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Why Is Good Data Management Essential For Data Analytics
Blogs

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.

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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!

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How to Increase Transparency in your Finance Processes
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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. 

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Financial Reporting vs. Management Reporting. What is the Difference
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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. 

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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. 

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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.

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Everything You Need to Know About BI Dashboard

BI Dashboard

Business leaders know that having a few clearly identified, measurable objectives and constantly monitoring success against those objectives allows a company to remain on track to meet its primary objectives. Business Intelligence is a system of processes, infrastructure, and technologies that transform raw data into actionable information. It’s a collection of tools and services for turning data into useful information and knowledge. Likewise, over the last few years, business intelligence (BI) dashboards have become very common as a way of communicating key organizational goals and monitoring success against them.

 

BI dashboard display data in a vivid visual format that can be easily grasped by almost everyone in the company. BI dashboards are an important way for strategically based companies to communicate results against key performance indicators (KPIs) and keep everybody on the same page. Dashboards, in particular, offer a highly efficient way for leaders to interact with non-financial audiences.

What does a BI Dashboard?

Tracking sales revenue and pipeline prospects against the forecast is one of the most popular use cases for BI dashboards. This is often shown alongside other important customer metrics, including returns, on-time delivery, and so on. It’s an explanation that almost anyone in the company can understand, and it’s especially important to C-suite executives and those in every company.

 

That being said, for finance and accounting practitioners, some use cases for making people aware of other key financial indicators across the entire enterprise are important to consider. For non-technical users, dashboard visualization can be highly effective.

 

Working capital is one of the most important determinants of business performance. Organizations that successfully control working capital significantly outperformed those that do not. Internalizing main working capital metrics by the rest of the company, on the other hand, can be difficult. High-level indicators of how well the company is doing include the “cash conversion cycle” (CCC) and “days working capital” (DWC).

 

Not everyone is equipped to understand the numeric data. This is where BI dashboard can be extremely useful. Business leaders can achieve higher performance by clearly defining the most important numbers, communicating them within the company, and publishing performance metrics in a way that everyone can understand regularly.

BI Dashboard is the Future

As software technology has advanced, BI dashboard have become more common as tools for outlining and presenting business data have become faster and more efficient. A comprehensive toolset is needed to work with massive data sets, work more effectively, and produce dashboards efficiently and precisely. Some of the features of using BI dashboards are:

Data Visualization

Dashboards that are well-designed present data in a way that is useful to the target audience. They give just the effective data, not too much or too little. Furthermore, good dashboards are adaptable to each user’s specific requirements.

Real-Time Alerts

An effective BI dashboard can alert users to circumstances that need urgent attention, similar to warning lights on a car dashboard. A successful dashboard will help business leaders solve issues as soon as they arise by monitoring data in real-time and alerting them to exceptions.

Collaboration

The first step is to get the correct information from people in the company. With easily accessible, sharable content, collaboration features allow discussion and task management. Relevant discussions will send constructive alerts to the appropriate people in the organization, making it easier to collaborate effectively.

Future Predictions about BI dashboard

While the word “dashboard” suggests an emphasis on the past and present, the most powerful dashboard solutions often include rolling forecasts and predictive analytics, allowing for a clearer view of the path ahead.

 

Global Data 365 includes dashboards and communication tools, as well as effective business intelligence tools. With integration from over 140 different ERP systems and other enterprise software, we allow quicker, simpler, and more affordable business insights. You can request a free demo today to learn more about how your company will profit from the power of BI dashboards.

