Financial forecasting and modelling are crucial parts of any business’s financial plan. And having the right tools makes all the difference. With digital transformation on the rise, traditional tools like Excel are becoming less and less popular. So it comes as no surprise that organisations are ditching their old financial planning software and turning to more advanced solutions like the Microsoft Power Platform.
Never heard of it? Here’s a rundown…
What is the Power Platform?
The Power Platform is a collection of tech tools created by Microsoft including, Power BI, Power Apps, and Power Automate. Basically, it’s a one-stop shop for all your business needs.
With Power BI, you can visualise your financial data in real time and make informed decisions based on those insights. Power Apps lets you automate all your tedious, manual financial processes so you can focus on more important things. And Power Automate streamlines your workflows, saving you time and making your life easier.
So how can this tech combination take your financial forecasting and modelling to the next level? Let’s take a look!
Supercharged financial forecasting with Power BI
Financial models and forecasts can be overwhelming for decision-makers. They aren’t analysts, they just want to see the key data and take action. This is where Power BI really shines!
It transforms financial data into easy-to-understand dashboards and reports. Simple cards, charts, matrices, maps, and more can all be used to simplify even the most complex data.
You can also drill down and drill through the data to gain a deeper understanding. The drill-down feature lets you move from a high-level view to a more detailed one, while the drill-through feature shows details behind specific data. This allows stakeholders and decision-makers to learn more about a model’s assumptions and data sources using these features.
Power BI vs Excel: which is better?
For years, Excel has been the ‘go-to’ financial planning tool. And it does the job. But Power BI is like the supercharged version. It’s designed to make your data more valuable and actionable by connecting it to other data sources within your organisation. It allows you to quickly find insights that you might have missed otherwise.
Power BI vs Excel: 5 key differences
- Power BI can handle millions of rows simultaneously at high speeds, whereas Excel struggles to handle larger data sets. This is a game-changer when it comes to financial forecasting and modelling!
- Excel isn’t the easiest tool for collaboration. How many times have you seen “Report V3 FINAL”? Power BI users are able to share data more easily since it uses Microsoft’s cloud-based services.
- Power BI dashboards are more visually appealing, interactive, and customisable than Excel dashboards.
- Power BI allows users to connect to a wide variety of data sources, while Excel has limited connectivity capabilities. Unlike Excel, Power BI can also be accessed from mobile devices.
- The Power BI Service provides administrators with the ability to control the level of access each user has to the underlying data for reports and dashboards. Even with password protection on workbooks, sheets, and cells, Excel does not have the same level of security.
Power Apps for financial process automation
Power Apps can transform financial forecasting and modelling. It allows you to automate time-consuming tasks, giving your team more time to focus on what really matters. And the best part? You don’t need to be a programmer to do it.
For example, imagine you’re creating a financial model for a new product launch. With Power Apps, you can automate the data input process. Instead of manually inputting data into spreadsheets, you can create an app that pulls the data from different sources and inputs it into your financial model automatically.
Not only does this save time, but it also reduces the risk of errors. By automating the data input process, you can ensure that your financial model is accurate and up-to-date.
Power Automate for streamlining workflows
Power Automate is all about streamlining workflows, and it’s a great tool for financial forecasting and modelling.
For example, imagine you’re working on a financial model and need to review it with your team. With Power Automate, you can set up a workflow that automatically sends the model to your team for review, so you don’t have to do it manually. And if someone makes changes to the model, you can set up notifications, so you’re always up-to-date.
Another great thing about Power Automate is that you can automate repetitive tasks. If you need to run financial reports every month, for example, you can set up a workflow that runs the reports automatically. No more month-end panic!
How to get started with the Microsoft Power Platform
If you’re here, we’re going to assume that you’re tired of using outdated financial planning software and that it’s probably time for an upgrade! The Power Platform has revolutionised this space, taking financial forecasting modelling to the next level.
Although the Power Platform and all of its apps are very user-friendly, it is important to have a proper adoption strategy when making the switch. Without one, you’ll be unlikely to exploit its full potential.
At Bespoke XYZ, we have a straightforward three-stage formula for working with clients that involves adoption planning, enablement, and action. By examining the entire business, we determine the best places to use each platform.
Here’s a look at how our 8-week Pulse Power Platform adoption roadmap works:
Week 1-4: Adoption Planning
We identify key individuals, assess their technical readiness, and conduct detailed workshops in order to fully comprehend the needs and challenges of the organisation.
Week 5-8: Enablement
Complete immersion in Power Platform. You’ll dive right in and learn how to plan, design, and deploy solutions.
Week 9+: Action
We’ll work with you to decide the optimal adoption route based on the Power Platform strategy and the skills you’ve learned during enablement.
Ready to elevate your business with the Power Platform? Drop us a line and let’s get the ball rolling.