New Year's resolution for CFOs: more data discovery
NEW

New Year's resolution for CFOs: more data discovery

Data discovery is the process of collecting raw data from your various databases and systems, and converting it into a single source for instant analysis. Once data is converted, CFOs and the finance team can drill down,  follow a train of thought and share insights with the rest of the business. After another fast paced year, business people acknowledge that up-to-data data is no longer just a byproduct of business operations, rather it's an asset.  Data insights help develop strategy and quickly gauge the impact of decisions on business performance in real-time.

Read more

Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements

Recent posts

New Year's resolution for CFOs: more data discovery

Data discovery is the process of collecting raw data from your various databases and systems, and converting it into a single source for instant analysis. Once data is converted, CFOs and the finance team can drill down,  follow a train of thought and share insights with the rest of the business. After another fast paced year, business people acknowledge that up-to-data data is no longer just a byproduct of business operations, rather it's an asset.  Data insights help develop strategy and quickly gauge the impact of decisions on business performance in real-time.

Read more

Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements

Empowering remote finance teams with the right tools

For finance teams, the transition to remote work during COVID-19 has brought a mix of various opportunities and challenges. Since finance teams spend most of their time on their computers to create various reports, analyze and process data, remote work hasn’t created too many obstacles. However, if the finance team is reliant on the IT department to create reports, generate data queries, and extracting necessary information from the ERP – communication of financial data has most likely slowed. This dilemma can be addressed with the right financial software tools.

Read more

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

How to choose the right business intelligence solution for your business

Business Intelligence is key to making the most of the data generated by your company because it allows you to analyze this data. And to be frank, the ability to make sense of your data so you can spot trends and be proactive is a game-changer. So, to make the best decisions using the data you have available, it’s important to choose the right business intelligence (BI) solution for your business.

Read more

Topics: Business Intelligence Basics, Job Role - Executive, Financial Statements, business intelligence dashboards

Accounting analytics – how business intelligence helps

A decade ago, an accountant balanced the daily transactions and prepared a statement of profit and loss for the year-end. In recent times, the ERP and spreadsheets became the accountant’s best friend to create static reports and communicate historical financial performance. Now in today’s fast-paced business environment, the story has flipped on its head. Accountants manage the end-to-end accounting process as well as act as strategic partners to growth and success. They use accounting analytics to review data, collect insights and communicate outcomes to people across the organization, so everyone can understand the impact of their decisions in real-time.

Read more

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

Financial data visualizations - how they help businesspeople communicate

Humans are wired to love numbers over text, pictures over written content, and dashboards over spreadsheets. To make business decisions with spreadsheets, the finance team has to pore over thousands of rows of data. Analyzing company data lying in cumbersome spreadsheets becomes a chore so is often neglected. But when the same financial data is consolidated using data analytics and presented in a visual format —it’s easier to analyze and communicate the insights with the whole team.

Read more

Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, ERP - Epicor, business intelligence dashboards

Ad hoc financial analysis and reporting for everyone

In many companies, the IT department creates a library of pre-built templates for generating static financial reports from the ERP. These reports reflect data in a standardized format and layout. Yet often a decision-maker requires more information or wants to drill down on specific data. In such cases, they have to come back to the finance team (or the IT team) who investigates the matter and generates more standardized static reports. Now with new software, it is possible to remove the middle person and carry out ad hoc financial analysis – at any time – to quickly solve a pressing issue.

Read more

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

Financial Statement Reporting Software: A friend for your finance team

Finance teams have been opposing the arrival of Financial Statement Reporting Software for a simple reason — many assume that it will put you out of a job. But what if Financial Statement Reporting Software isn’t here to replace you; instead, it will assist you in your routine tasks, empower you to lead, and make you a more valuable asset for your organization.

Read more

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

The evolution of financial statement planning and analysis

Your finance team may be wasting their precious time in preparing outdated static reports, to provide insights which don’t matter anymore.Technology has transformed how the decision makers can leverage data to make informed decisions. Instead of waiting for year-end or month-end reports to analyze your financial health, the decision makers now require up-to-date insights to make on-the-go decisions and create new opportunities for business growth. Financial statement planning and analysis has evolved significantly, and with it, the need of switching to software has also increased tremendously.

Read more

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

Financial Reporting - it's time to automate and modernize

With today’s critical need for accuracy, completeness and speed in financial reporting, the finance team can’t afford to spend weeks collating data to generate reports. Your obsolete reporting software may be leaving your business exposed to a range of critical risks, and your finance team are left doing 'busy' administrative work. Instead, they could be adding value through knowledge sharing and analysis. It's time to add the power of data analytics to financial reporting, so customization and automation follow.

Read more

Topics: Job Role - Finance, Financial Statements, Dynamic reporting

What's new in manufacturing software?

In manufacturing, most companies can’t make products any faster or cheaper, so they need to achieve efficiencies through data and the back office. ERP, data analytics and the new Epicor Data Analytics (EDA) Financial Statements manufacturing software helps facilitate these gains. Many manufacturers using Epicor ERPs benefit from the partnership between Phocas and Epicor and use the white-labelled Epicor Data Analytics plus EDA Financial Statements to do systematic analysis of their data and monitor KPIs.

Read more

Topics: Industry - Manufacturing, Financial Statements, data analytics, data visualizations, KPIs and metrics

Follow us

Subscribe via email

Posts by category