Night terrors can strike CFOs no matter how big their company is.
For many finance professionals, judgment day comes down to company value. So how can you drive value and revenue when it’s a challenge just to keep your business afloat?
The answer: With advanced revenue analytics.
In this blog post, learn more about real-time analytics for revenue forecasting and how Next Quarter’s Financial Clarity solution can solve challenges when forecasting growth.
Protecting your business and livelihood could come down to whether or not you use advanced revenue analytics.
Advanced revenue analytics is an artificial intelligence (AI) tool that can analyze your revenue streams and offer new pathways to profitability. It gives you company-saving insights within minutes or seconds of data collection. That helps you make better decisions as you scale your company.
Because of the last couple of years of anomalous pandemic-related business patterns, you need to stay ahead of the curve and create up-to-the-minute forecasts.
Analytics can help you find potential problems and then solve them. For example, when revenue streams slow to a trickle, AI-based analytics tools help you decide whether to eliminate an underperforming revenue source. These tools can also help you determine which revenue streams are the most lucrative and why.
Solutions like Next Quarter’s Financial Clarity empower your organization with ongoing revenue intelligence, enabling you to forecast growth through AI-powered analytics. You get a real-time picture of revenue across your company, making it easier to forecast the future and mitigate risk.
Advanced revenue analytics insights identify strategies to stay open and add value. They may include digitizing business operations, pivoting to new products and services, modifying product and service delivery, and building on products and services already offered.
By staying open, you drive key elements of business value like customer satisfaction, retention and loyalty, brand recognition, revenue, and market share. You can also create deeper relationships with customers and clients and move more prospects through your sales pipelines.
CFOs know about revenue better than anyone, but there’s still a lot of guesswork involved when predicting future revenue opportunities. Advanced revenue analytics solve this problem by reviewing every revenue-based interaction and providing actionable insights that help CFOs make more informed decisions. Solutions like Next Quarter know your accounts better than you do and provide real-time data accuracy every minute of every day.
Real-time revenue analytics uses AI to collect, examine, and analyze vast amounts of data from company databases and marketplace sources.
Advanced analytics employs various techniques, such as data mining, pattern matching, and multivariate statistics, to assess the current state of a business, predict its future status, and recommend changes to ensure its continued success.
It delivers analytics continuously or on-demand. With ongoing results, you receive an alert when an action needs to be taken or when a pre-set auto-response has occurred. With on-demand, you can initiate a query to obtain results in written or dashboard reports. You can also access heatmaps, charts, graphs, and other data visualizations. Share these visualizations with different team members and generate greater insights into your day-to-day revenue activities.
Real-time revenue analytics accurately predicts which revenue streams will increase or decrease. This facilitates decision-making for resource allocation, product and service development, and future expansion or downsizing. For example, you can learn whether you will experience a revenue uplift after a sales slump and make business changes that take advantage of this opportunity.
First, consider your goals. You want to stay open and drive value, even when sales decrease due to supply chain disruptions and/or diminished consumer buying power.
You need insights into the factors impeding or supporting your goals in real-time when you can take action to protect your business and optimize its value.
Second, to obtain usable, actionable insights, you must identify the correct data for your analytics platform to collect and analyze. Although AI uses machine learning and algorithms to teach itself, it needs human input to initiate and support its operations.
Up-to-the-minute correct data includes news feeds announcing border closures and supply chain disruptions that affect your vendors and clients. You need customer data to understand how market changes affect purchasing power and buying habits.
Third, you need flexible insights into:
- Adapting products to meet customers’ needs
- Reducing contract and quote errors
- Adjusting prices to accommodate changing market conditions
Fourth, you need to track the changes you made to gauge their effectiveness and adjust, if necessary.
Real-time revenue analytics can confirm that you’re on the right track and add value to your business.
Next Quarter’s Financial Clarity solution drives value with real-time revenue analytics and solves many challenges for CFOs. This feature bundle, available through the Next Quarter platform, can improve forecast accuracy by more than 95 percent, helping you make more successful predictions about the future of your business. You can toggle the Financial Clarity solution on and off depending on your requirements.
With Financial Clarity, you get a single source of truth for all the revenue intelligence data in your organization, eliminating the need to check multiple sources of information. The solution analyzes different data sets to provide unparalleled insights into specific markets, market conditions, and customers.
In short, with Next Quarter’s Financial Clarity solution, CFOs will sleep happily.
Built when a former CFO and CRO came together, Next Quarter is software that provides a single source of truth for all the revenue intelligence data in your organization. Created for this year, not the late ’90s, Next Quarter helps you make smarter decisions, identify new opportunities, and improve the probability of success. You can generate top-level insights, make more confident predictions, and support business growth.
Learn how Next Quarter and the Financial Clarity feature bundle solve challenges for CFOs by scheduling a demo today.