Blogs

ways to optimize your ERP reporting

How to Optimize Your ERP Reporting?

ways to optimize your ERP reporting

According to a recent study, nearly 81% of companies surveyed reported that they had either introduced the use of ERP software or were in the process of implementing it. So, what makes ERP reporting important? By leveraging ERP data analysis, businesses can create strategic plans, forecast future trends, and develop advanced strategies. To truly maximize these benefits, it’s essential to optimize your ERP reporting for more accurate insights and decision-making.

 

A depth of data indicates that financial reporting generates as much clarification as it creates confusion:

 

97% of CFO’s have uncertainty regarding the quality of reporting.

 

  • 40% of CFO’s are concerned that information is reliable and precise.
  • 87% of accountants function overtime to complete the financial closing.
  • 86% of finance teams say that their analytics are not informative.

The only downside is that companies cannot be successful if they don’t have reliable, accurate, and detailed ERP reporting, which can lead to them making risky choices without even acknowledging it. The plus side is that optimizing ERP reporting is not a difficult task in comparison to the usual reporting process.

 

Listed below are the 5 ways businesses can optimize their ERP Reporting to make it quick and easy:

Self-Service Reporting

Users often need to submit a request to IT before getting access to a report and wait in a queue until they can access it. Users must depend on technical experts because working with the underlying data is hard. For users who are not IT experts, self-service ERP reporting is intended to be user-friendly. This kind of reporting is less about the careful organization of data and more about being cost-effective and a time saver.

 

For instance, IKEA, one of the biggest retail company has enabled self-service ERP reporting after the implementation of Jet Reports and witnessed instant results. A report that may have taken hours for a warehouse manager can now be done within seconds. Time is saved by enabling self-sufficient ERP reporting.

Automated Processes

A large-scale data organization effort is required to report on finance and operations throughout different departments. The workload includes tracking information from different sources, transferring it from one document to another, and putting time and effort to arrange it all in one clear performance portrait. Advanced automated processes speed up this effort by automatically placing data from ERP systems and other networks, then placing it for immediate analysis into pre-built ERP report templates.

 

Amref Health Africa, a major NGO in Africa, was having difficulty handling data manually before adding Jet Reports to its reporting toolbox. Now the organization spends less time on handling information and reporting.

Flexibility

Reporting is a regular duty that changes with time. Depending on the same reports adds up to poor performance management, but it takes extra time and feedback from IT experts to produce customized reports. ERP reporting stops being a hassle when it is simple to track various metrics, rewrite reporting data, receive deep insight from reports into transferable data, and access real-time updates on request.

 

Using an ERP reporting tool, companies can keep track of their data in real-time. Fawaz Holding seized the benefit of customized reports when it introduced Jet Reports to operate side by side with its Microsoft Dynamics 365 Business Central ERP. By building flexibility into the processes, ERP reporting becomes easier.

Business Continuation

Accurate ERP reporting is vital after the global pandemic. Decision-makers instantly require quality, updated data, but it can also be made inaccessible by the same situation that makes it essential. ERP reporting should function at any time, providing the same robust functionality even though users are operating from elsewhere.

 

Similarly, Enova Facilities Management started to save time on ERP reporting using Jet Reports. When COVID-19 struck, the business utilized those time saved. The challenge didn’t sway the method of reporting, instead, it provided leaders greater insight into the situation.

Higher Standards

ERP reporting can be difficult when the processes are not automated. It leads to a lot of time and effort spent on manually documenting reports and generating analysis. Many ERP reporting systems allow the users data security. It is important to set high standards for data reporting, so businesses need to implement robust ERP systems to automate processes and receive greater insight into the workings of all departments.

 

Air Trade Centre, a Turkish electronics firm felt it needed quicker ERP reporting and relied on Jet Analytics as the solution. After that, reporting then demanded 60% less feedback overall, which reduced the time it took IT on reporting.

In Conclusion

Learn How to Optimize Your ERP Reporting as accurate reporting is a result of quality data, which is precisely the reason the process takes time. Data is an unruly commodity that takes an extra effort to control, protect, and manipulate. As the data volume grows, ERP reporting will fall behind and cause companies to delay acting. That is why it is important to search for strategies that make data as quickly available as possible by automation.

 

So, if you face any challenges in reporting, our experienced consultants can provide you with solutions to help you optimize your ERP reporting and make your business grow. Schedule a call to discuss your requirements. Contact us now.

Get a Free JET Demo Now!

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Want to try Jet Analytics?

Get Free License for 30 Days
Jet Analytics Hero Section

Subscribe to Our Newsletter

How to Optimize Your ERP Reporting? Read More »

Risks to Your BI Implementation

Why BI Implementation Can Be Risky?

Risks to Your BI Implementation

Gartner recently published a study on all the stuff that can go wrong with your BI implementation. We have classified them into 8 different risks to your BI implementation based on our team’s insights here at Global Data 365. These risks can easily be overcome, but they are very likely to infiltrate your business plans. 

 

An analyst in Gartner’s report takes great pains to stress that there is far more risk associated with non-technology problems than there is with implementing infrastructure, resources, and applications. Listed below are the 8 different risks of BI Implementation; so you can recognize them and avoid potential problems in the future. 

-Building a Project with BI Implementation

Starting a business intelligence project with this mentality means that the program is funded by IT and is usually led from a technological or data-centric viewpoint. The issue is that BI Implementation is being driven by IT rather than the company. Unless IT has a strategic plan or a consumer case of their own to include here, they aren’t interested in the final consumption of the BI deliverable and can only play a minor part in the development. 

 

The solution is to ensure that the project team includes a marking scheme from the business side of the house from the start of the planning phase through infrastructure upgrades. 

- Excel Culture

The second potential risks can be Excel. With Excel, you collect data from an internal structure, load it into Excel, and manipulate the figures. Every single person who participates in this would have a different point of view for the BI Implementation. Different methods of converting numbers into metrics will be used. They may also have opposing goals. You’ll get different results from each, and your data will be totally inaccurate. To us, that just means one thing: risk. The company is at risk. It’s the danger that comes with making costly decisions based on inaccurate knowledge. 

