How Digital Transformation Empowers Effective Strategic Planning & Analysis

Written by Trovata Team
August 13, 2021

Your strategic analysis shouldn’t be limited by your legacy TMS reporting and forecasting capabilities. If you are having to download your cash and transaction data, cleanse it, and manually create your desired report, you could be missing out on critical cash insights due to not having real-time visibility into your cash.

Through digitally transforming your cash management operations, you can be empowered to quickly generate automated cash forecasts and reports that provide valuable cash insights that drive accurate, data-driven decisions.


Reporting Challenges with Legacy TMS

“It would typically take me an hour every day just to put together our standard daily cash report for our CFO. Drilldowns for detail were impossible, so any follow up questions he might have would mean another round of manual analysis. Any off-cycle reporting would then be additional hours of pouring over Excel workbooks.”

-Faheem Sorathia, Senior Accountant


Simply put, legacy TMS does not have the robust cash reporting capabilities needed to identify new growth opportunities and scale your business, but don’t just take our word for it. Emerald Expositions, the leading operator of large B2B trade shows in the United States, struggled for years with TMS’s reporting and forecasting limitations, which delayed analysis and generated additional labor intensive reporting cycles. Having to manually create weekly and monthly reports was not scalable, which meant Emerald’s finance team was surviving off of old data and lacked insights into trends that could propel them forward. 

Drilling down into any specific subsidiaries, vendors, or institution-related transactions was not possible without manually scrolling through their bank portals and categorizing those transactions. Anytime senior leadership asked for further detail, another manual report build had to be kicked off, spending many hours creating a report variance. Faheem and his team would spend countless hours scouring data instead of performing strategic analysis that propelled the business forward.


How Emerald Transformed Their Painfully Manual Cash Reporting and Analysis Processes Into One of Delight 

“A key benefit that we get from Trovata is completely off the cuff analysis. Our bank data used to be unreadable and unusable, but with Trovata as a data analysis layer in between, we can instantly analyze vendor or customer relationships, see the last time we made specific payments, and more. Trovata turns our bank data into a rich source of insights.”

-Faheem Sorathia, Senior Accountant at Emerald


Emerald needed a solution that enhanced their ability to:

  1. Break free from prescribed reports by encouraging data exploration
  2. Better Track Transactions with Natural Language Search and AutoTag™ Features
  3. Generate real-time cash reports and forecasts to easily discover new cash insights
  4. Enhance their forecast capabilities with scenario planning capabilities

By partnering with Trovata, Emerald is equipped with a comprehensive suite of automated, real-time cash reporting and analysis functionality that deliver rich bank data across all their bank accounts with no IT overhead.


Break Free from Prescribed Reports and Encourage Data Exploration

Emerald struggled to break free from rigid reporting due to their legacy TMS inflexible data infrastructure. Any custom reporting required significant IT overhead,which took weeks to produce, only to be utilized for a specific use case. Your data studio should deliver exactly the data you want when you need it, and ever uncover hidden values you never sought to see out. With Trovata, Emerald has the ability to instantly generate usable data sets and reports to analyze their subsidiaries, vendors, and customer relationships.


Better Track Transactions with Natural Language Search and AutoTag™ Features

Trovata’s Natural Language Search and AutoTag™features have opened up a level of dynamic and real-time reporting Emerald did not have access to previously. With intuitive natural language search, Emerald’s finance team are served transactions from key vendors, institutions, transaction-types, and more rich drill downs within milliseconds. By saving these transaction lists as tags, Soriathia and his team have categorized their cash flow types into scalable data sets that they have utilized to fully automate their cash reports and forecasts. They are now empowered to easily generate real-time cash reports and forecasts, and utilize those reports in drag-and-drop dashboards to easily share key insights with decision makers.


Generate Real-Time Cash Reports and Forecasts to Easily Discover New Cash Insights

“A key benefit that we get from Trovata is completely off the cuff analysis. Our bank data used to be unreadable and unusable, but with Trovata as a data analysis layer in between, we can instantly analyze vendor or customer relationships, see the last time we made specific payments, and more. Trovata turns our bank data into a rich source of insights.”

-Faheem Sorathia, Senior Accountant at Emerald


Before Trovata, Faheem and his team had to manually consolidate and normalize their transactions and create every report. With Trovata, Emerald are empowered to generate real-time customizable cash reports and forecasts in milliseconds. There is no delay or lag. 

Forget the endless logins and search disparate data sources. With Trovata, Faheem and his team are only one login away from viewing their real-time cash position, reports and forecasts. And with the ability to set up alerts and notifications, Emerald is able to automate the sending of  key reports to key decision makers’ inboxes, empowering them with rich insights that drive immediate and informed decisions. 


Enhance Insights Gained from Cash Forecasts Utilizing Scenario Planning

Geopolitical threats, navigating a changed economy, emerging growth opportunities, and the consideration of entering new market segments all bring unexpected changes in cash flow. Emerald has the ability to create contingency plans that address these unforeseen circumstances and can be implemented quickly when disaster scenarios are presented. Trovata enables Emerald with the flexibility to apply growth rates and variables to their automated forecasts, empowering them to easily and accurately forecast around changing scenarios, business decisions, and potential investments.

Instead of wasting cycles creating single purpose reports based upon outdated data, Emerald is able to forecast and adapt to changing economic environments. This way, they are prepared for any disaster scenarios or growth opportunities that arrive at their door.


Conclusion

By aggregating your bank accounts with a cash management platform, like Emerald, you can feel confident knowing you are making accurate decisions based on real-time cash insights. You can get started with Trovata’s robust cash reporting and forecasting capabilities within hours with zero IT intervention required. But don’t just take our word for it:


“Getting started with Trovata was pretty seamless. We were up and running within a few weeks. The software itself is intuitive and runs smoothly.”

-Faheem Sorathia, Senior Accountant at Emerald


Download the Cash Management Playbook to discover how you can transform your cash reporting and forecasting process from a despairful experience into one of delight with Trovata.

Empower your business

Access real-time cash insights