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artificial intelligence vs business intelligence (AI vs BI)
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Artificial Intelligence vs Business Intelligence

artificial intelligence vs business intelligence (AI vs BI)

Despite all of the hype surrounding smart, data-driven decision-making, Business Intelligence (BI) and Artificial Intelligence (AI) are frequently confused. The AI vs BI debate has been going on for a long time. While both assist businesses in making crucial decisions, there are significant differences between the two. While artificial intelligence (AI) has gained prominence recently, it is no surprise that business leaders are working to find ways to incorporate AI into their technology framework. When business officials are asked to clarify what they expect to receive from AI, they regularly respond with solutions that will help them make better business decisions. AI refers to computer intelligence that is similar to that of humans, while intelligence in BI refers to intelligent decision-making. Dive in the blog and find characteristic of AI vs BI.

What is Artificial Intelligence?

Artificial Intelligence is a way of creating a computer, a computer-controlled robot, or software that think intelligently like humans. Artificial Intelligence is developed on the study of how humans think, learn, decide, and work to solve problems, and then using the findings as a foundation for creating intelligent software and systems. Automation, data modelling, reporting and analytics, are some of the computer-powered business decision drivers that are referred to as AI but are not AI. While AI has the ability to improve all of these areas, they are not the areas of focus that are primarily linked to AI; instead, every one of these platforms is discussed by a different type of intelligence software, particularly business intelligence.

What is Business Intelligence?

Business Intelligence is a technology that collects, stores, accesses, and analyses data to assist business users in making informed decisions. BI converts data into meaningful information in the form of reports and dashboards, enabling companies to make informed data-driven decisions. It requires the use of statistical methods to analyze data. To take out more data-driven data, it incorporates data mining, data warehousing, and other tools. It includes the collection of data and the subsequent use of that data to make decisions. It assists in optimizing and capitalizing on historical data available.

 

So what is difference between AI and BI?

AI vs BI: Difference between Artificial Intelligence and Business Intelligence

FactorsArtificial IntelligenceBusiness Intelligence
ConceptArtificial Intelligence refers to human like computer intelligence.Business Intelligence refers to intelligent decision making.
EmphasisIt requires the use of statistical methods to analyze data.It involves machine learning and deep learning algorithms.
ApplicationIt is primarily used in robotics, VR, image recognition, machine learning, etc.It is primarily used in data warehouse, data modelling, data visualization and dashboards, analytics and reporting.
UsageIts usage is linked to the future events.Its usage is linked by available historical data.
InputsIt benefits subject such as biology and computer sciences.It benefits enterprise management data, reporting and data analysis, OLAP.
AlgorithmIt utilizes the breadth first algorithm (BFS) and follows the FIFO principle.It uses the linear aggression module for organizing data.
LimitationsIt poses security and privacy risks.It can lead to misuse of data by using improving technology.
ObjectiveThe main aim of AI is to produce machines that have the potential of working like the human brain.The main aim of BI is analyzing day and future prediction by using historical data.
ToolsIt makes use of complex algorithms to make logic.It makes use of spreadsheets, query software, dashboard, and tools of data mining for analysis.

So AI’s ultimate aim is to build machines that can replicate human thought but less useful to a company than a school of technology dedicated to assisting businesses in evaluating results, knowing the past, and predicting the future. Whereas, the three main benefits that business intelligence solutions help to improve, as well as three key performance indicators in enterprise business, are security, simplicity, and speed.

Artificial Intelligence in Business Intelligence (AI in BI)

Artificial Intelligence vs Business Intelligence can help drive any company to success. AI and BI are demonstrated by AI-powered alerts which range from simple alerts to advanced neutral network alerts, and assist businesses in maintaining total control over key performance factors by alerting them as soon as anything happens. These AI innovations will continue to revolutionize the business intelligence environment when combined with creative business dashboards. All of these firms are taking a break from the time-consuming task of sifting through data to discover patterns and responding to costly problems.

 

Although AI is centered on helping computers in gaining insight on their own, BI enables entire companies to gain access to the data they require to make fast, better decisions, which is crucial in today’s rapidly evolving business environment. In a study of 2600 business intelligence end-users, 91% said BI enabled them to make improved business decisions, 84% said it increased customer satisfaction, and 79% said it enhanced reporting, research, and planning. In the coming years, AI will certainly have a huge effect on companies, but don’t confuse today’s BI benefits with advanced algorithms or thinking machines.