 

The solution is to build a data warehouse. This will be the location where everyone has settled on the data that will be used to handle the company, as well as how that data will be combined with the methods that will be used to measure items like total revenue and net income. 

- Issues in Data Quality

Everyone deals with issues in data quality. The problems that trigger it are various, and their effect on business intelligence is important. This is because people would not use BI software based on data that is meaningless, incomplete, or suspicious. 

 

Establishing a process or collection of automated controls to detect bad data and prevent it from entering the data warehouse or BI environment is the solution. Surprisingly, a BI implementation can solve this problem all by itself. It’s because having data quality problems in a dashboard will draw attention to them. That should give you a good idea of how to track them down. Learn how to plan your data for business intelligence.

- Diverse Options

You’ll be confused if you search “BI solutions”, attend a related tradeshow, or read quite a lot of BI reports. There are several options available. But how do you know which approach to business intelligence or that the BI implementation is right for you? 

 

The solution is to avoid putting the cart before the horse. First, assess the requirements. Evaluate them from a market and a technological standpoint, and then use the results of that exercise to guide the quest for approaches and solution providers. 

- Using Existing IT Provider

BI is unlike any other project. Since you’re working with human beings and their methods, as well as the changing conditions of the business world, there’s a little luck involved. We are convinced that a business that specializes in BI projects will not be able to help you succeed. Seeking a business that specializes in BI environments is the safest approach. For this, you’ll need a professional. 

 

If you’ve decided that they have the technological experience and track record to make you happy, if you want to be good, don’t be afraid to evaluate them on fit, desire, and dedication. Those are the things that are more difficult to determine, but BI implementations usually last a long time, so it won’t cause you any problem.  

- Time in BI Implementation

The other threat is about the time it takes in your BI implementation. A BI project can be placed into a low-cost maintenance state, but your company will never stop evolving, and because BI is built to model your business, it must also change. 

 

Having demands is one way to avoid this from being a concern. You should anticipate that the BI success would be a moving target over time. Let everyone know how things will pan out. Prepare for it by scheduling deliverables and budgeting for it. 

- Insufficient Training

Many companies spend all their BI budgets on software applications and a few weeks of user training. Today’s BI systems, on the other hand, are dynamic constructs that need much more training for users to derive true value from them. Besides, continuous training is needed to ensure that users are familiar with and comfortable with the system. 

 

Furthermore, companies should ensure that the software they install contains online training videos that help users become more comfortable with the current BI framework or the companies should opt for online training of the BI Software they use. 

- Data Collection from BI software

Some businesses gather useful data from their business intelligence tools but don’t distribute, evaluate, or act on it. When deciding what to do with BI implementation, it’s important to think outside the box. Companies may avoid risk and make educated decisions to move their industry forward by using the knowledge collected and adapting it to their own business models. 

Companies can use BI software on different data points, analyze risks, and predict trends. To improve the reporting capabilities of their BI software, companies should be able to identify risks and predict trends. 

Having a Strategy

Not having a BI strategy can be one of the biggest threat to your BI implementation. BI strategy can change the way you collect, analyze, and deliver data. As everyone works on the same KPIs to drive action and optimize processes, there is no chance of manual error. 

 

Global Data 365 It helps you with its experienced team who considers all the potential risks and avoids them during your BI implementation. To discuss your requirement, speak to one of our BI experts. 

Connect with Our BI Experts!

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Interact Live with Dashboards

Increase efficiency and deliver success now with Microsoft Power BI. Enjoy a 20% discount on all Power BI services.

dashboards

Subscribe to Our Newsletter

Why BI Implementation Can Be Risky? Read More »

Limitations of Power BI

Limitations of Power BI – Are They Risky?

Limitations of Power BI

If your business is considering implementing Microsoft’s Power BI analytics framework, you must understand the level of complexity and limitations of Power BI involved in successful integration. Power BI is a many-month software project based on a complex mix of technological elements, not just a device you install and customize. To get it right, you’ll need a lot of preparation and the highest level of management skills. So, what is Power BI and what are some limitations of Power BI?

Power BI

Microsoft’s Power BI is a cloud-based business intelligence service package. It uses insightful visualizations and tables to transform raw data into usable information. Data can be processed and used to make strategic business decisions in a short amount of time. Power BI is a set of business intelligence and data visualization tools that includes software services, applications, and data connectors. Power BI is a user-friendly tool with versatile drag-and-drop design and self-service capabilities. Power BI can be used on both on-premises and cloud systems.

So, what are the limitations of Power BI that you can avoid?

What is Jet Reports?

Jet Reports, on the other hand, is a dynamic business intelligence tool that goes beyond conventional financial reporting. With its user-friendly interface and Jet Dashboard Designer, organizations can leverage its capabilities for comprehensive financial reporting and analysis. Jet Reports is known for its adaptability and ease of use, making it an asset for businesses aiming to enhance their reporting processes. 

We are going to give you three scenarios where a user should consider switching to Jet Reports or Jet Analytics: 

Complexity Involved with Power BI

Most of us have become used to applications that can be downloaded in minutes or even hours in the case of more advanced systems. That’s a fairly straightforward scenario. At the other side of the curve are items that entail some configuration and are designed and implemented by a team of specialized experts to overcome the limitations of Power BI. A full Power BI implementation must solve a slew of design issues. The answers to those questions will affect efficiency, productivity, and adaptability in the long run. Some of the major differences between a Power BI cloud deployment and an on-premise deployment. For instance:

 

– What features should you run, where should they run, and how will they all interact?

 

– What level (or levels) of security do you incorporate?

 

– Will you be using SQL Server Analysis Services to model your results, or will you use the Power BI desktop tool?

 

– Should you use Power BI’s Direct Query function or import data?

 

– Will a gateway component be needed, and if so, where will it be installed?

 

All these are technical questions, but the solutions have long-term consequences, and it’s always difficult to adjust later. This level of complexity necessitates upkeep, which entails additional costs and disruption.

