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what is power BI
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What is Power BI?

what is power BI

Modern businesses depend on data, and we’re producing more of it than ever before. However, accumulating volumes of digital data is useless unless companies can make use of it. Business intelligence tools can help with this. Are you planning to introduce a platform to assist you in extracting valuable, actionable insight from your data? You have arrived at the right place. In this blog, we will go over the fundamentals of Microsoft Power BI, like what it can do, what it costs, and what benefits it can provide to your company.

What is Power BI?

Power BI is a business analytics tool by Microsoft that empowers organizations to visualize and analyze data, enabling data-driven decision-making. It allows users to connect to various data sources, transform data, and create interactive reports and dashboards. 

 

Mainly, it draws data together and transforms it, transforming it into meaningful insights, including using visually convincing and easy-to-process charts and graphs. This allows users to create and share simple and useful snapshots of what’s happening in their market. 

What is Power BI Used For?

It is primarily used for: 

  • Data Visualization: Creating visually appealing reports and dashboards that help users understand data trends and patterns. 
  • Business Intelligence: Transforming raw data into actionable insights to support strategic decision-making. 
  • Data Analysis: Allowing businesses to analyze data from multiple sources in real-time. 
  • Reporting: Developing detailed, interactive reports that provide in-depth insights and promote alignment across the organization. 
  • Sharing & Collaboration: Facilitating collaboration among team members by sharing insights and reports in a secure and controlled environment. 
  • Financial Analysis: Create and analyze financial reports to understand business performance. 
  • Marketing and Sales: Leverage data to improve customer engagement and sales strategies. 

Components of Power BI

The tool comprises several key components, each serving a specific purpose: 

 

  • Power BI Desktop: A desktop application used to create and publish reports. It offers robust data modeling and visualization capabilities and serves as the primary tool for data analysts. 
  • Power Query: Power Query is a powerful tool for data cleaning and transformation, enabling users to manipulate data from various sources effortlessly. Its intuitive interface streamlines complex processes, ensuring data is efficiently prepared for analysis. 
  • Model View: A data modeling component that allows users to create complex models, define relationships, and perform calculations using DAX. 
  • Report View: An interactive data visualization tool that allows users to create dynamic charts, graphs, and maps for data exploration. 
  • Power BI Service: A cloud-based platform that allows users to share, collaborate, and consume Power BI reports and dashboards. It is ideal for distributing insights across an organization. 
  • Power BI Mobile: Mobile applications available for iOS, Android, and Windows devices, enabling users to access their reports and dashboards on the go. 
  • Power BI Report Server: An on-premises server that can host and manage Power BI reports and paginated reports. It is particularly useful for organizations that need to keep their data on-premises due to security or compliance requirements. 

Benefits of Using Power BI

Power BI transforms a company’s data into actionable reports and insights by connecting to various data sources and cleaning the information for better comprehension. This enables the creation of shareable reports and visualizations that enhance collaboration across teams.

  • Comprehensive Data Insights: Users can analyze historical data, monitor current trends, and leverage predictive analytics to anticipate future outcomes.
  • Advanced Analytics: Power BI harnesses machine learning capabilities to identify patterns in data, helping businesses make informed decisions and generate forecasts.
  • Interactive Dashboards: Users can create personalized dashboards tailored to their specific needs, ensuring quick access to vital information.

As a stable Microsoft-hosted cloud service, Power BI provides users with seamless access to dashboards, reports, and applications via web browsers or mobile apps for Windows, iOS, and Android. Other benefits of using it include:

 

  • Powerful Visualization Tools: Enhance data understanding with robust visualization features that turn complex data into clear, actionable insights.
  • Cloud-Based Advantages: Benefit from cutting-edge intelligence technologies and powerful algorithms that are regularly updated, ensuring users always have access to the latest tools.
  • Customizable Dashboards: Tailor dashboards to highlight the most relevant data, allowing users to focus on key performance indicators (KPIs).
  • Real-Time Alerts: Set up alerts for critical metrics, keeping users informed of any significant changes or updates in their data.
  • User-Friendly Interface: Enjoy a more intuitive experience compared to complex spreadsheets, making data analysis accessible to users at all skill levels.
  • Robust Data Security: Ensure data protection with granular access controls, allowing for secure sharing of information both internally and externally.

