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Optimize Processes with Data Visualization

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Optimize Processes with Data Visualization

May 21, 2021

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.

Optimize Processes with Data Visualization

Every aspect of a company relies on making prompt, well-informed decisions. Data is at the center of the financial services sector. Traditional business intelligence (BI) methods aren’t up to the task with so much data to rummage through. These techniques were designed for tabular reporting and can only handle small volumes of homogeneous data; they also require advanced technical expertise. Today’s software can process and interpret massive amounts of data in real-time, with a level of elegance previously unseen. According to a report conducted by Gartner on the top priorities of CFOs, here’s what they looked at:

– Enhancing Financial Analytics:
Even after a 50% rise in financial analytics expenditure in the last three years, only a few businesses have advanced analytics capabilities. As analytics becomes a central responsibility of the finance department, this must change.

– Reorganizing Finance Teams:
Traditional approaches for coordinating and using finance teams are becoming less effective as the popularity of finance teams grows. To stay relevant, the department needs a shakeup from the top down.

– Finance Technology Optimization:
Finance teams must maximize the value of their ERP systems while also adopting newer innovations and planning to become more tech-savvy. If this isn’t done, the finance department will become less intelligent and agile.

Any of those projects could keep a CFO busy for a year without yielding much progress. However, if such executives consider these problems analytically, realizing how the challenges and goals intersect, a surprising approach emerges, data visualization.

Data Visualizations

There has almost certainly been some kind of data visualization for as long as there has been data. Charts and graphs have recently become commonplace in business due to Excel spreadsheets. Users soon realized that visual interfaces help them understand complex information. Instead of manually examining a spreadsheet, they could quickly recognize the key takeaways by looking at a pie chart. Digital visualizations provided the finance team with a completely unique outlook on data and a game-changing method for decision-making, compared to what had previously been available.

Today, visualizations have taken yet another step forward, possibly the most important yet. Advanced visualization features are included in today’s top financial reporting tools, which run on top of ERP and beyond the constraints of Excel. Such visualization tools do more than improve on what has come before; they turn the relationship between the finance team and the data on which it relies more highly than it has ever been.

Advances in Data Visualizations

So, what’s the difference? To begin with, visualizations have progressed well beyond basic graphs and maps. They can now visualize data in new systems that provide more context and information. Users can view the optimal visualization to encompass the data rather than trying to settle for a sufficient option with this enlarged toolkit at their disposal.

After you have made that decision, creating the visualization is nearly seamless. It only takes some clicks to move data from one area to another in several cases, rather than a lengthy manual process. This not only saves time and eliminates mistakes, but it also helps everyone inside or outside the finance department to create their own visualization without any need for advanced training. Lastly, and perhaps most critically, visualizations have moved to the foreground of decision-making. The finance members can quickly integrate them into financial reports and structure them to optimize the insights they contain as well as the ease with which they can be extracted. The design features within such reports are also not static. They update themselves as new information becomes available, making them more like interactive indicators that monitor key metrics in real-time than visualizations.

Everything in today’s visualizations is vastly superior to previous versions. Despite this, it’s always easy to underestimate their effect on the economy. The CFO, the finance team, and the company as a whole are all involved.

Using Data Visualizations to Optimize Processes

Data visualizations not only help people view data in new ways, but they also help them see it more clearly, presenting insights, opportunities, and challenges that would otherwise go unnoticed.

One form of data visualizations does this is by compressing large volumes of data into some kind of layout that is readily available. Financial reports influence decision-making, but in the past, they were either too simple to show anything of value or too difficult to stir up an action. Today’s visualizations bridge the gap, allowing reports to include what decision-makers need to know while still revealing those insights in real-time.

Advanced data visualizations also allow F&a to investigate financial data on their own terms. Decision-makers know what knowledge they want better than everyone else, and once it’s simple to find it and visualize it as needed, understanding differences disappear. To look at it another way, visualizations open up a vast array of nuanced financial data to the point that it can be explored. Anyone interested in delving deeper into the data now has a great starting point.

Visualizations help practitioners outside finance grasp a topic that can be perplexing to the general reader, in addition to CFOs. Executives and heads of departments need to consider how their decisions impact the company’s finances on a micro and macro level, but many lack the knowledge to do so of a dense spreadsheet presenting a financial report. However, when presented with visualizations, the material emerges in a manner that everyone can comprehend. As a result, financial knowledge grows around the board.

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Data Visualizations: a Modern Solution

Finance teams will use innovative data visualizations to make significant progress on every one of 2021’s top priorities. Once implemented, analytics improve dramatically, accountants spend less time manually processing data, and the ERP ceases to be a barrier to understanding.

Global Data 365 offers visualization tools to optimize finance processes. In terms of usability, precision, and variety, these resources far exceed what you’ve come to expect from Excel. Even better, they’re just one of many features available in purpose-built financial reporting tools that are designed to work with today’s most common ERPs.

If you’re searching for a new perspective on data, we offer a comprehensive upgrade. To see how this all operates, request a free demo today.

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ways to optimize your ERP reporting

Home > Blogs > How to Optimize Your ERP Reporting?

How to Optimize Your ERP Reporting?

March 26, 2021

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.

ways to optimize your ERP reporting

According to a recent study, nearly 81% of the company survey 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? ERP data analysis empowers businesses to produce strategic plans, future predictions, and advanced strategies.

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 optimising ERP reporting is not a difficult task in comparison to the usual reporting process.

Listed below are the 5 ways businesses can optimise 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 have to depend on technical experts because working with the underlying data is difficult. 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.

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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.

At 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.

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 taking action. 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 solutions to help make your business grow. Schedule a call to discuss your requirements. Contact us now.

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Financial Reporting vs. Management Reporting. What is the Difference

Home > Blogs > Financial Reporting vs. Management Reporting

Financial Reporting vs. Management Reporting

April 10, 2021

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.

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 of the departments but also the company as a whole, 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 in time, these reports represent the financial position of your company. 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 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.

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What is the Difference between Financial and 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 that is used to reflect the financial situation of a company, management reporting uses main performance indicators, which include metrics to evaluate the return on investment (ROI) of a business.

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, in regards to the detail they contain, 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 report costs them extra money, they tend to not 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 organisation 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 placing 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 and management reports:

– Eye Appealing Reports: Important stakeholders are people who 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 and 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.

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