Finance controls and automation software BlackLine will provide CFOs, controllers and accountants the real-time data they need to benchmark, analyse and improve the efficiency and performance of their processes, with the release of cloud analytics solution BlackLine Insights.
With the new solution, BlackLine is pulling together live, aggregated and anonymised cloud data collected from its customers, and making the results available in real-time.
“Many CFOs lack visibility into much of the information they need to assess and improve the performance of the Finance function and its impact on overall business performance,” said BlackLine CEO and founder, Therese Tucker.
“Very simply, if an organisation wants its business to grow or improve, it must benchmark against measured KPIs. Insights gives CFOs the actionable intelligence they need in order to make informed decisions about resources, spend and process improvement. Unlike survey-based benchmarking, BlackLine Insights provides the full picture with dynamic intelligence that is based on specific actions performed every month by BlackLine users.”
The initial release measures core accounting activities related to the financial close, enabling finance users to measure areas such as the average number of assignments per user, average assignment rejection rate, and average number of days to complete a selected assignment. BlackLine plans to expand the number of benchmarks in the future.
The release of BlackLine Insights is part of an update to the BlackLine platform, which has also introduced a mobile dashboarding and workflow solution to allow users to review and approve reconciliations on mobile devices, and settlement functionality on BlackLine’s Intracompany Hub, an enterprise-class clearinghouse for intracompany transactions.
“We are very excited about the new functionality provided in this latest BlackLine release as it continues to deliver on our goal of providing customers with unprecedented control, visibility and efficiency across the entire organisation,” said Tucker.