Power BI: Toolset not a Complete Solution

There are no reports included with Power BI out of the box. In fact, Power BI reporting necessitates a substantial upfront expenditure, not just in terms of constructing the technological infrastructure, but also in terms of deciding how you access the data, how and when data must be converted or pre-processed, where you archive them, and so on. After you have answered those design considerations and limitations of Power BI, you will need to put in a lot of time to set up the data access and data flow.

 

Data access is becoming more complex in this age of cloud computing. This is particularly true of Microsoft Dynamics 365 products, which no longer require unlimited reporting access. Microsoft has suggested some possible workarounds, but all of them require major compromises. Microsoft has introduced an indirect layer of “data entities” in Microsoft Dynamics 365 Finance & Supply Chain Management (D365 F&SCM), for instance, that developers can use to obtain entry to ERP data. Personalizing Power BI can be very costly. Since every company is different and has its own set of requirements, customization is unavoidable. Recurring costs arise from the ongoing maintenance of such customizations.

Power BI as a Dashboard Visualization Tool

Power BI was developed to be used as a dashboard visualization tool. It does an adequate job of producing conventional tabular reports, lists of individual records with several columns and subtotals, and it does a great job of providing an insightful visual analysis of what is happening in the market. Traditional banking statements are not generated by Power BI because they are somewhat different from other forms of reports. Some more limitations of Power BI such as Filtering, masking, or grouping GL sums by account column, for example, is commonly required when creating a P&L statement. This is often done in different ways for each row in the report.

 

Columns in the report may be sorted by organizational agency or division, or they can be used to reflect various time spans, budget vs. real, or variance amounts or percentages. Since Limitations of Power BI has a little method of controlling such distinctions, having it generate a comparatively straightforward P&L is a very costly custom programming activity.

Power BI without the Limitations

Global Data 365 offers self-service, user-friendly analytics and reporting tools, as well as collaboration with Power BI and Excel. With the help of Jet Analytics, we hold the guesswork out of Power BI by automating the process of developing a data warehouse with pre-built connectors for over 140 different ERP systems, allowing business leaders and analysts to have the data they demand, when they need it, without any need for specific commands or the complexity and limitations of Power BI stack.

 

Need to overcome the limitations of Power BI, opt for our Power BI Training program today.

Register Now and Get 25% on Power BI Training!

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Want to try Power BI?

Get a Free Consultation Today!
power bi customized dashboard

Subscribe to Our Newsletter

Limitations of Power BI – Are They Risky? Read More »

Why Is Good Data Management Essential For Data Analytics

Why Is Good Data Management Essential For Data Analytics?

Why Is Good Data Management Essential For Data Analytics

Today, Businesses have more data at their disposal than ever before. Over time, businesses that can efficiently use data as a strategic advantage can eventually achieve a competitive edge and outperform their rivals. Business administrators, on the other hand, must add order to the chaotic world of various data sources and data models to do this. Data management is the general term for this method. Data management is becoming an essential component in successful business management as the amount of available data grows.

On the other hand, a lack of effective data protection can lead to incompatible or unreliable data sources, as well as data quality issues. These challenges can hinder an organization’s ability to derive value from data-driven insights, recognize patterns, and spot problems before they become major issues. Worse, bad data management can lead to managers making decisions based on incorrect assumptions.

Availability of Data

The emergence of systems, such as ERP, CRM, e-commerce, or specialized industry-specific applications, is causing such problems. When you add web analytics, digital marketing automation, and social media to the mix, the data volume skyrockets. When you add in external data from vendors and service providers, it becomes unmanageable.

 

Many businesses understand the importance of using externally sourced third-party data to supplement and extend the context of knowledge they already have. However, it’s difficult to imagine taking that step without first having a grasp on the organization’s current data. Bringing all of this uncertainty under control is a key first step in implementing a strategic data analytics program. That is a two-step method from a high-level perspective. To begin, you must collect all of the data and store it in a centralized location. This includes filtering, transforming, and harmonizing data so that it blends to form a coherent whole.

Secondly, the data must be available to users around the enterprise so that you can put it to good use and add value to the company. In other words, you must implement processes that allow users within the organization to access the information easily, efficiently, and with enough versatility that they can evaluate and innovate without extensive IT training. To ensure efficiency, you must identify and implement these two aspects of data management individually. Flexibility and usability result from a pre-built data management process and interface; the quicker you assemble and clean up the data, the easier the data will start producing value for the business.

Multiple Systems

When a company runs several processes, data processing becomes a problem. As previously stated, this may include ERP, CRM, e-commerce, or any other software framework. It’s also usual for many companies to use several systems to accomplish the same job. Different ERPs may be used by different divisions or corporate agencies operating under the same corporate name. This is especially true when it comes to mergers and acquisitions.

 

Many businesses would like to perform reports against historical data stored in a defunct database. Since migrating accurate transactional data to a new ERP system is not always feasible, many companies use a workaround or simply go without, leaving important legacy data out of their existing reporting systems. Multiple data models are invariably present when multiple software systems are involved. A clear report detailing all of the company’s customers becomes a little more complex. If one ERP system has different tables for clients and vendors, while the other merges them into a single table (using a single field to classify them as customers, vendors, or both). Before loading data into a centralized repository with a uniform approach of the customer, you’ll need to extract and transform data from those two ERP systems. The process must include a type of translation in which data structures and semantic models are aligned.

Extracting, Transforming, and Loading Data

The term “ETL” refers to the method of processing, converting, and loading data into a central repository. ETL is one of the most important aspects of a data warehouse, and it’s necessary for businesses who want to provide dependable, scalable, and reliable reporting. A data warehouse that embraces a complete view of data from across the enterprise, irrespective of which system it came from, is the end product of a very well ETL process.

 

This procedure often connects records that are spread through different systems. It is normal, for example, to designate master records with unique identifiers that aren’t always consistent across two or more systems. The central repository must link those two documents and classify them as the same individual to create reports that provide a full image of that customer.

