Businesses who implement financial analysis tools to enable their finance functions to assess corporate performance through indicators (KPIs) such as revenue, return on investment (ROI), operational costs, and market and shareholder performance, are the ones equipped to gain competitive advantage.

By implementing financial analysis technology, the results achieved can include vast time savings by streamlining processes and releasing staff for other activities, increased accuracy and reliability on reported numbers, and ultimately greater reporting for better decision making.

To get started however, finance are often faced with a number of challenging problems when assessing their KPIs:

  • It is difficult to get hold of all the required inputs on time
  • Input data is rarely error free and often needs cleansing and sorting-out before it can be used
  • Data processing is done with complex spreadsheets which are difficult to maintain
  • The volumes of input data get larger and more difficult to manage as the organisation grows
  • The production of the outputs is time consuming and labour intensive
  • Key stakeholders want the outputs faster (and sometimes more frequently) than they can be produced

ORYX Solutions

ORYX solutions are designed to support finance functions by addressing many of these issues through the use of automation and data processing workflows. ORYX is completely configurable so it can take any sort of input, process the data as required and produce any sort of output.

The most typical application of ORYX is for planning, budgeting, forecasting, or period end close activities in situations where either the finance system has insufficient analytical capability, the organisation is too complex to process data via spreadsheets, or the data processing and workflow needs to be tightly controlled and managed.
To facilitate this, Accountagility have created two ready-to-go solutions which can be used whole or in-part, which are set up ready to take standard GL extracts from the core finance systems – these are:

  • ORYX Plan – Financial Planning and Forecasting
  • ORYX Close – Period End Closing
    • Start small, think big

      ORYX is like a tool set. So you can start small and solve just one or two problems like consolidations or reconciliations with appropriate adjustments being posted back to the General Ledger. Then, over time, you can slowly grow and expand your solution to solve more of the issues when resources and budget are available. Each new development builds on the existing workflows and data processing.

      Once an ORYX solution has been established, all of the basic set up (e.g. dimensions, drivers, validations and data mappings) can be reused with any further modules. This ensures that the initial effort expended in setting-up ORYX can be capitalised upon to address different problem areas later.

      Common inputs and outputs

      A typical ORYX solution involves the collection of data from one or multiple operational systems (e.g. Trial Balance, HR data, Sales data). The combination of this data is represented in a data model illustrating the dimensions of the business (e.g. Accounts, Products, Periods, Locations, Currency); and then looks at the performance of computations to produce reports or other outputs.

      Common reporting outputs are financial statements such as Balance SheetsCash Flow or Income Statements. Many organisations also produce dashboards and calculate outputs such as adjustments or allocations which ORYX can post into the General Ledger.

      ORYX solutions are equipped with many useful tools and features such as drill-to-source, customisable reports, dimensional analysis, charts, dashboards and data browsers; all of which make it easy to analyse data and create outputs.

      Benefits

      ORYX solutions help users to improve and streamline processes, and get data processing and workflow under tight control. Whilst the benefits are unique to each organisation, they are typically as follows:

      • Control and Repeatability – the capturing of business logic and finance policies in one place introduces consistency into processes and reporting. Plus this becomes a valuable documentation asset for the department.
      • Time Saving – reduced manual effort releases staff for other activities. Plus data, results and reports are available quicker for business decision making.
      • Reliability – replacement of spreadsheets as the primary finance reporting tool removes the risk of hidden errors and key person dependencies.
      • Accuracy – drill down capability enables finance to conduct robust variance analysis and provide confident explanations of performance figures.
      • Handling of Foreign Currencies – the ability to hold all Forex policies at a system level saves time, reduces errors and enables underlying transactions to stay in their original currency removing confusion.
      • Morale – the removal of menial and repetitive tasks from team members through automation improves job satisfaction as well as reducing errors.

      To learn more, or request a free demonstration, click here