 

Businesses will better plan for the age of thinking machines and lay the foundations for machine-augmented decision making soon by investing in BI. Find differences between Artificial Intelligence and Business Intelligence with AI vs BI. If you are interested in how agile Business Intelligence solutions can help businesses to achieve AI, contact us now.

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Automate Reporting from Dynamics GP
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How To Automate Reporting From Dynamics GP?

Automate Reporting from Dynamics GP

If you do not fully understand the complex underlying data structure of over 1300+ tables and 22500+ fields, then automate reporting from Dynamics GP can prove to be a problem. Recently, Microsoft Dynamics ERP software has evolved to Dynamics 365 Business Central cloud, and it brings versatility and easy access for small businesses throughout the world. Reporting challenges are bound to arise due to the complex nature of the data structure field. All ERP solutions are made of back-ends that are hard to operate for anyone who is not a specialized expert or administrator.

 

 

ERP solutions, like Dynamics GP, are designed to optimize business processes and data storage. Its main focus is on storing data, not extracting it. Microsoft Dynamics GP has advanced and evolved in the ways users receive their reports. Management Reporter has advanced to the new setting providing an Excel-integrated tool known as Jet Basics; Smart List has for a long time provided the export-to-spreadsheet option, and Power BI is coming out as a great tool for data visualization. Similar to other Microsoft Dynamics solutions, Dynamics GP is evolving when it comes to providing built-in and extra tools for users to get data visualization.

 

 

According to the feedback received from thousands of users from across the globe, users complain about the reporting and analytics in Dynamics GP, as it fails to meet functional reporting requirements outside of financial reporting. The reason behind this could be the complex GP data structure or the unavailability of specialized experts. In any way, depending on these tools is costing users their time and money. Companies are forced to recruit Dynamics GP experts because of the lack of access to one organized, instant visualization of the data.

 

 

If you face limitations in your financial systems while regularly using Dynamics GP to optimize processes, then the main challenges that you may be facing in operational reporting are:

Challenges in reporting from Dynamics GP

The four main challenges faced by businesses in reporting from Dynamics GP are:

– SSRS Programming:
Programming in SSRS is costly and slow due to a large amount of data, intricate linking tools, and the programming skill needed to form a report.

– Managing Unorganized Data in Excel:
In a company, every person has their own spreadsheets, which can result in unreliable data and security risks. As every department has different approach in completing its operations.

– Power BI Views:
Power BI can be difficult to navigate for someone who is not a technical expert due to the compilation of data that results in a single view and the rewriting needed to change the views.

– Constructing OLAP Data Cubes:
Constructing OLAP data cubes can be hard and time-consuming as it requires a specialized expert who is familiar with both SSAS data cubes and Dynamics GP.

Keeping these challenges in mind, Global Data 365 has a solution to overcome your Dynamics GP users’ time, money, and effort, all the while creating better reports. It begins with Jet Analytics, the fundamental Dynamics GP data solution.

How Global Data 365 helps with Reporting in Dynamics GP?

Global Data 365 provides better services and implementation to address the obstacles using dynamics that lead your business to success. Without the need for developers and costly experts, Jet Analytics is a complete business intelligence solution designed to obtain quick, customizable reports and dashboards in Excel. And it is possible to do it yourself. Jet Analytics puts all the Dynamics GP data into one and organized it in one location using a pre-built data warehouse, OLAP data cubes, and dashboards to automate reporting in Dynamics GP.

If it is paired with a user-based front-end reporting tool, it makes it possible for users to view, assemble, and prepare the data, so you can benefit from the robust data visualization tools of Power BI and be more effective with operational reporting and analysis. The Jet Data Manager is used as a back-end tool by Jet Analytics to configure turnkey data warehouses and OLAP cubes to assist you monitor and organize your Dynamics GP data.