Diverse Options

You’ll be confused if you search “BI solutions”, attend a related tradeshow, or read quite a lot of BI reports. There are several options available. But how do you know which approach to business intelligence is right for you?

The solution is to avoid putting the cart before the horse. First, assess the requirements. Evaluate them from a market and a technological standpoint, and then use the results of that exercise to guide the quest for approaches and solution providers.

Self-Service Reporting and Data Visualization

The second important aspect of good data management is to make information readily available to users across the enterprise. Provide them with resources that allow them to innovate and add value to the company. In fact, data visualization tools are becoming a strong tool for informing, aligning, and encouraging leaders across entire organizations. Data visualization tools are now simpler to deploy, maintain, and use than ever before.

 

Until recently, installing and maintaining a data warehouse facilitated a significant investment in highly specialized technical services. A reliable computing infrastructure capable of handling the necessary workloads. Legacy tools necessitated a thorough understanding of the source data as well as meticulous preparation ahead of time to decide how to use the resulting data. Modern data visualization tools are extremely efficient and adaptable, requiring far less advanced IT knowledge. Many of the tasks associated with designing dashboards, graphs, and other visualizations can now be performed by frontline users who communicate with the data daily.

Good Data Management with Jet Analytics

Both aspects of the data management process as described here, are provided by Jet Analytics from Global Data 365. For starters, it offers a robust framework for constructing a data warehouse. With developing and managing the ETL method, bringing data from various fragmented systems under one roof for simple, relevant reporting and analysis. Along with that, Jet Analytics provides a robust reporting package that allows practically everyone in the company to create powerful visual dashboards, analyses, and ad hoc analysis.

 

To find out more about how Jet Analytics can help your company manage the complexity of multiple data sources, contact us.

Get 30 days free license for Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Interact Live with Dashboards

Increase efficiency and deliver success now with Microsoft Power BI. Enjoy a 20% discount on all Power BI services.

dashboards

Subscribe to Our Newsletter

Why Is Good Data Management Essential For Data Analytics? Read More »

Why-Power-BI-Is-a-Better-Choice-than-Excel-for-Analytics

Why Power BI is a Better Choice than Excel for Analytics

Why-Power-BI-Is-a-Better-Choice-than-Excel-for-Analytics

Modern businesses depend on data, and we’re producing more of it than ever before. However, accumulating vast volumes of digital data is useless unless companies can leverage it effectively. Business intelligence tools, such as Power BI and Excel, can play a crucial role in this process.

 

Are you planning to introduce a platform to assist you in extracting valuable, actionable insights from your data? You have arrived at the right place. By harnessing the capabilities of Power BI and Excel, you can transform raw data into meaningful visualizations and reports, empowering your organization to make informed decisions based on real-time analytics.

 

Explore how Power BI and Excel can work together to unlock the full potential of your data, streamline your reporting processes, and enhance your business strategies. Let’s embark on this journey to data-driven success! We will go over the fundamentals of Microsoft’s flagship BI app, Power BI, in this article, like what it can do, what it costs, and what changes it can provide to your company.

Characteristics of Power BI Desktop

– Can link to several different data sources. With the Auto-Refresh option, you can keep this data up to date.

– It aids in the rapid modelling of data.

– Using the drag and drop map, it is possible to generate interactive reports.

Characteristics of Power BI Service

– It is a web portal that allows users to monitor and view reports generated with Power BI Desktop.

– Reduce the amount of time spent moving and sharing information.

– Data can be imported from a variety of on-premise sources (Excel, DB, CSV, etc.) or directly documented from a variety of cloud web services, including Azure, MailChimp, Zendesk, and Salesforce.

Why should you Choose Power BI over Excel?

Power BI has many benefits to offer compared to Excel. Listed below are some of the benefits.

- Convenience and Data Size

Power BI can handle massive amounts of raw data as well as several data tables. The analytical tool is capable of loading and processing large amounts of data into a single PBIX file. Multiple tables can be configured and, if necessary, combined based on common fields. In terms of user interface and ease of use, the Power Query Editor and Data Modeling parts are easier to use.

- Data Connectivity and Auto Refresh

One of the key reasons to use Power BI is that it can link to a broad range of data sources, including databases, online sites like Facebook, and Salesforce reports, among others. When compared to the previous data, the data is automatically inserted into the Power BI Workbook. Excel’s ODBC Driver takes up a lot of time.

 

Power BI has a great choice for keeping data in alignment with the source called Auto Refresh. To have all the reports updated, Power BI Desktop has a Refresh option, and Power BI Service has a Refresh Now, as well as a Scheduled Refresh option. When you choose Refresh, the data in the file’s model is replaced with the most recent information from the original data source. This form of a refresh, which takes place entirely inside the Power BI Desktop program, varies from Power BI’s Refresh Now and Scheduled Refresh solutions.

 

Power BI uses the information in the database to link to the data sources identified for it, search for updated data, and then upload the updated data into the dataset when you refresh data in a dataset, whether using Refresh Now or setting up a refresh schedule. In Power BI, unlike Excel, the dashboard can be refreshed.

- Reporting and Cross-Filtering

Power BI reporting is much more advanced and engaging than Excel reports, and a single graph can provide numerous perspectives. In Excel, cross-filtering is not possible, but it is possible in Power BI. This has an impact on how users want the filtering for data with table relationships to move.

- Alerts and Emails

To submit a mail and a reminder in Excel, a user has to use the VBA Editor to generate a macro. In Power BI, creating a warning and sending an email when a condition (such as a threshold value) is met has never been easier. This will keep users updated when on the move, and they will be able to view the report at any time and from any place.

 

Some other features include:

 

  • Natural Language Query (NLQ): By asking a common person question in Power BI Service, everyone can get a fast response from the current insights. It’s helpful when someone isn’t familiar with the data model but needs fast answers to questions about the insights. Furthermore, this saves a lot of time.
  • Deeper Insights: The backend program, which is driven by intelligence and algorithms, can generate interactive insights at the touch of a button. It will help you save time and interpret data more quickly.
  • Dashboards and Customized Reports: The reports produced can be modified to achieve the desired outcomes. On the dashboard, the report tiles can be rearranged and relocated as desired.

