5 ways to reduce finance admin time with data analytics
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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

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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.

Read more

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

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

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

How data-driven decision-making can help businesses rebound faster

According to research conducted by McKinsey before covid-19 hit, 92% of companies thought their business models would need to change in order to remain economically viable given their industry’s rate of digitization. Now, the pandemic has underscored that need, especially for businesses lacking the capabilities that have shown to be particularly robust during the lockdown, such as access to timely data or an online sales model. Leaders are now thinking strategically about ways to better use technology and data to proactively enable data-driven decision-making across all aspects of their operations to rebound successfully. 

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Topics: Job Role - Finance, Job Role - IT, Job Role - Executive, decision-making, data analytics

How the finance team uses analytics to automate reporting

To monitor the performance of its business, Whiting Holdings, an Australian steel distributor, consolidated all its financial, sales and inventory data into one platform. By harnessing technology and implementing data analytics, the finance team automates its month end and statutory reporting which helps get to the source of the data faster and make clear decisions.

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Topics: Case Study, Job Role - Finance, Dynamic reporting, data analytics, data visualizations, Inventory Management

Margin analysis helps drinks distributor concentrate on key areas of business

Dayla Drinks is an independent on-trade drinks distributor specializing in the procurement and supply of over 3,000 products such as beer, spirits and soft drinks. The company recognizes the importance of data to its operations so it can be flexible and provide excellent service to its customers across the United Kingdom. Phocas data analytics helps the Dayla team carry out margin analysis and recommend a greater variety of products to its customers. The whole business can see where profit margins are down and focus on areas of the business that need the most attention.

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Topics: Case Study, Industry - Food and Beverage, ERP - Merlin, data analytics, business intelligence dashboards

5 data trends business managers can monitor to rebound faster

During this time of uncertainty, business managers must have the ability to cut through the noise so they can see what’s happening and understand the changes taking place in their businesses. Accurate and timely data will help you decide which areas of your business are critical and where to focus.  Full visibility of your operations allows you to determine data trends so you can make fact based decisions and rebound faster.

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

Building the case for data analytics in the aged care sector

The pace of change in the aged care sector, combined with processes that are out of alignment with the role and importance of analytics, may threaten operator's ability to meet patient demand and impact the overall quality of care provided. In order to keep up to speed of these increasing demands, you need to be more strategic and efficient when it comes to decision making. The ability to demonstrate how strong analysis influences stability, increases operational efficiencies and improves patient services; will strengthen the business case for data analytics.

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Topics: Job Role - Executive, ERP - Epicor, Dynamic reporting, data analytics, Industry - Aged care

Obex team uses business intelligence dashboards to track performance

In 2008, the founders of Obex Protection in Worcester saw the potential for better glazing and façade sealing technology for the construction market in the United Kingdom. A base range of products was on offer, but the market was primed for innovation with customers needing better, more tailored offerings.Today, the company has 28 people in the UK, a remote facility in Australia and a salesperson covering France. The Obex Protection team uses Phocas business intelligence dashboards to quickly understand how the business is tracking across its three international divisions.

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Topics: Case Study, Industry - Manufacturing, Industry - Building & Industrial Supplies, Dynamic reporting, data analytics, business intelligence dashboards

Muk haircare uses data analytics to go deep into the detail

Muk is an Australian haircare brand, established in 2006. Its products are designed for hairdressers and include everything from the technical 100 plus range of hair colours to hairdryers and speciality shampoos and conditioners. The company has limited supply issues as a result of the pandemic because factories and warehouses are operating. Still, the industry is facing a dramatic drop in the traditional demand for products due to the disruption to hairdressing salons. Muk is using data analytics to recommend the best product mix for customers and to boost the morale of its sales reps.

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Topics: Case Study, Industry - Wholesale Distribution, ERP - MYOB EXO, Job Role - Executive, data analytics

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