Triggers can be created to email or otherwise notify users of a specific threshold being met

Description

Trigger notifications in financial reporting software are designed to automatically alert users via email or other means when a specific threshold or key performance indicator (KPI) is met. This can be a specific range of values, a target value, or a proximity to a target value.

Example Use Case

Scenario: A global pharmaceutical firm uses a rolling forecast in their forecasting tool to continually monitor performance of their most important KPIs. In particular, they monitor gross margin very closely for a specific product and channel.

Solution: With the trigger notifications functionality, the system automatically sends an email notice to the finance team when the gross margin KPI shows a deviation of .5% from plan for that product / channel combination. This email allows the user to quickly login and investigate the issue.

Considerations

Notifications can come in different forms - email, text messages, push notifications via an app. Make sure the notification fits your needs.

Some systems can only provide notifications when something occurs in a report, and only once a month. If you require more up to date notifications that usually requires frequent source system imports. Confirm with the vendor that they can support that.

Questions to Ask a Vendor

• Reliability and Timeliness: How does your system ensure the delivery of timely and reliable trigger notifications? Does it support real-time alerts?
• Granularity on Thresholds: How detailed can we get with the thresholds? Can we get down to a very specific data intersection / KPI combination?
• Notification Rules: Can notifications be setup for user groups, configured to go to a certain user based on a rule, or any other type of specificity?