  • Sharing Reports and Access: The reports and dashboards may be shared with the public or only a small group of associates.
  • Downloading and Exporting Dashboards: The Power BI Service lets you download and transfer dashboards in various formats. The dashboards can be submitted as a .PBIX file or exported as a PowerPoint presentation, PDF, or event print.

In Conclusion

In today’s data-driven environment, a fast and efficient data analytics tool is needed. Power BI makes use of business intelligence to ensure that all reports are produced efficiently and provide a wealth of information. Changes in time and technology necessitate the use of a versatile tool like Power BI, which makes work easier and saves time while delivering the best performance. Get a suitable power bi training for your needs or for more information, contact us today!

Register Now and Get 25% Off on Power BI Training.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Transform Business with Power BI

Get Free Consultation Today!

inventory dashboard

Subscribe to Our Newsletter

Why Power BI is a Better Choice than Excel for Analytics Read More »

How to Increase Transparency in your Finance Processes

How to Increase Transparency in your Finance Processes

How to Increase Transparency in your Finance Processes

When upper management has complete insight into the operations of the company, it runs more smoothly with it’s finance process. Gartner’s market oracles recently published a list of nine characteristics that CFOs must possess to maintain success during times of crisis and uncertainty. Based on 20 years of research and strongly influenced by lessons learned from the financial crisis of 2008, the list needs a review.  Placing more money on the line. 

 

  • Defending against scope creep.
  • Critical Initiative Funding.
  • Making it easier to take risks.
  • Getting to know your customers.
  • Cutting your losses.
  • Careful cost-cutting.
  • Identifying cost-cutting opportunities around the organization.
  • Integrating Budget Models. 

Even though each entry is based on a different goal, they all have one thing in common: the need for financial transparency. CFOs must provide the most up-to-date details on all facets of financial results. When making new acquisitions, searching for cost-cutting opportunities, or modifying the years’ plans. 

Impact of COVID-19 on Businesses

Even before the pandemic, CFOs struggled to obtain refined, regularly updated information. Data accessibility has become a pressing problem as more teams work from home and struggle to access the same data, software, and teamwork that they depend on in the office. Financial invisibility occurs when businesses have the requisite data (often distributed across the ERP) but are unable to access it easily, comprehensively, or consistently. 

 

CFOs require access to reports and metrics that represent the most recent data available as they try to control cash flow, perfect accounts receivable, or safe loans and stimulus funding. The volume of information and the speed at which it is processed is well beyond standard. As a result, CFOs are much less informed about financial performance data. One of the major threats that businesses face today is financial invisibility. In this crucial time, a single bad decision based on incomplete or unreliable data may sink a corporation. That outcome can be avoided with a few tweaks. 

Finance Processes and Financial Visibility

Financial reporting is one way to convey visibility. Many business leaders are motivated by the need for a reliable, automated, and open reporting system. Provide them with the data they need, when they need it, for full transparency with finance processes. 

 

Specialized tools, such as those created by Global Data 365, can help. Incorporating these strategies can significantly enhance transparency in your finance processes, ultimately leading to better decision-making and increased trust among stakeholders. Each of our solutions integrates with common ERP software and automates the most time-consuming aspects of reporting. The solutions then produce and distribute reports in the format that the CFO prefers. That may mean regular updates in the standard Excel format or CFOs can go a step further and get real-time updates through specialized dashboards. Our tools keep financial visibility crystal transparent by making financial reporting simpler than ever while also enhancing the pace, scope, and accuracy of the resulting insights. 

 

Get 30 days free trial on your database. Contact us now. 

Get 30 days free license for Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Still using Jet Basics?

Get Free Upgrade to Jet Reports
jet services

Subscribe to Our Newsletter

How to Increase Transparency in your Finance Processes Read More »

Financial Reporting vs. Management Reporting. What is the Difference

Financial Reporting vs Management Reporting

Financial Reporting vs. Management Reporting. What is the Difference

Reporting is essential to the growth of any business. The reports provide information and insight for the business leader when making strategic choices that impact not only all the departments but also the company, particularly when it comes to financial and management reporting and analysis. An organization benefits from reporting, as it helps them to evaluate progress regarding their business objectives in an enterprise, and to make strategic decisions to lead the business towards future success. 

 

Many company owners are familiar with the standard financial reports they can expect monthly, but many are not familiar with the types of management reports available that could help boost efficiency and profitability for their companies. There are different kinds of management reports available. 

 

While there are different kinds of strategies in both financial and management reporting, organizations often search for someone who can work in both. That is why it is crucial to know the differences between financial reporting vs. management reporting. 

What is Financial Reporting?

Financial Reporting is directed towards compliance and is used for external purposes. Financial reporting is the method of shaping business strategies by supplying company stakeholders with financial reports. Financial Reporting can also be created to inform internal decisions. However, documents normally appear somewhat different from the data and contain different details. After that, the financial reports are sent to third parties. Financial Reports includes the usual weekly, monthly and annual reports that businesses get each month, including: 

 

Profit and Loss Statement 
– Balance Sheet 
– Accounts Payable 
Accounts Receivable 
Cash Flows Statement 

 

Depending on the time span, these reports will cover multiple time periods. The intent of the report, as well as the third parties requests. For instance, annual financial reports to shareholders will include a three-month time. These reports are crucial for any organization. These reports are used by banks, investors, and regulators to accept loans, lines of credit, and other decisions. In many situations, financial reports are needed to ensure adherence to certain laws or regulations. 

 

At a given point, these reports represent your company’s financial position. They explain the general impression of the success of your company but fail to provide deeper insight into the details of your business operations. They look backwards and don’t even inform you about the performance of the business in the next month or next year. Modern systems for financial restructuring may be altering this dynamic is due to the accumulation of data in real-time, as well as automated processes of reporting now allow the creation of financial reports that contains details of the current financial reports for your organization. 