 

Jet Analytics provides users to use Excel for all your reporting requirements with one operating location for your reporting, but it offers one source and data management system to handle the delivery, security, business measures, calculations, and run-time of such reports. So, do not let your existing obstacles in operational reporting keep you from receiving immediate insight into your data. Companies can now improve the visibility of real-time data to help automate reporting from Dynamics GP users turn efficient and enjoy Jet Analytics full capabilities.

 

We, at Global Data 365, offers free one month license of Jet Analytics for you to test it with your Dynamics GP database and see the value it brings into your reporting process. Contact Us to order your trial license now.

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Jet Analytics Data Warehouse as a Future-Proof Business Solution
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Jet Analytics Data Warehouse

Jet Analytics Data Warehouse as a Future-Proof Business Solution

To remain competitive, a business needs to implement a jet Data Warehouse system that can keep with future requirements. Preparing to implement an ERP system can be a challenging task. Data storage technology’s future will be characterized by speed, convenience, and efficiency. Many of Microsoft’s legacy GP, NAV, and SL customers are likely to be considering a shift to the new platform now that the company’s latest ERP software version for small and midsize businesses has been released.

Microsoft Dynamics 365 (D365 BC) is the next version of the Microsoft Dynamics NAV code base. It is expanding it to a more cloud-friendly platform and incorporating it more deeply than before with the remainder of the Microsoft stack. The process of data transfer is never an easy task, no matter which ERP system you are moving from. Some particular problems related to data transfer are there. Surprisingly, many of them can be easily handled using a data warehouse.

Although data warehouses have been built for a different reason (i.e. to store data for big data analytics), they can provide tremendous value during an ERP transfer. That is because an entire data warehouse solution can pay itself from the savings generated by the process of migration itself. Enterprises have access to an increasing amount of data from all departments of their sector. Controlling how data travels through the enterprise becomes increasingly important as a company gathers data in different formats.

Data warehouse Obstacles during Data Transfer

Data warehouse technology has not changed much. However, the rise of Big Data and an excess demand for data has uncovered technical vulnerabilities that some legacy warehouses are not equipped to manage. One of the first questions asked from a project team when it comes to data transfer is which data is going to be moved from the old system to the new one? Firstly, all the data is going to be transferred. Secondly, many businesses have collected a large amount of historical data. Exporting data, filtering it, cleaning it, and reformatting it for the new system costs time and money.

Then the challenge arises of matching transactions. Bringing the list of the history of customer payments and invoices is a separate thing from recreating the history, providing the details of the payments made to certain invoices in certain amounts. On the other hand, the cloud model distinguishes storage from computing, resulting in a new level of cost and performance efficiency. Enabling IT to:

– Pay for only what is used.
– Gain total cost/performance leverage.
– Reduce duplication of data.
– Eliminating loading of data.
– Multiple platforms can access the same data.

If the company continues to retain the old system intact, it will cost them time and money. If only a single person knows how to operate the system leaves, or if the system update conflicts with the old ERP software. It will cost your company time on support and maintenance.

Jet analytics Data Warehouse as a Solution

Most ERP system manager fails to think of the alternative; a data warehouse solution that contains data from your old ERP system. It contains all of the data you require for historical reference. With a data warehouse, there is no need to handle transactions on the old system.

 

In comparison to the cost of maintenance of an old ERP system vs. a data warehouse, the data warehouse comes out on top every time. It not only solves the issue of historical ERP records but also serves an ongoing function as well. It significantly reduces security risks. The cloud has changed the way companies handle and store data for the better. To satisfy your existing and future business needs, cloud computing will help you create a new modern data infrastructure. Your organization now has the opportunity to harness its data’s potential, delivering unmatched productivity and ROI. You are finally ready to turn your data to reveal the deeper insights that will help you make better business decisions and produce higher-quality results.

