Cloud-based planning systems—especially those that leverage data across operations in one system—have changed the game when it comes to data and analytics.
“Consolidating HR, finance, and payroll into one system of truth allows companies to capture both the content and context of everyday business events to deliver financial, operational, and management reporting from the same set of data in real time,” said Bloom. “This significantly improves the quality of data and reporting and gives them better insights into their business for planning.”
It also provides a great advantage when it comes to planning and executing growth strategies. People are often a company’s biggest cost, and having real-time metrics such as headcount, costs, revenue, and cash flow can help a company better understand performance, identify issues, and adjust and change when it matters.
This was important to AAA Northern California, Nevada & Utah (NCNU), which has become one of the largest geographic region auto clubs in the U.S. after merging with two other clubs in the last several years. “People are 50 percent of our organization’s spend, so having a unified approach to planning that encompasses both traditional finance as well as the workforce implications is important to us,” says Dustin Cramer, vice president of financial planning and analysis at AAA NCNU. “We now have both financial and workforce data in one system, and it’s live. We’ve moved away from the spreadsheet world, and with all the data in one system, we can see things more clearly. For example, if we push data into our recruiting module, HR can start feeding back on how realistic these planning goals are.”
Read part three of this blog series, which covers how to attract and retain the best talent to help your midsize company grow.