What is Management Reporting?

With management reporting, companies can have a deeper insight into the financial health of their organization. Management reports provide more insight than financial reporting into the company’s financial situation, performance, and overview of all departments. Management reporting and analysis provide greater insights, which include the ability to segment and analyse information in a broad range of ways. Some of the ways include: 

 

  • Profit and Loss by Divisions 
  • Realization Rate 
  • Utilization Rate 

Management Reporting is focused on parts of the business instead of an overall view of the organization. By segmentation, you can get into the specifics and examine the drivers of the business. For instance, an example would be the evaluation of how the Marketing Department operates over a given amount of time, or how much benefit a sales employee has had over a certain month. Though, you might want to make sure that you are receiving the correct reports that your organization requires to drive strategic decision-making. 

Key Comparison: Financial Reporting vs Management Reporting

To enhance the performance and profitability of your business, different types of reporting techniques are available. Even though both contain different techniques, companies require someone who can handle both. 

 

Compared to financial reporting, management accounting is not compulsory and is used for internal purposes mainly. Rather than relying on general accounting data used to reflect a company’s financial situation, management reporting uses main performance indicators, including metrics to evaluate a business’ return on investment (ROI). 

 

Depending on what kind of financial reporting you use to inform your business plan, management reports are always a key commodity and are almost inevitably going to surpass financial reports when it comes to receiving greater insights. Whereas financial reports are simpler, management reports are more open-ended. The financial reports are critical for avoiding cash flow challenges and making more figures. To make informed strategic decisions, you will need management reports side by side. It is necessary to ensure the right processes and systems for the execution of apt financial and management reports. 

Importance of Financial and Management Reporting

Some businesses only require financial reports every month for various reasons. Because management reports cost them extra money, they tend not to use them. If your business fails to implement management reporting, you could be losing out on details that will help your business expand or keep you from introducing expensive services that do not offer an ROI. Any business requires financial reporting for compliance, to ensure that the figures add up, and to minimize cash flow. To make informed strategic decisions backed by reliable results, your company will also require management reporting. 

 

The insights gathered from management reporting and analysis are essential to make informed decisions that might be beneficial and profitable for your business. Management reporting also focuses on future data points that help plan for long-term future projects. Any organization will be interested in getting more insight into the whole company’s activities, which tends to improve success, profit, and productivity. 

Best Practices of Doing Financial and Management Reporting

There is a dire need for creating great reports that provide data to the primary stakeholders. Reports are meant to be easily readable and comprehendible by others, so it does not harm in putting more time into ensuring all these reports make a lasting impression on the target audience. 

Listed below are some of the best practices of creating impactful financial reporting vs management reporting: 

 

– Eye Appealing Reports: Important stakeholders are always busy. Dry, lengthy reports could end up losing their attention or confusing them when they need to search for the data they require. A well-constructed report will make it easier for the leaders to skim through the required information. 

 

– Automated Processes: It is essential to use automation to create reports, as it can save time. The less time is taken to produce a report, the quicker it can reach the business leaders. With the real-time aggregation of data pulled from the entire organization, you will have a report that will contain the latest data. 

 

– Implement Graphics and other Visuals: For a report to catch the reader’s attention, it should include graphics and other visual elements that make it easier to read the report. 

 

– Point-and-Click Design: You can either recruit a graphic designer to create the visuals on the report or use a point-and-click design to navigate easily through the report and deliver it at the right time. 

 

– Multiple Reports: By automating processes, you can make multiple reports that address the operations of the entire department separately. This gives the business leaders an overview of all operations. 

In Conclusion

A company’s performance and financial stability rely on both financial reporting vs management reporting. Yet, there are a wide variety of possible results when it comes to producing reports that fulfil their goals and deliver the required data on time to the main stakeholders. 

 

So, whether you are generating reports for external or internal use, the reports must be created in an easy-to-read format that holds the reader’s attention. Here at Global Data 365, we go beyond basic accounting data and offer BI solutions to companies. We help businesses improve performance and profitability by providing insight into the data gathered in real-time through our reporting and analytics solutions. 

 

Contact us now and speak to our BI experts. 

Get 30 days free license for Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Still using Jet Basics?

Get Free Upgrade to Jet Reports

jet services

Subscribe to Our Newsletter

Financial Reporting vs Management Reporting Read More »

Migration to Microsoft Business Central

Migration to Microsoft Business Central: Essential Tips

Migration to Microsoft Business Central

As industry demands evolve, so do business requirements, which is why leading ERP vendors have shifted their focus to cloud-based solutions in recent years. Migration to Microsoft Business Central is at the forefront of this transition, offering businesses a streamlined pathway to modernization. However, balancing legacy systems with cutting-edge technology presents unique challenges. Software analysts have worked diligently to minimize disruption, ensuring that ERP users can adopt new features and increased convergence with minimal friction.

 

That method, however, eventually reaches its inherent limitations. Legacy framework modernization requires a major investment on the part of ERP vendors. Dealers should sever all ties from the past to achieve some of the main technological goals that lead to lower prices, improved agility, and consumer value. Finally, ERP consumers should (at least in principle) reach a point where their software systems are allowing higher performance, better organizational control, and creativity for the company. However, there is a lot that business leaders can do along the way to cut costs, minimize risk, and maximize the value that ERP device improvements provide in the end.

Microsoft has been running a range of ERP solutions for small and mid-sized businesses for nearly two decades. Whenever the company bought Great Plains, it was a big deal. Software acquired two commonly used ERP products, Great Plains and Solomon, in 2001. The ensuing range of four separate ERP packages was renamed the Dynamics family of products by Microsoft (GE, SL, NAV, and AX, respectively). Since then, the company has maintained all four products, allowing consumers to continue using their current ERP applications. This has been fantastic in terms of minimizing disruption for Microsoft’s customers. In the near future, Microsoft will concentrate its resources on two goods that appeal to two distinct consumer segments. Dynamics 365 Finance & Supply Chain (F&O; SCM) is designed for mid-sized businesses, while Dynamics 365 Business Central (D365 BC) is designed for smaller businesses with simpler needs. If your company is still using Dynamics GP, Dynamics SL, or Dynamics NAV, Microsoft is probably already urging you to upgrade to D365 BC.

