Businesses increasingly expect finance departments to provide insights that help grow the company and increase the bottom line. But it’s hard to find time for data analytics and reporting in addition to everyday activities and operational responsibilities. In fact, PWC reported that at top tier companies, finance teams only allocate 24 percent of their time to insight-generating activities. The demand for faster financial reporting from stakeholders only adds to the challenge.
As the demand for insight rises, teams will need to make operational finance work more efficient by using flexible, scalable tools like cloud-based ETL. At the same time, they can make data more analytics-ready.
But the path to getting those insights is not always easy. Even in high performing companies, financial analysts spend 40 percent of their time gathering data, not analyzing it. This time-intensive approach slows down business-critical activities like monthly close and forecasting.
Creating faster financial reporting inside the cloud
To speed up revenue reporting, businesses need data joined into a single format. A cloud data warehouse paired with a cloud-native ETL solution is an attractive option. Consider Duo Security, a user-centric zero-trust security platform. In good news, Duo experienced rapid growth in business and revenue. But the finance team needed to consolidate financial data more quickly and effectively to keep up.
After careful consideration, Duo ultimately decided to move its financial reporting infrastructure into their cloud data warehouse, Snowflake. The company chose Matillion ETL for Snowflake to transform their data for better reporting and analysis.
Learn more about why Duo chose Snowflake and Matillion:
Better processes made possible by data transformation
With Matillion ETL, Duo Security created a single data model that was easily replicable. This model enabled the team to build a number of data transformation jobs to handle different data sources for different business channels. What’s more, transforming data in the cloud provided the finance team with reports based on clean data from a single platform that all of their analysts could use.
In the end, Duo Security replaced a massive manual process and automated its ARR calculation. The finance team cut its financial closure process from 5-6 days to mere minutes. And the team now delivers faster financial reporting, with daily ARR forecasts to the entire company instead of monthly reports.
Calculating SaaS financials is just one way that Duo Security benefits from Snowflake and Matillion. With the ability to quickly access data and create new testing models on the fly, Duo can now focus on solving business challenges and finding opportunities for growth using data insights.
To learn more, read the full Duo story here<