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How to Use Metrics for Financial Services to Your Advantage

by | Oct 12, 2020



As many companies now rely on digital technology for maintaining their data, it’s important to focus on how you can transcribe the data into meaningful insights and actions to advance your business. 

Key performance indicators, KPIs, are helping financial firms track data that can improve the efficiency of their companies. In addition to evaluating day-to-day performance, KPIs provide valuable insights to show if you are meeting your business goals. 

Here are some examples of how KPIs can benefit you in the long-term:

  • Focus on your fund performance to determine if adjustments can be made
  • Proactively identify any opportunities and challenges to make an investment
  • Assess whether your customers are happy or not

Financial services firms get the most productive results by measuring across multiple dimensions within a unified dashboard that highlights activities, capacities, financial results, and other metrics. So with a single source of truth, firms can continuously adjust and improve to see what works best.

In order to make informed decisions for your company, you need to have a comprehensive understanding of your daily finances. With a modern cloud financial management solution, accessible and uncomplicated financial dashboards can give you the financial and operational data that you need to make timely decisions. No more sifting through error-prone Excel reports, which could take days to find the information you’re looking for.

Another benefit of financial dashboards is that it provides a snapshot of your current financial health across the KPIs you’ve set, so you can pay attention to the areas that need it the most. Dashboards are unique because they have the ability to interact with data by drilling into multiple metrics, which gives you a real-time understanding of how your business performance is staying on track.

Once you are ready to apply key metrics and KPIs to your business, you should create a detailed plan on how you will accomplish the vision of your financial firm. It is imperative that you select the KPIs that apply to the attainment of your core goals. The key here is to keep it simple while aligning to your company’s mission and vision.

If you are interested in learning more about KPIs and metrics, we invite you to attend the KPIs and Metrics for Financial Services Firms forum on October 14 at 2 p.m. eastern/1 p.m. central. Walter Hicks, financial services dashboard and KPI expert at Sage Intacct, will be walking through the ins and outs of financial and operational data to help you better manage the business. RSVP here

For more information about how financial services can benefit your business, contact InCloud360.

The information in this post was retrieved from Sage Intaact’s Ebook “Financial Dashboards and Metrics That Matter for Financial Services.”