient.
See, know, rule
Let’s jump into the business environment. Here we also control and monitor. Through the years we too have learned that too much data results in about the same situation as no data or false data. To illustrate: every manager can at any time obtain any piece of operations-related data from their business information system. This is good, however, on the other hand, not very practical. It certainly is no different then looking from the top of the highest skyscraper on the city below. It is true that we have everything in our sight, yet individual details and connections between them remain out of sight. These are the hidden jewels that can help us recognize the right opportunities in business.
FinCheck Power BI dashboard: financial indicators tailored to the user
FinCheck’s dashboards are divided into three levels and data displayed is tailored to the user.
The first level has six financial indicators that represent the most important benchmarks of business operations: economy, payment capability, financing, cash flow, activity and investments. The data includes comments and is displayed three colors that graphically represent how the goals are met, or whether we are nearing critical margins for individual parameters.
The second level are dashboards of grouped financial indicators. In the upper part there are five golden indicators, displayed alongside the trends for the past few years. The user interface allows us to change the monitored periods, and can also be used to switch between the balance sheet and business results. Finally, a rigorous manager might also be interested in individual values that affect the calculations.
FinCheck provides an overview by selecting an individual financial indicator. The trends are displayed for the past four years along with the indicator’s target and critical values. Similarly, should we crave some healthy competition and look for a suitable comparison for our company, we can use the standard classification of activities (SCA) to compare values of our company’s indicators with the average for the selected industry in Slovenia, utilizing the data from Bank of Slovenia.
If you are a small or medium business, you are most likely covered. The visual display of results and explanations make FinCheck also suitable for employee training and in a series of real-life situations. Are you looking for loan and need a quick overview of your most significant indicators for the banking agent? All you need is a mobile device, and you are a few taps away from quoting your full financial report in the negotiations.
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