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Financial data is any information that pertains to the financial health of an organization. It includes information on assets, liabilities, equity, income, and cash flow. Data sources that are conventional include financial reports statements of earnings, statements of financials and SEC filings.

In order to maintain a competitive edge and make important decisions, modern business organizations require accurate and timely information and data. The promise of insight derived from big data and recent technological advancements have made analytics more valuable than ever. Financial data analytics is the process of analyzing financial data and interpreting it to uncover valuable insights.

Data analysis requires tools that are specialized to detect patterns and trends in a company’s performance. It could also involve analyzing the past performance to predict the future outcome and giving recommendations for how to improve performance.

Data analysis can be a time-consuming process. It involves a number of steps, such as collecting data from various sources, cleaning the data and getting it ready for analysis, calculating the figures and the comparison, and then making sense of the results. A financial analytics tool designed specifically for this purpose can reduce this burden by automating tasks and cutting down on manual labor.

In addition to automating repetitive tasks, financial data analytics tools can provide valuable insights that can enhance a company’s value. For instance, they could detect patterns of over-ordering inventory or a breakdown in manufacturing workflows which reduces waste and helps to save resources. This information can be used to design forecasts and budgets that aid companies in reaching their financial goals. They can also be used to determine the risk areas and reduce the risk.