Incorta has announced and launched an Analytics Data Hub for Finance. The hub provides a central point where the finance team can access timely and accurate financial and operational analytics using multiple data sources.
The hub enables finance teams to make data-driven decisions based on real-time data and insights beyond standard reports. This is the latest solution from Incorta, which already has solutions for Operations, Supply Chain and Sales & Marketing.
Steve Walden, Incorta EVP of Business Development and Strategy, commented: “Today’s business environment creates an urgent need for real-time analysis of financial and operational data. The Incorta Analytics Data Hub for Finance reduces the distance from data sources to data-driven decisions with agile data pipelines optimized for financial analytics, shifting the focus from backward-looking reports and dashboards to real-time analysis and insight discovery.”
Where Incorta believes it differentiates is the ability to provide a solution that can access data from various sources, and deliver prebuilt finance apps to deliver insights across multiple finance use cases. Those use cases include accounts receivable, accounts payable, general ledger, fixed assets and others. Incorta has prebuilt data mapping that ensures data pipelines draw in data from multiple sources faster than many rivals. It believes it offers 8x faster load times and a 92% reduction in BI wait times, though it does not clarify what those figures are mapped against.
Those data mappings include SAP, Oracle (EBS and Cloud), Oracle NetSuite, and Salesforce; Databases such as MongoDB, MySQL, PostgreSQL and SQL Server and other sources such as RedShift, IBM Netezza and Teradata.
Why does this matter?
Analytics solutions have been around for some time. However, today, organisations need analytics platforms that deliver more than just visualisations and insights. Organisations want solutions that are ready out of the box.
They want them to connect up data sources with pipelines that enable data to flow into the data repositories that BI and analytics solutions can then use. They also need those analytics solutions to have accelerators or applications that reduce the time to value for those insights. This is the promise that Incorta is offering to customers.
The pace of change is accelerating. Finance teams need access to the insights they can draw from current, i.e. real-time information. Senior leadership and boards are increasingly looking to finance teams to provide insights from the latest data. That is not the historical reporting they have traditionally delivered.
Gartner believes that 75% of finance functions provide their C-Suite weekly reports, and over 40% are providing them more frequently than that. That trend is only likely to accelerate for firms to remain competitive.
Finance teams need ways to deliver this information quickly. The information must be based on real-time data from operational solutions, whether ERP, CRM or other systems. Incorta believes it is delivering the Analytics Data Hub for Finance at the right time.
Another recent Gartner survey found that 72% of CFOs will focus on improving the flexibility of budgeting and forecasting in 2022. It is that budget that Incorta hopes to access.
Enterprise Times: What does this mean
While there is little doubt that Incorta is providing a solution that meets a need. There is an element missing in this announcement. While Incorta is delivering an end-to-end solution, there is no industry verticalization within this Finance Hub. Different industries have different challenges. It will be interesting to see how quickly the company can deliver accelerators for the different industries it targets.