What is a bullet chart and how is it useful?
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What is a bullet chart and how is it useful?

The bullet chart is useful to visually track performance against a target, displaying results in a single column. The chart can display one or many columns that can be color-coded, and it looks like a thermometer. The bullet chart was invented by data visualization specialist, Stephen Lew to enhance the gauge chart. Phocas has always offered the bullet chart in its data analytics solution because it's an effective tool to understand variance.

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Topics: Job Role - Executive

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What is a bullet chart and how is it useful?

The bullet chart is useful to visually track performance against a target, displaying results in a single column. The chart can display one or many columns that can be color-coded, and it looks like a thermometer. The bullet chart was invented by data visualization specialist, Stephen Lew to enhance the gauge chart. Phocas has always offered the bullet chart in its data analytics solution because it's an effective tool to understand variance.

Read more

Topics: Job Role - Executive

How to democratize data-driven decision-making?

The need to know what decision-making is critical when everything is a priority has been highlighted by the pandemic. To democratize decision-making, an organization needs to break it down into manageable pieces. This ensures that responsibilities for making and executing critical decisions are transparent, and people have accurate data and technology to support them. An excellent way to determine what the important decisions are in your company is to look at the sources of value in your business and then organize the data-driven decision-making around them.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, decision-making, Dynamic reporting

What does ERP stand for and how it compares with BI?

Every department within an organization typically has its own computer system, optimized to suit the way that department operates. ERP stands for Enterprise Resource Planning (ERP) software and collates all the information created from these multiple systems and combines them into an integrated software program which runs from a single database. ERP and business intelligence (BI) software are often compared and pitted against the other, yet for many businesses they work as complementary tools.

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Topics: Business Intelligence Basics, Job Role - IT, Dynamic reporting

Master inventory calculations and anticipate future demand

As businesses reopen and customers resume spending, it’s more important than ever to have a full understanding of your stock. Having on hand what customers want today is crucial, but being able to anticipate what they will want or need in the coming months can be challenging to predict. Fortunately, by utilizing your business data, you can master inventory calculations to prepare for the future.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

5 ways to reduce finance admin time with data analytics

Most professionals complain of spending too much time doing tactical and administration work and neglecting the value-add duties. In the finance team, there is growing interest from the rest of the organization to provide more business advice, so there is a pressing need to adopt digital tools to automate processes, so instead of number crunching it can focus more on strategic tasks. A significant challenge for the finance team is selecting the right financial data analytics software, which integrates ERP financial transactions and customer interactions and fulfils expectations.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, data analytics

Infor CloudSuite™ users can access business intelligence software through Phocas

Phocas has a new partnership with Single Source Systems (Single Source), a solution reseller for Infor CloudSuite. Together, the companies will educate Infor CloudSuite customers about Phocas business intelligence software to help them get the most from their data and maximize their investment in their Infor ERP systems. Phocas BI software integrates seamlessly with a variety of Infor solutions and is currently used by more than 100 Infor ERP customers.

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Topics: ERP - Infor, Press release

Business KPIs: 5 important characteristics to be effective

To remain competitive, business managers need to track how company-wide goals are regularly progressing. Setting business key performance indicators (KPIs) is one of the easiest ways to do this. Unfortunately, many people get their business KPIs wrong, by measuring too much or not what’s helpful or copying the metrics others are using. But for KPIs to be effective, it’s essential that managers consider what they need to know and then set business KPIs to measure their specific strategy.

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Topics: Strategy, Management and Performance, Job Role - Executive, KPIs, data analytics, business intelligence software

How can business intelligence dashboards help executives?

With fingers in many pies, executives need to be smart with their time. In tough economic times, the more you can address interdependent issues holistically, the more likely you can take advantage of any competitive position you have. A consolidated view of the many facets of your business can help achieve ongoing success. A sense of the immediate state of your business can be achieved with business intelligence dashboards.

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Topics: Job Role - Executive

BI strategy: Why the CFO needs to be involved?

are-you-a-data-driven-CFO

Chief Financial Officers (CFO) are the stewards of a company’s financial well-being. As leaders realize that shrewd financial management is necessary for sound decision-making, the CFO is crucial to the growth and success of a company. The role of the CFO has evolved across every aspect of a business primarily as a company becomes more data-driven and adopts a BI strategy. The finance team has always turned to data to answer its questions and with the power of a BI toolkit, it can be more strategic and maximize business performance.

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Topics: Job Role - Finance

4 ways dashboards provide more insight into financial performance

A dashboard is a tool that allows you to see at-a-glance the performance of your organization. The various widgets on a dashboard are often charts or gauges which help explain complex information. A new financial statement solution backed by the power of a data analytics toolkit is changing the way finance teams carry out month-end reporting and the built-in dashboards  provide more dynamic insight into financial outcomes.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, business intelligence dashboards

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