Automating Financial Analytics
Reallocate your time to what matters, overcome manual data aggregation, and eliminate error by using KNIME in FP&A, Controlling, Treasury, Tax, Audit, and Compliance.
Too Busy to Improve, Too Critical to Fail
Finance and Business Analysts are expected to provide data-based insights and guidance for where the company is heading. Unfortunately, they often don't have the time for analyzing and making sense of the data. Instead, they are busy getting data in shape that are fragmented, inconsistent, and from many sources.
As "Score Keepers", there's no room for error – it’s about the company’s value and compliance – which puts a lot of manual work for revising the numbers on top of the manual work already invested in patching them together. Transparency, auditability, and quality control of results are base requirements.
Day5 Analytics runs through how to automate financial reporting in KNIME's visual, no-code workspace.
Gain insight into how Tata Steel Europe started with KNIME and used it to support data analysis in audit departments.
Learn how the Internal Audit Function at ING is using KNIME Analytics Platform and KNIME Server for data analytics - highlighted in the process mining use case.
Data Aggregation and Automation with KNIME
KNIME provides solutions for FP&A teams to repeatedly aggregate data for reports, insights, and audit. The extremely flexible, no-code, visual workflows allow safe access to the right level of complexity.
Finance Analysts get a no-code software that automates their repetitive financial analytics tasks and makes data more reliable and more insightful – much more quickly.
Finance Managers see their teams becoming significantly more productive, motivated, and enabled to generate reports faster and get deeper insights and better forecasts.
Shared services such as Centers of Excellence, IT, and Business Consultants are able to provide packaged data solutions that Finance Teams can use without further technical or expert support.
Examples of using KNIME for Financial Analytics
How Finance Built their own Reporting and Dashboarding Suite
Bringing KNIME, PowerBI, and Microsoft Teams together for automated financial reporting and saving thousands in commercial licenses per year.
Finance Process Centralization
Automating financial cost accruals based on multiple business rules and saving 5 weeks per year.
Get Started with Ready-to-Use Solution Blueprints
These solution blueprints can be used not only as starting points for financial analytics projects, but also to get an idea about KNIME's capabilities.
More complex blueprints are available for advancing from data aggregation and preparation to cash flow prediction, fraud detection, and automated credit approvals. All of workflows and components can be customized without limitation and used freely within KNIME Analytics Platform.View Blueprints
Enhance your Existing Software Environment with KNIME
Excel, SAP, and Other Data Sources
Visual, replicable data workflows replace macros and manual copying and pasting. Access and combine any kind of data source. Automate data cleansing and reporting.
BI Tools (Power BI, Tableau, …)
Get data in shape with KNIME and use it directly in your BI tool of choice, without leaving your workflow thanks to the native (and free) integrations. No license needed for free data preparation.
Visual Workflow Data Analytics Platform
Evaluate replacing your current visual data workbench with KNIME to get powerful data wrangling functionality, no limits in users and data rows, and access to advanced text mining and ML.
The Transformation of Financial Analytics
The journey of maturing financial analytics is different for every organization and usually starts where the pain is biggest ... Excel spreadsheets. But there shouldn't be any limits in where you go by the choice of tools. With KNIME, data analysis will grow limitlessly with the task at hand: unlimited automation, data, and data sources, connection to any third party system, full flexibility in execution, plus the solutions and techniques to solve even the most advanced challenges in financial planning, forecasting, and strategy.
KNIME for Financial Analytics
No more manual copy ... paste ... check ...
Data gathering from any data source
Data cleansing with manual interference and overwriting where required
Automated completion of custom reports, tax statements, payables, …
Exactly the same data prep can be used together with BI tools
Compliance Friendly – Visual workflows
“We are building our plans based on the correct data, right?”
Based on visual workflows: every step is transparent and self-documenting
Never lose the transactional level of detail: keep the overview and drill down when needed
Predictable and repeatable: workflow be used to prove compliant handling of data
Easy to teach new users, easy to use with externals
Future Friendly and Open
Prepared for every stage
Unlimited users, unlimited rows, unlimited functionality
Free blueprints and custom solutions - from data handling to advanced methods
One platform to collaborate with coders, finance experts, and the organization
No limitation to scaling
IT-Friendly and Enterprise Grade
The software that complements your IT setup
One concept, integrated complementary packages
Runs on Linux, macOS, and Windows
IT can approve and distribute packaged functionality but isn't needed for the day to day work
Flexibly adapt to enterprise IT needs