Business Analytics

March 23, 2022

How Domo Empowers CFOs to Dive Deeper Behind the Numbers

Domo Software - BT Partners

Increasingly businesses are realizing the importance of good data. The global data monetization market size was valued at $44.87 billion in 2016 and is projected to reach $370.97 billion by 2023. Still, many organizations are failing in their data efforts. If your data is spread out across different systems, if it’s taking days or months to get questions answered, if you’re making important business decisions on stale data, then you most likely aren’t using your data effectively. To help solve these challenging issues, you can employ executive data analytic solutions into your business. These tools are designed to help you dive deeper behind your numbers, propel growth, and discover the true health of your company. DOMO is one such all-in-one integrated data platform that we believe can enable intelligent action.

Strengthen Partnerships

Imagine being able to share rich, reliable, and accurate data visualizations with customers and partners on the spot – without needing to consult other departments. DOMO allows CFOs to drill into specific data points quickly and easily themselves, to demystify any area of business. They can easily research and provide context on numbers so they can make informed actionable decisions without having to get someone on their team to do it for them or dig deeper.

From a professional standpoint, if dealing with an investor or lender, they can answer a question immediately rather than say, “I’ll have to look into that and get back to you with a report.” Not only does this remove a potential concern, but it allows the investor to know that your company has systems in place to make the best decisions right away. DOMO strengthens partner and customer relationships and builds confidence that your business knows what it’s doing.

Data Discovery

A big piece of data discovery is being able to get the granular data you need to produce high-level metrics. This is so you’re able to use only the information you want and exclude the data you don’t need to produce the reports and statements that boost your bottom line. With DOMO, you can group and exclude items based on certain criteria to create subsets of data. This helps break down the data further and tells a better story on what’s working, what’s not working, and where you’re headed in the future.

Using visual data insights to instantly uncover otherwise hidden patterns and anomalies is key in gaining an edge on competitors. Charts and graphs make it easier for people to discover trends at a glance without the need for sophisticated or complicated manual data analysis. By 2023, a third of large-scale organizations will adopt some form of executive analytics tools enabling them to make decisions 5x faster. DOMO gets you the data in seconds thereby empowering decision-makers to act fast, putting you one step ahead of the majority.

DOMO creates tangible business value with data. However, inaccurate data creates the opposite effect. Whether it’s human, process or system caused, bad data guarantees lost business and customers. These impacts lead to significant business-critical challenges. With DOMO’s data integration, you have the tools to provide your business with a single source of truth necessary to make those value-added decisions that impact future growth and revenues. No need to go searching for answers across multiple systems, look to DOMO to present you with all the right information, in a way you understand and can absorb, instantaneously.

Efficient Accounting Operations

Most CFOs are accustomed to waiting for accounting to close the books before they can do anything. This generally takes anywhere from a few days up to an entire month. This is time wasted that can be better spent making faster, time-sensitive data-driven decisions that drive growth. DOMO provides a unified view of your organization’s financial health using reliable, timely, and accurate data that you can trust.  There are massive rewards and savings in time spent on analysis, correcting human errors, and increased integrity along with real-time updating of data.

Increased Accountability

An easy to use and fully integrated executive analytics solution adds a level of accountability to the people inputting data because you’re now shining a light on previously concealed data or data that wasn’t previously accessible. It also helps incentivize people to get their data in on time because at any time an executive can pull a report, see the numbers, and know who to go to if the data sets look off or don’t line up. Demonstrating commitment to data accountability is essential in building trust between your business, customers, and partners.

The other aspect for accountability is that with DOMO, anyone can drill into the details in real-time and see comprehensive data analytics. Risky shortcuts and workarounds are also eliminated. Without DOMO’s accuracy and reliability, one of the biggest areas of concern we see is when CFOs try to recreate reports. They may say, “Oh this data doesn’t look right. These numbers aren’t what I saw on an earlier report in the same time frame.” When they approach the person who generated the original report, that person responds with, “Oh, I just manually adjust that each month to balance it out.” This type of response usually comes as an unfortunate shock and leaves the CFO feeling uneasy, as they had no idea numbers were being fudged on reports. This type of dodgy workaround opens the door to the possibility of presenting wrong information to partners or making an important decision on flawed and inaccurate data.

CFOs have a lot on their plate and the deeper they can dive into the numbers, the better the decisions they can make. With DOMO being an all-in-one integrated data platform that automates workflows and transforms data into new easily understood insights, it can really impact not only the day-to-day activities but the long-term impact a CFO has on a business. To help better understand how DOMO can transform your business, reach out to our experts at BT Partners. We’re happy to sit down with you and look at how we can help improve your data visualizations, predictive models, and KPI forecasting using DOMO’s tools and techniques.

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