Revolutionizing Finance: How the Power Platform is Changing the Game
Power Platform for Finance
With increasing digital connectivity, every industry, including finance, is adapting and transforming its work systems to meet the needs of end users. The financial industry has undergone significant transformations in recent years, driven by the advancements in technology. One of the most ground-breaking innovations is the Power Platform, which has revolutionized the way finance professionals operate. Combining low code development, data integration, automation, and artificial intelligence, the Power Platform is transforming finance by streamlining the processes, enhancing decision-making and enabling faster and more accurate insights.
Power Platform is a set of four major components (Power Apps, Power Automate, Power BI, and Power Virtual Agents) that integrate seamlessly with other Microsoft products such as Outlook 365, Azure service, and Dynamic 365 to manage a wide range of data. In this blog post, we will explore how the Power Platform can transform the way financial firms operate and improve employee satisfaction.
Benefits of Power Platform in Finance:
Streamlining Workflows and Automating Tasks:
Finance professionals often struggle with complex and time-consuming tasks, such as data entry, reconciliation, and reporting. The Power Platform is a game-changer in streamlining these processes, thanks to its low-code development environment. With tools like Power Apps and Power Automate, finance teams can build customized applications and workflows without extensive coding knowledge. This allows them to automate repetitive tasks, such as data entry, document generation, and approval processes, freeing up valuable time for more strategic activities. By streamlining workflows and automating routine tasks, employees can focus on value-added activities, improving their productivity and job satisfaction.
Access to Real-time Insights and Analytics:
In the fast-paced world of finance, making informed decisions quickly is crucial. The Power Platform equips finance professionals with powerful data integration and analysis capabilities. By leveraging tools like Power BI, finance teams can consolidate data from multiple sources, perform real-time analysis, and create interactive dashboards and reports. This empowers decision-makers with actionable insights, enabling them to identify trends, detect anomalies, and make data-driven decisions with confidence. Additionally, the Power Platform's AI capabilities, such as natural language processing and machine learning, further enhance decision-making by automating data analysis and uncovering hidden patterns and correlations.
Effective Collaboration:
Effective collaboration and communication are essential in finance, where teams often work across departments and geographical locations. The Power Platform provides robust collaboration tools through Microsoft Teams integration. Finance professionals can collaborate on documents, share information, and engage in real-time discussions seamlessly. Moreover, the Power Platform's ability to integrate with other business systems, such as customer relationship management (CRM) or enterprise resource planning (ERP) software, facilitates cross-functional collaboration, ensuring data consistency and reducing silos. This enables finance professionals to work collaboratively with stakeholders, such as sales teams or executive management, fostering transparency and alignment in financial decision-making.
Driving Compliance and Risk Management:
Compliance and risk management are critical aspects of the finance industry. The Power Platform offers features that assist in maintaining regulatory compliance and managing risks effectively. With Power Automate, organizations can automate compliance-related workflows, ensuring adherence to regulations and policies. For example, approval processes can be automated, providing an audit trail of decisions and actions taken. Moreover, the Power Platform enables the creation of robust risk management applications, allowing finance professionals to monitor and mitigate risks in real time. By centralizing data and automating risk assessment processes, organizations can proactively identify potential risks, implement appropriate controls, and ensure regulatory compliance.
To wrap up…
The Power Platform offers a wealth of benefits to financial firms, simplifying employee tasks and enhancing their work experience. By streamlining workflows, automating tasks, providing real-time insights, and facilitating effective collaboration, the Power Platform empowers financial professionals to deliver value to customers, make informed decisions, and drive operational efficiency. Through its low-code development environment and integration capabilities, the platform offers employees the tools they need to simplify their work processes and create customized solutions. As financial firms navigate the challenges of the industry, the Power Platform emerges as an asset that improves employee satisfaction and drives success in a rapidly changing landscape.
What did we offer our customer?
Our customer is a speciality financial services organization that offers finance for growth and development to firms in the life sciences and healthcare services industries worldwide. They are required to automate the financial data process using Power Automate, and the procedures taken by Sensiple utilizing Power Automate are as follows.
- Listing the email and storing the document in SharePoint.
- Extracting and validating the Excel Data.
- Extracting the PDF document using AI builder.
- Validating the Stucky document for generating the report.
- Updating the verified data into their Excel tracker.
- Combining the PDF.
- Sending email for approval.
What do we offer at Sensiple?
We play a vital role in assisting organizations by using the Power Platform and offering end-to-end services ranging from initial requirement gathering to development.
- We collaborate with the organization to understand their needs, processes, and issues in their day-to-day operations.
- We design and construct a solution based on the requirements using the Power Platform and its components (Power Apps - develops bespoke apps, etc.). Power Automate - streamlines the workflow. Power BI (creates interactive dashboards and reports) and Power Virtual Agents (creates chatbots)
- We also verify that the power platform is installed safely and under the organization's policies.
- Ongoing support to the customers to address any issues or questions.
The Power Platform in Action
To see Power Platform’s performance in action, look no further than Sensiple. In conclusion, organizations should embrace the Power Platform as a transformative solution that revolutionizes their operations and drives digital transformation. From streamlining processes and enhancing data analysis to enabling seamless integration and empowering innovation, the Power Platform empowers organizations to work smarter, faster, and more efficiently. As an organization, we are committed to providing comprehensive support and expertise in implementing and leveraging the Power Platform. We can help others harness the platform's capabilities, optimize their operations, make data-driven decisions, and drive their digital excellence for long-term success. Contact our experts today to know more about our Power Platform implementation and benefits.
About the Author
Agilandeswari Shekar, is a highly skilled Delivery Project Manager at Sensiple, bringing over 10 years of experience in Analytics and Data Transformation. With expertise in visualization tools such as PowerBI and Tableau, Agilandeswari assists our customers in translating their complex data into actionable insights for informed decision-making.
