Q3. An executive team needs to monitor financial performance against targets in real-time, as well as assess the accuracy of forecasts based on the latest data.
How would you set up the Digital Boardroom to track financial KPIs such as revenue, costs, profitability, and forecast accuracy?
Ans:
To set up a digital boardroom to monitor the financial KPIs such as costs, revenue, etc, we can follow certain steps which include:
– Defining the KPIs and their business objectives. Also, collaborate with the stakeholders to set up the performance threshold for each KPIs.
– Next is to prepare the data. Integrate the data from S/4 HANA data sources for actual financial data. We can also include SAP SAC for the financial modeling and budgeting.
– Now we have to perform Data Modelling where we will create models that help in harmonizing the actuals, budgets, and forecasts.
– Build digital boardroom where we can develop SAP Analytics Cloud Story while using appropriate charts, bar graphs, guage graphs, variance graphs etc.
– Configure real-time updates which include live data connection as well as multiple alerts & thresholds.
– Enhance the predictive insights with SACs smart prediction feature to generate various future forecasts and compare them with actuals. Applying machine learning models to identify the trends and anomalies.
– Now we can create responsive layouts which includes multiple perspectives such as KPIs and drill downs. Optimization of the layout can also be done for different screen sizes and to make proper device responsiveness.
– Once the device become optimized for different screen sizes & proper responsiveness is there, we can enable the collaborative features such as discussion threads and live presentations. Once done, we can test and refine the system.
These are the steps which help you to ensure that executive team has provided a dynamic and real time view of all the performances, enabling quick and strategic decisions.
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