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

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

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

What is Business intelligence (BI) and its application?

Business intelligence (BI) uses software to convert reams of information into bite-sized insights to inform decision-making. The software receives data from a company's ERP system and other data sets via a sync tool or API. The BI tool then analyzes the data sets and presents findings in reports and dashboards. The purpose of BI is to help people in an organization obtain an easy to understand summary of how a business is tracking, so they can address areas of concern or opportunity.

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Topics: Strategy, Management and Performance, Job Role - Executive

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

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

Phocas is named top dashboard software in FrontRunners

Phocas is named the top dashboard software by Software Advice. FrontRunners helps businesses evaluate which software products may be right for them. Verified end-user reviews and product data is evaluated, then Software Advice positions the top scoring products based on usability and customer satisfaction ratings. Phocas scored highest in both categories, with a usability score of 4.95/5 and a customer satisfaction score of 4.75/5.

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Topics: Job Role - IT, Reviews and Recognition, Job Role - Executive, business intelligence dashboards, data visualizations

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

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