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Why Aren't Our Models Both Smart And Beautiful?

 

"I have a concern that our accounting system that does not meet the needs of the modern modeler. I believe the system meets our core finance needs but how do we think about utilizing this system best to meet strategic reporting and analysis needs?"

This question was asked at a recent webinar, now available on-demand:

"How ‘Modern Modelers’ Will Take Over the World of Financial Analysis"

Please add your thoughts about it below. Thanks!

Answers

Hyoun Park
Title: Principal Research Analyst - Performance..
Company: Blue Hill Research
(Principal Research Analyst - Performance Management, Blue Hill Research) |

Figure out how to use this data to support strong visualizations. At this point, the clean visualizations you see from Tableau, Qlik Sense, SAP Lumira, Tidemark, Yellowfin, and many others are becoming standard for dashboarding. If it looks like Windows 98, you can probably do better. You may need to bring in a Best-in-breed data discovery or visualization solution to see the data better.

For analysis, think about how to analyze this data through a statistical library and to slice and dice the data as necessary. If you need to export and completely move to a separate environment, that's a bit clunky. Modern modelers should have a more seamless experience, which is an experience that we're all starting to expect from the ability to do the same thing on our smartphones with our favorite apps.

Topic Expert
Barrett Peterson
Title: Senior Manager, Actg Stnds & Analysis
Company: TTX
(Senior Manager, Actg Stnds & Analysis, TTX) |

There should not be a single model, including the financial reporting model which serves a specific investor purpose. Collect data to allow multiple views and level of detail. These need operations focus and should be highly consistent with financial reporting, but do not have to "tie". Do not make company wide models too complex. Greater complexity more useful for more narrowly focused topic areas.

Elliott Lester
Title: VP IT
Company: Reddyice
(VP IT, Reddyice) |

This can be easily corrected. Modern cloud based tools can interface directly with the Accounting system or ERP and provide the ability to model and provide dashboard, excel based spreadsheets and more. At the company I am at presently, we interface Tidemark with a 30 year old legacy Accounting system and a modern cloud based HRIS system overcoming the green screen view of life.

Dmitry Faybysh
Title: CEO
Company: Bankcard Analytics
(CEO, Bankcard Analytics) |

Most of the accounting systems are not set-up for the sexy reporting and dashboards. The accounting systems are optimized to get the data into them and most analytical tools are set-up to get the data out of the systems. We normally set-up a data model in the reporting and analytical system the way you would manage your business. those systems are optimized to get the data out and most can be set-up with amazing and easy to use dashboards. We use the Microsoft BI stack. Its scalable and very easy to connect to just about any database. The dashboards are easy to create and have very nice drill-down, slicing and dicing capabilities.

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