Written by Heather L. Cole, March 31st 2023
Business Analytics professionals in finance are often tasked with managing a plethora of responsibilities that require a lot of time and expertise. They are responsible for gathering, analyzing, and interpreting financial data that informs decision-making across an organization. Moreover, they must keep up with the latest technological advancements in the field, such as IBM Planning Analytics software, to ensure that their analyses are both accurate and efficient. On top of all that, these professionals face numerous challenges that impede their ability to achieve their goals, including a lack of time, understanding the ever-changing business landscape, and dealing with imposter syndrome. This article outlines how business analytics professionals can overcome these challenges and implement new financial planning and budgeting software like IBM Planning Analytics, along with the benefits of doing so.
Lack of Time
When was the last time you said, “Wow, I have nothing to do?” As a financial and analytic professional, I am guessing you have never said that. One of the biggest challenges that business analytics professionals face is a lack of time. They have to juggle multiple responsibilities including preparing financial reports, forecasting budgets, analyzing data, and presenting findings to stakeholders. Often they must work under tight deadlines, which further compounds the time crunch. To overcome this challenge, business analytics professionals should prioritize their tasks, delegate responsibilities where possible, and automate repetitive tasks. Moreover, they should identify areas where they can improve their efficiency. We shared some ideas on this in our blog, Find More Time for Analytics Projects. But one of the biggest time savers I have discovered is learning when to just say NO and doing it more often. Focus on the needle moving tasks.
Tools for More Time
One area that can use improvement for many is making sure you have the right tools for the job. I am amazed how many mid-market companies still use Excel for their budgeting planning when there is power like IBM Planning Analytics. I compare using Excel for budgeting and planning to mowing your ½ acre yard with a weed whacker. You can do it, but should you? To learn more about Excel see Mike Bernaiche and I’s video, Have You Outgrown Excel for Budgeting and Planning?
Imposter Syndrome
Another significant challenge that business analytics professionals face is imposter syndrome. Imposter Syndrome is that little voice in your head that says, “Who do you think you are? They will discover you don’t know what you are talking about…” According to Psychology Today, “Those with imposter syndrome are often well accomplished; they may hold a high office or have numerous academic degrees.”
Imposter Syndrome can be particularly challenging in finance, where the stakes are high, and there is little room for error. To overcome imposter syndrome, professionals should focus on their strengths and accomplishments, seek feedback from trusted colleagues, and continue to develop their skills and knowledge through training and education. I have discovered that little voice in my head doesn’t show up when I am watching Netflix, but it does show up when I am growing, learning, challenging myself and stepping out of my comfort zone. So next time that little voice says, “What do you think you know about AI, and Analytics?” Know amazing growth is about to happen. And remember you are part of a team and your contributions are valuable.
Implementing Financial Planning and Budgeting Software
We mention having the right tools can be a huge time saver and help you lead the company to achieve strategic goals. But implementing new financial planning and budgeting software like IBM Planning Analytics can be daunting, especially for those who are not familiar with the technology. It is common knowledge that there are numerous benefits of having advanced technology. But often clients doubt their own organizations to be successful. This is where having the right partner like Lodestar Solutions, that has walked in your shoes and has implemented IBM Planning Analytics at hundreds of organizations, can help you achieve success. IBM Planning Analytics can help streamline your financial planning and budgeting processes, reduce errors, and provide real-time insights into financial performance. Moreover, it can help businesses make better-informed decisions based on accurate and timely data that results in achieving organizational goals.
To implement financial planning and budgeting software successfully, business analytics professionals should start by identifying their organization's specific needs and goals. They should then research available options, taking into account factors such as ease of use, integration with existing systems, and cost. Once they have selected a software solution, they should work with stakeholders to develop a plan for implementation, including training and support for end-users.
Conclusion
Business analytics professionals in finance face numerous challenges, including a lack of time and imposter syndrome. However, by prioritizing tasks, delegating responsibilities, automating repetitive tasks, focusing on strengths and accomplishments, seeking feedback, and continuing to develop their skills, they can overcome these challenges. Additionally, by implementing new financial planning and budgeting software like IBM Planning Analytics, they can streamline their processes, reduce errors, and provide real-time insights into financial performance, enabling their organizations to make better-informed decisions.
Are you ready to learn more about Leveling up your skills and achieving Analytic Success in the office of Finance? Contact us at services@lodestarsolutions.com to schedule your complimentary roadmap discussion.