Power BI Architecture

The Power BI architecture is designed to provide flexibility and scalability. It consists of the following layers: 

 

  1. Data Sources: Power BI connects to various data sources, including databases, cloud services, and files. Data is extracted and transformed. 
  2. Data Storage: After extraction and transformation, data is stored in the Power BI cloud-based service or on-premises in the Power BI Report Server.
  3. Data Modeling: Users can create relationships between different data tables, define calculations, and create data models using Power BI Desktop.
  4. Data Visualization: Users create interactive reports and dashboards using the visualization tools provided in Power BI Desktop. 
  5. Report Publishing & Collaboration: The Power BI Service is where reports and dashboards are published and shared. It also handles user management, security, and data refresh.

Power BI Services

It offers several services that enhance its functionality: 

  • Power BI Pro: A subscription-based service that provides enhanced collaboration and sharing features. 
  • Power BI Premium: Offers dedicated cloud resources, greater data capacity, and advanced features, such as paginated reports and AI capabilities. 
  • Power BI Embedded: Aimed at developers, this service allows reports and dashboards to be embedded within custom applications. 

Power BI Dashboard

A Power BI Dashboard is a single-page, interactive view of your data, created from one or more reports. It allows users to monitor business metrics briefly and drill down into details as needed. Dashboards can be customized with various visualizations, such as charts, graphs, and tables, and can be shared with others for collaborative decision-making. 

Top Power BI Pack of Dashboards

We offer a customized dashboard package tailored to meet the unique needs of your business. Our dashboards are designed to provide real-time insights and help you make data-driven decisions with ease. Whether you’re looking to optimize financial performance, streamline inventory management, or drive sales, our Power BI dashboards will give you the tools you need to achieve your business goals.

Here’s what you can expect in our Top Pack of BI Dashboards which includes following:

  • Finance Dashboard: Gain in-depth insights into your financial operations, track key financial KPIs, and improve budgeting and forecasting accuracy.
  • Inventory Dashboard: Track inventory levels, reduce waste, optimize stock levels, and improve inventory turnover rates with real-time data insights.
  • Sales Dashboard: Get a comprehensive view of your sales data, identify high-performing products, and make strategic decisions to boost revenue.
  • Purchases Dashboard: Manage purchasing activities, monitor supplier performance, and control procurement costs effectively. 
  • Retail Sales Dashboard: Analyze retail sales performance, track customer trends, and optimize inventory levels for maximum profitability.
  • HR Dashboard: Track employee analysis, record payroll and recruitment for informed organizational decision-making.

Why Choose Our Dashboard Packs?

  • Ready-to-Use: Get started quickly with pre-built dashboards tailored to your industry. 
  • Customizable: Easily adjust visualizations and data models to fit your specific needs. 
  • Comprehensive Insights: Access a wide range of metrics and KPIs for in-depth analysis. 
  • Expert Support: Benefit from our dedicated support team to help you get the most out of your dashboard packs. 

Who Can Use it?

Although business intelligence products are usually the territory of business analysts and data scientists, Power BI’s user-friendly nature enables it to be used by a wide range of people within an organization. Power BI will build customized dashboards based on the data you want to see and the details you need. 

 

It’s mainly used by business intelligence practitioners to build data models and reports that are then circulated to their company. It is frequently used as a self-service tool by different sections of the business to check on progress and gain insight into their team’s success. Not all companies, however, would have the scale or need to support a full-time data whiz, so it is frequently used as a self-service tool by various branches of the business to check on performance and gain insight into their team’s performance. Power BI will report on almost anything because it operates with whatever data you give it. Finance, Retail Sales, Inventory, Sales, and operations are among the divisions that use it the most. 

Takeaway

Global Data 365 offers financial analytics solutions for the entire Microsoft Dynamics software products. We have been assisting business leaders in getting the knowledge they need effectively, reliably, and efficiently for almost 8+ years. We offer a wide range of Power BI Training Programs, if you want to learn it from beginner to advanced level. Get Consultation and choose the best training for you or your team, to revolutionize your reporting. 