Listed below are the main factors that you should keep in mind before migrating to Dynamics 365 Microsoft Business Central.

Microsoft Dynamics 365 Business Central

Since Microsoft D365 Business Central is based on the Microsoft NAV code base, many people confuse it with a newer version of that product. That is a fair statement in several ways since Microsoft carried over the main concepts from NAV to Office 365. With NAV as a starting point, D365 BC and developed the usable code and data model. However, for most companies that are still using Dynamics NAV, the switch to Business Central would be a more significant change. Transitioning from Dynamics GP or Dynamics SL to Microsoft D365 BC would necessitate a complete break from the past.

 

Moving to Business Central is the same as introducing a brand-new ERP system. It will necessitate a detailed review of current business processes, followed by the conversion of those processes to Microsoft D365 BC.

Review of Customizations and ISV Products

You will have to update current customizations and check incorporated third-party products to make sure they’ll work with Microsoft D365 BC, regardless of the ERP system you’re migrating from. Since Microsoft D365 Business Central is a new product, you might be able to meet your company’s needs using the off-the-shelf features already included in the product. You must study the current business processes and map them to the new ERP framework, irrespective of the legacy system you’re moving from. If you’re already using Dynamics GP or SL and have made some customizations, you’ll have to start over in Microsoft D365 BC. In certain instances, D365 might already have the necessary features. Otherwise, you’ll have to fill in the blanks with plugins or third-party apps.

Assign Enough Time and Money to Reports

Report development can consume up to 25% of a company’s overall budget when introducing a new ERP system. Even when you’re switching to the latest version of a current design, handling reports will eat into your budget and resources since most ERP systems’ standard reporting tools necessitate highly specialized technical knowledge. You’ll need to evaluate and validate existing reports because Microsoft D365 BC is new software. Customers moving from Dynamics GP or Dynamics SL would have to rebuild all existing reports created with standard Microsoft software in Business Central from the ground up.

Luckily, most of the tasks associated with this aspect of the ERP implementation process can be reduced or even eliminated. If you’re currently running Jet Reports against a NAV database, you’ll be able to move your reports to Microsoft D365 BC. Jet Analytics, meanwhile, integrates with the whole Dynamics product family, including GP, SL, NAV, and D365 BC, making it incredibly simple to build a data warehouse, collect and turn data from the source system, and build complex reporting and analytics.

One of the main advantages of Jet Analytics is that it makes it incredibly easy for end-users to generate and change reports without the assistance of IT specialists or costly outside consultants. Companies will simplify the process of generating or changing reports by placing the control in the hands of finance and accounting experts, not only during a system installation or migration but when they need report customization in the future. In the scenario of a device migration from Dynamics NAV to D365 BC, there’s a good chance that any reports generated in Jet Analytics will operate with Business Central without any changes.

Planning Ahead for Data Migration to Microsoft Business Central

Customers may use data transfer software to shift data from any of the legacy Dynamics products to D365 BC. Many consumers, on the other hand, would take a more complex approach to bring data into Business Central. An off-the-shelf automated process to migration might not always perform well if you have made customizations or changes to your legacy ERP framework that expand the current information. A data warehouse can also be used to automate raw data and transformation in advance of device migration. As a result of this, businesses can easily test data migration strategies and also to train users on the new system using real company data rather than demo data.

In Conclusion

Global Data 365 offers financial analytics solutions for the entire Microsoft Dynamics software products. We’ve been assisting business leaders in getting the knowledge they need effectively, reliably, and efficiently for nearly three decades.

If your company is considering migration to Microsoft Dynamics 365 Business Central in the future, we suggest learning more about the advantages of our quick but efficient reporting tools. Contact us now for a free demo.

Get Your Custom Migration to Microsoft Business Central Plan

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Still using Jet Basics?

Get Free Upgrade
to Jet Reports

jet services

Subscribe to Our Newsletter

Migration to Microsoft Business Central: Essential Tips Read More »

Automated Forecasting with Jet Reports

Automated Forecasting with Jet Reports

Automated Forecasting with Jet Reports

In today’s fast-paced business environment, organizations need efficient methods to streamline budgeting and forecasting processes. This article introduces the Break-back concept and demonstrates how it can be implemented with Jet Reports to automated forecasting. Organizations typically employ top-down, bottom-up, or hybrid methodologies in their budgeting and forecasting. Additionally, they often create multiple budget versions using what-if planning to simulate different scenarios. Break-back is a powerful tool that can assist in these processes across an organization.

The Power of Break-back in Decision Making

Break-back is a valuable management tool that facilitates what-if analysis and supports key decision-making. It empowers organizations to quickly adapt to changing market conditions by providing accurate automated forecasting based on historical trends and assumptions. This article explores how Jet Reports can harness Break-back to enhance forecasting and budgeting processes, making it an indispensable tool for any organization.

What is Break-back?

Break-back is a process that allows the automatic calculation of transaction details (i.e. budget or forecast figures) based on summary value(s). For instance, automated forecasting all natural accounts based on the user entering a single net income target value. 

 

It is calculated based on assumptions that can be determined on historical averages, trends, or an infinite number of other factors. The example below will allow a user to enter a Net Income value and then automatically calculate values for all GL accounts. It also enables the user to increase or decrease values from a macro or micro level, which allows for deeper what-if analysis. 

 

As an example, project a 25% increase in Net Income while knowing that revenues will only increase by 3%, then the Break-back will calculate the amount that all expenses need to decrease to match the 25% increase in Net Income. 

Example of break-back:

This example will detail the building of a Break-back template that has year-to-date actual figures and will calculate the general ledger-level forecast based on a few assumptions. 

 

The main driver and the only mandatory input is the desired Net Income. This alone will enable the calculation of the general ledger (GL) forecast for the remaining months. 