Data Warehouse as a Migration Tool

By creating a standard data model for your old and new ERP systems within the data warehouse. You can utilize the data warehouse as a migration tool itself. You may proactively use the data harmonization process among the two platforms to clean and normalize data from the old system and prepare it for transfer to the new system.

Since most people think of a data warehouse primarily as a staging area for reports. This is a creative solution to the issue of data migration that is rarely suggested.

ERP Migration without Reformatting Reports

The future is hard to foresee, but one certain thing is that the most productive data warehouses are those that can use their data efficiently to optimize operations, anticipate market shifts, and boost availability. Similarly, Jet Analytics is a reporting platform from Global Data 365 that deals with the entire Microsoft Dynamics products, which include Microsoft Dynamics CRM, AX (Axapta), NAV (Navision), GP (Great Plains), SL (Solomon), BC, and Microsoft Dynamics 365 Finance and Supply Chain Management product.

 

The relation between Jet Analytics and the various products of Microsoft Dynamics operates independently. Users can extract data from the ERP system, which is integrated inside the data warehouse to a harmonized data structure. The customer records of both Microsoft Dynamics GP and Microsoft Dynamics 365 Business Central may appear the same in the data warehouse. Invoice records from various systems will also appear similar.

 

If you are thinking about transferring data from one system to another, particularly from Microsoft’s legacy ERP products to D365 BC, you can save time and money by implementing these approaches. Jet Analytics data warehouse can offer the following benefits:

– You can automate the removal and transfer of data that you intend to migrate by linking the Jet Analytics product to your old system, storing them in the data warehouse for import to the new system.

– You can tackle the issue of historical data by using Jet Analytics to provide unlimited access to data that is too difficult or costly to transfer. This decreases the probability of security breaches, saves recourses, and improves efficiency.

– If you have used Jet Analytics to develop reports for your previous Microsoft Dynamics ERP system. You can continue using the reports for data with little to no change from your new Microsoft Dynamics ERP system. This saves considerable time and money on implementation.

– You will have the most sturdy BI and reporting platform on the market after the migration, which will remove any potential reporting inefficacies.

A Detailed View over Time

The Jet Analytics data warehouse approach enables you to view both old and new data together as a single whole. Jet Analytics helps businesses to run comparative reports that look back through different years. Information is structure and interpreted by the data warehouse as if it originated from a single system.

 

Any level of compliance is involved in most ERP system implementations. One such compliance is the necessity of a complete break from the past. This particular problem is tackled effectively by the Jet Analytics data warehouse approach.

Jet Analytics Data warehouse as a Solution

For the success of any business, the present and future warehouse management systems need to embrace the incorporation of BI software solutions and visualization of insight. You can get started with Jet Analytics whether you have upgraded to the latest versions of Microsoft’s ERP system. There are many advantages to implementing a Jet Analytics data warehouse system.

– Jet Analytics can be deployed ahead of an ERP framework update to give you a head start, reduce risk, and lighten the overall implementation workload. When you finally introduce a new ERP system, report creation on Jet Analytics will continue to pay off.

– By acquainting yourself and your staff with the data warehouse setting, you can obtain an understanding of the benefits of implementing the Jet Analytics data warehouse system.

It is time to unlock the potential of your data to drive your business ahead. To learn more about how Jet Analytics can benefit your company or learn to improvise with Jet Analytics training.

Contact us to get more information.

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We are the authorized distributor of insightsoftware in Middle East. We have worked with 100+ companies in solving their reporting pain points and are committed to providing companies with fast and convenient data access methods from Microsoft Dynamics ERPs using insightsoftware's products and Microsoft Power BI.

insightsoftware partner
Microsoft Partner

Solutions

D356 Business Central
D356 Finance & Operations
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Power Automate

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Latest News
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Become a Partner

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Contact Us

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+971 52 843 3085

sales@globaldata365.com

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