 

If you want to learn more about how Power BI can transform your business operations, we suggest learning more about the advantages of our quick but efficient reporting tools. 

Register Now and Get 25% off on Power BI Training!

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Jet Reports AI Assistant – Boost Financial Reporting

jet reports ai assistant

Financial reporting is a critical component of every business, providing insights into financial health and guiding decision-making. However, the process can quickly become overwhelming, requiring businesses to sift through vast amounts of data, compile reports, and analyze complex financial trends. Many organizations find this both time-consuming and challenging, often struggling to efficiently gather and interpret the information needed for accurate, timely reporting. Find out how Jet Reports AI assistant helps you to step-up financial reporting for your organization.

What is Jet Reports?

Business Intelligence such as; Jet Reports is a comprehensive business reporting tool that integrates directly with your ERP system, enabling fast, accurate financial and business reporting. By using familiar platforms like Excel and Power BI, Jet Reports makes it easy to pull in real-time data from your ERP and create reports that provide deeper insights into your business’s financial health.

Jet Reports AI Assistant

With the introduction of the Jet Reports AI Assistant, financial reporting is no longer a manual, time-consuming process. The AI assistant takes Jet Reports’ powerful reporting capabilities to the next level, making it easier than ever to access, analyze, and act on your financial data. Instead of hunting for the right numbers or spending hours interpreting data, you can simply ask the AI assistant, and it will instantly provide the information you need.

 

Learn More about the capabilities of AI Assistant: Watch the Webinar.

 

In this blog post, we’ll explore how Jet Reports, enhanced with cutting-edge AI capabilities, can revolutionize your financial reporting, providing game-changing insights and streamlining the process for better decision-making. Let’s dive into the keyways it can help your business.

Key Takeaways for Jet Reports AI Assistant:

1. Gamechanger for Financial Reporting

The Jet Reports AI Assistant eliminates the hassle of searching for financial data. With a simple query, it delivers relevant information in seconds, allowing you to focus on analysis rather than data gathering.

2. Turn Data into Actionable Insights

It doesn’t just present data—it interprets it. By identifying hidden trends, fluctuations, and outliers, it transforms your financial data into actionable insights that empower strategic decision-making.

3. Proactive Risk Management

AI assistant continuously analyzes your financial reports, helping you spot potential risks and irregularities early on. This proactive approach allows you to implement risk mitigation strategies, safeguarding your business’s financial health.

4. Enhance Microsoft Dynamics ERP with AI

Jet Reports AI Assistant works seamlessly with Microsoft Dynamics ERP and Microsoft Co-Pilot, amplifying your financial reporting capabilities. The integration streamlines productivity, enhances reporting accuracy, and provides in-depth financial analysis to ensure informed decision-making.

5. Boost Productivity and Accuracy

By automating time-consuming tasks like report generation and data analysis, Jet Reports AI Assistant increases your team’s productivity. This accuracy also reduces errors, ensuring that your financial reports are reliable and up to date.

In Conclusion

The Jet Reports AI Assistant is more than just a tool; it’s a gamechanger for businesses looking to streamline their financial reporting process. From actionable insights to

proactive risk management, this AI-powered solution helps you make data-driven decisions with confidence.

 

Ready to transform your financial reporting? Learn more about how Jet Reports AI Assistant can revolutionize your approach and unlock smarter, more efficient financial reporting for your business.

Get 30 days free license for Jet Reports

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Power BI vs. Jet Reports: 11 Key Differences

power bi vs jet reports

Power BI vs. Jet Reports: the ultimate comparison between two powerful tools that cater to different aspects of data analysis and reporting, each with its strengths and unique features. 

 

Power BI, developed by Microsoft, is a comprehensive business analytics tool that enables users to visualize and analyze data through interactive reports and dashboards. It excels at creating interactive dashboards and reports for tailored insights. However, Power BI does have some limitations when it comes to financial and operational reporting. Creating reports is complex, requiring DAX scripting and technical knowledge. It lacks drill-down capability to Dynamics NAV/365 Business Central, and needs detailed transactions in the data model. 

