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Painting a Picture with Performance Reporting

Performance Reporting Update.jpg

In this article, Prophix’s Ron Massicotte defines Performance Reporting, outlines how it can be adopted within any finance team and discusses why it is a critical component of future-proofing your organisation.

What is Performance Reporting

We’ve all faced discrepancies in our cashflow forecasts due to factors outside of the area of finance such as maintenance downtime on plant machinery or a spike of new hires in HR due to a new project. Prophix Performance Reporting delivers automated, scheduled or ad-hoc reports that combine financial, operational, human resource or even marketing data that allows an unprecedented depth of insight into a company’s current position.  

Whilst traditional reporting remains essential in an organisation, as data is becoming increasingly accessible and detailed, the need for highly integrated reports is greater than ever.  Unlike traditional reporting, performance reporting creates a detailed, data-driven narrative of a company’s current position and provides the ‘why’ behind these results. When applied correctly, performance reporting combines financial and non-financial data including production run rates, client satisfaction or employee turnover. 

Painting a picture with performance management

Speed and timeliness

Adopting automated Performance Reporting can dramatically cut the time spent on report generation by days or weeks leaving you with more time for analysis


Trust between Departments

Discover a new level of trust between departments now that performance reporting delivers transparency and justification amongst more sensitive figures such as budget allocation. 


Prophix delivers flexibility second to none with a web client that allows you to build ad-hoc reports and access or share scheduled traditional reports from wherever you are at any time.  


By integrating financial reports with other areas of the business, the rationale behind budget and cashflow predictions can be easily explained.

Leveraging Artificial Intelligence in the Office of Finance


Many of us have personal digital assistants in our homes that can play our favourite song or order groceries with a voice command. And as much as robust technologies make our personal lives run a bit more smoothly, there is similar potential for Artificial Intelligence (AI), Natural Language queries, and Machine Learning to transform the Office of Finance.

Organisations are making strides in understanding data around market trends, customer sentiment, and engagement, but they aren’t making the connection back to the bottom line. The next steps involve automated Machine Learning and data management to make the process more seamless and robust.

A majority (62%) of Finance Executives report that they will make significant investments in AI over the next three years, according to PwC’s Digital IQ research. Gains from Robotics Process Automation (RPA) and basic AI will provide the building blocks for finance to later achieve more dramatic gains with advanced AI, setting the stage to go beyond using AI and related technologies for only routine transactions.

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