Master inventory calculations and anticipate future demand
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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

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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.

Read more

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

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

Carve out a competitive advantage by adding data analytics to your ERP

 

Data is increasingly vital to mid-market businesses who want to carve out a competitive advantage. Everyone working in wholesale or retail industries knows how easy it is for customers to swap suppliers when an issue arises or not, so data analytics may hold the key to keeping them. Build a case for data analytics to enhance your ERP system so you can adopt a whole-of-business approach to keeping customers.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - IT, Job Role - Executive, Industry - Retail, Industry - Consumer Goods

Improve interdepartmental communication with dynamic financial reporting

Departmentalization has its benefits — department members can align their skillsets, concentrate on specific tasks and become experts within the company. But to tackle the multifaceted challenges that modern businesses face, to be successful these departments need to work together and coordinate their approach

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

How to upload budgets into Phocas ready for FY21

how-to-upload-budgets-in-Phocas-for-FY20

A budget is a financial plan for a defined period, normally a year, can be a quarter or month. It greatly enhances the success of any undertaking. As the saying goes, "if you fail to plan then plan to fail." Budgets are an integral part of running any business efficiently and effectively. Aside from assigning resources, a budget can also aid in setting goals, measuring outcomes and planning for contingencies.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Sales

Dynamic vs static financial reporting:key differences

Managers can no longer afford to wait for weekly or monthly financial reports to review business performance; they need to make decisions immediately. Despite this, many businesses are still reporting financial statements in the traditional way — as static PDFs circulated amongst a small group of people. If a stakeholder has any questions about the figures, finding more information from a static report can be difficult as the answers often lie in the data behind the numbers. Worse; a static report only captures the status of the business at the time it was created. So, even the data available through static reporting is limited in its utility to strategize and make decisions.

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

Delivery in full on time: Why it matters and how you can improve

improve-your-delivery-in-full-on-time-rates-with-business-intelligence

Delivery in full, on time (DIFOT) is a fundamental measure when analyzing the performance of your supply chain. The main goal is to get your customers the products they need, when they need them, in the quantity they ordered. DIFOT measures how successful your business is at achieving this objective and identifies fulfilment problems and supplier reliability.

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Topics: Business Intelligence Basics, Job Role - Inventory/Operations

New finance solution to drive digital transformation

Everyone in accounting has a specific role geared to deliver accurate numbers each month. Many finance teams with multiple entities and divisions can spend up to 40% of their time gathering data to prepare these static reports, rather than analyzing the data. A finance solution created by Phocas to enable a speedy digital transformation to dynamic, interactive reporting, is now available. Backed by the power of a data analytics toolkit,  finance teams can now deliver more business insight and empower others to use the right data to measure business performance.

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

8 ways to stay ahead of the game in the new normal

The pandemic has been a catalyst for change across businesses. And while managers are still determining their future plans – what is evident is that companies will become more digitally-driven, to increase resilience and cope with change. It will be the decisive managers who enhance digital systems now and use data analytics to learn how to serve the new customer, who are best positioned to stay ahead of the game.

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Topics: Business Intelligence Basics

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