 

The first step is to create a profit and loss report with a column for year-to-date actual data. Then we will use the concept of annualized actual based on the prior year’s actual revenue. There is a hidden section that brings in the prior year’s revenue, calculates the percentage of revenue for year-to-date, and then assumes that the annualized total will follow the same trend as last year. As an example, if the period parameter is entered April 2019, then the annualized actual will be year-to-date actual figures divided by the percentage of the sum of the revenue for Jan 2018 to April 2018 against all of 2018. 

 

Revenue Year-to-Date April 2019: $8,675,315 
Total Revenue Year-to-Date 2018 (January – April): $5,889,672 
Total Revenue 2018: $20,400,768 
Percentage of Total Revenue 2018 Year-to-Date: 28.87% 
Annualized Product Revenue 2019 (8,675,315/28.87%): $30,049,584 

 

The next column is of What-If Scenario that is based on two drivers: 

 

– Net Income Projected Amount 
– Account Increase/Decrease % 

 

This column projects what GL Accounts should be like to achieve the Net Income projected amount. If only the Net Income driver is set up, Excel will calculate all GL Accounts based on the historical trend and multiplying it by the new set goal for Net Income. However, if account Increase/Decrease % is also set up like 3% increase in Revenue, it will predict other GL accounts like COGS and Expenses to achieve target goal of Net Income. 

 

Once the What-if scenario is completed, it is then divided across months to predict forecasting of each month. This uses historical trend of how each month contributes to the total year’s figures. 

Benefits of break-back:

This template could help businesses in many ways such as: 

 

  1. Helps create top-down budgets and forecasts based on organizational targets. 
  2. Quickly create multiple budget or forecast versions (i.e. optimistic, pessimistic, and most likely). 
  3. Starting point of forecast or budget. 
  4. Can use as guidelines for budget users. 
  5. Save labor hours by eliminating time consuming end user data entry. 
  6. Helps business to stay on track each month. 
  7. Helps in decision making. 
  8. Helps in future cash projection. 

Resources

Using Jet suite of products, you are now able to pull your actual data right into Excel and can-do automated forecasting using break-back. In case you need to design What-If scenario templates for your organization, you can reach out to one of our Jet Reports experts. 

Get 30 days free license for Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Still using Jet Basics?

Get Free Upgrade to Jet Reports
jet services

Subscribe to Our Newsletter

Automated Forecasting with Jet Reports Read More »

when you are using bad data for decision making MDM

When You Are Using Bad Data for Decision Making?

when you are using bad data for decision making MDM

Every business wants to unravel the power of big data. But is your data ready for prime time? We live in a big data environment where master data management is necessary, which is primarily due to the widespread use of computers and technology in businesses. Are you making decisions by relying on bad data? It is difficult to answer that question because you are mostly unaware that you are using bad data until it is too late.

A study conducted by Gartner reports that nearly 40% of enterprise data is unreliable, incomplete, or inaccessible. Bad data quality costs an average of $15 million a year in various forms. Such as financial loss, lost opportunities, and high-risk decision-making. What is the explanation for this? Because poor analytics is a result of bad data.

In today’s environment, the more data you gather, the better. However, with vast amounts of data from various sources covering several geographic areas, data has become increasingly complex, leading to create the nuisance of bad data for decision making. Although technology investment in managing business processes and collecting data has increased. It has greatly outpaced the time and money devoted to data management and governance.

So how can you be aware that the information you obtain and evaluate meets those criteria? To begin, you must first understand what qualifies as bad data.

Signs of Using Bad Data for decision making

The data that most executives are provided with almost once a month is used to make major decisions. When you have low confidence in the data you depend on, it impacts how you work. After working with several Microsoft Dynamics ERP clients who have struggled with bad data, we have compiled a list of signs that you are using bad data for everyday decision-making.

- Information Silos

There are different types of reports that exist on the servers, local machines, and networks, resulting in information silos.

- Incorrect Records and Manual Errors

Your financial team is forced to manually rummage through spreadsheet after spreadsheet, searching for inaccuracies and human mistakes because your month-end numbers don’t add up. Businesses just getting started often ignoring the value of inventory management, assuming their production isn’t high enough to justify it.

- Limited Resources

The resources are stretched thin with the extra calculations and machine workarounds placed to try and interpret the data the system is generating.

- Delay in Approvals

Since reports and budget approvals are continually delayed, you’re having trouble getting executive buy-in.

- Fixing Bugs

You devote considerable time to fixing problems and putting out fires than you do analyze and improving your data.

 

If these signs appear familiar, you might be unknowingly relying on inaccurate data or bad data for decision making. To get true insights into your market, you need the right tools and processes. Optimize the value of data and analytics in your company. Data is often inaccurate and unfinished, but with smart data management, efficient data governance, and centralized data storage. You can get a long way toward being a truly data-driven company.

Using Master Data Management (MDM) to Reduce the Risk of Bad Data

Since Microsoft Dynamics isn’t designed to handle data, we suggest integrating Master Data Management (MDM) into your business intelligence. MDM works by creating a clear, trustworthy view within an enterprise, organizing numerous data objects. It gives you total control over your data. It can be used to find the most up-to-date version of the reality in your data. Ensure accuracy and transparency in data governance: prepare data for analytics.

 

After you’ve developed your data governance and Master Data Management strategy, you’ll need to put it into action with centralized data storage. Allowing you to transfer and incorporate data from a variety of sources. You can produce reliable reports and dashboards that are consistent across the enterprise with a single view of your data. Enabling you to make super smart and useful business decisions.

 

Have a clear idea about what needs to be done to enhance the accuracy of your data and prepare it for reliable analysis. Contact Us to learn more about the effective ways to simplify data management. Find the benefit that a data warehouse designed particularly for your Dynamics approach will add to your decision-making processes.

Get 30 days free license for Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Follow us on:

Want to try Jet Analytics?
Get Free License for 30 Days
Jet Analytics Hero Section

Subscribe to Our Newsletter

When You Are Using Bad Data for Decision Making? Read More »

Talk to Our BI Experts!