 

While Jet Reports is a business reporting solution designed to work with Microsoft Dynamics ERP systems, such as Dynamics NAV and Dynamics 365 Business Central. It provides fast, flexible financial and business reporting within Excel environment. It simplifies access to information by enabling real-time reporting on Microsoft Dynamics data and allows easy sharing of reports across your organization. 

Power BI and Jet Reports: What's the difference?

Both Power BI and Jet Reports are complementary tools in the realm of data analysis and reporting, but they have core differences in their functionality and focus. 

Aspects 

Power BI 

Jet Reports 

Purpose

Microsoft’s robust analytics, best for data visualization and dashboards with interactive visuals.

Focused on detailed financial and operational reporting from Dynamics ERP.

Interface  

Uses Power BI Desktop, requires learning for new users.

Integrates with Excel, familiar for finance professionals.

Visualization

Offers rich, interactive visuals with numerous chart types.

Basic visualizations, prioritizing details on transactions.

 

Data Integration  

Connects to various on-premises, cloud, and third-party sources.

Optimized for Microsoft Dynamics ERP data.

Customization

Strong visual customization, limited for detailed formatting.

High flexibility in formatting and layout via Excel.

 

 

User Base

Used by executives and analysts for high-level insights.

Preferred by finance teams for detailed reporting.

 

Security 

Robust security with role-based access and Azure integration. 

Utilizes the NAV-BC security model, eliminating the need to manage a separate security model. 

Real Time Reporting

Supports live data and frequent refreshes.

Real-time data from Dynamics ERP. 

Drill-down Capabilities 

Advanced drill-down on interactive dashboards.

 Excel-based drill-down functionality.

Report Scheduling and Distribution 

Automates report sharing via Power BI Service.

Reports scheduled and distributed directly from Excel.

Dimensions 

 Supports dimensional analysis for detailed data slicing.

Works seamlessly with Dynamics dimensions.

 

In Conclusion

In conclusion of Power BI vs. Jet Reports; both offer valuable solutions for data analysis and reporting, each has its own strengths and focus. Power BI is a comprehensive tool suitable for users working with diverse data sources, offering advanced data visualization and analysis capabilities. On the other hand, Jet Reports, is specifically designed for reporting of Microsoft Dynamics ERP systems, providing a more streamlined and tailored reporting solution. 

 

The core differences between Power BI and Jet Reports lie in their functionality and integration capabilities. Power BI requires manual or scheduled refreshes for its data model and lacks real-time reporting directly from the ERP. In contrast, Jet Reports enables real-time reporting by directly refreshing reports against the live ERP system, providing a more seamless and integrated reporting experience within the Dynamics environment. 

 

Ultimately, the choice between Power BI and Jet Reports depends on the organization’s specific needs and requirements. Power BI is ideal for users who require extensive data visualization and analysis capabilities, while Jet Reports is more suitable for users within the Dynamics ERP environment who need a specialized reporting solution. Integrating these tools can enhance an organization’s data analysis and reporting capabilities, especially for those leveraging Microsoft Dynamics ERP systems. 

 

Still exploring which solution is right for you? Our experts are here to help! Contact us today to discuss your unique business needs and find the perfect fit. 

 

Our team will guide you through the features and benefits of both Power BI and Jet Reports, helping you understand how each solution aligns with your goals. Whether you need advanced data visualization and analysis capabilities or a specialized reporting tool for Microsoft Dynamics ERP systems, we’ll help you make an informed decision. 

 

Don’t let uncertainty hold you back. Contact us today and discover which tool; Power BI vs. Jet Reports leads you to winning data transformation!

Unlock Powerful Insights: Get Your Free Jet and Power BI Demo!

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Limitations of Power BI
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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.

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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. 

Get 30 days free license for Jet Reports.

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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
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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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BI Dashboard
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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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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
D356 CRM
Jet Reports
Jet Analytics
Power BI
Power Apps
Power Automate

Resources

Blogs
Latest News
Help Center
Become a Partner

Training

Jet Training
Power BI Training

Contact Us

Office # 1912-16, The Binary by OMNIYAT, Business Bay, Dubai, UAE.

+971 52 843 3085

sales@globaldata365.com

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