Nowadays, the amount of data you are working with can be massive, maybe especially for professional sports teams. Since data correlates directly to advertising, performance, profit, and so on, data warehousing can assist professional sports teams in staying on budget and on track with owners, players, administrative staff and the finance team. Maybe you’re not that familiar with a data warehouse solution, so you have several questions. This article will aim to offer answers that speak to your questions, so you can better understand how data warehousing can expand professional sports team data management and analytics from Microsoft Dynamics GP and additional data sources.
Budgeting might be one of the more logistically complicated organizational processes, probably due to the tedium of manual Excel budgeting for budget managers. Excel might be the international go-to software for finance departments, but the spreadsheet program typically can’t handle planning for organizations of a healthy size, like professional sports teams. More Microsoft Dynamics GP customers are choosing independent software vendor (ISV) budgeting tools for expanding and updating their planning processes. Some of today’s third party software streamlines budgeting and forecasting by zooming in on secure teamwork. Planning processes typically require collaboration in the important effort to live within our (organizational) means, with help from historical actuals and projections from all areas of the company.
You’ve probably noticed or heard that dashboard software is really popular in the Business Intelligence (BI) arena these days. Additionally, Gartner’s recent study on CFO technology priorities concluded that dashboards, scorecards, and performance management tools are number one for financial executives today. Professional sports teams are typically relying on dashboards in terms of athlete performance anyway, so BI dashboard analytics are a logical extension of easy-to-digest, quickly accessible analyses. Dashboards or charts, graphs, and scorecards that showcase data trajectories, successes, and challenges with key performance indicators (KPIs), whether you are looking at off-season plans, investments, payroll, or the overall financial picture of your professional sports team.
In the modern business culture, a powerful financial report writer is essential in translating the growing amount of data into analyses that inform better decision-making for the future – and it’s not different for professional sports teams. Your options as a professional sports team can be overwhelming, particularly with everything else on your list of tasks to maintain the brand and stay competitive as a team and a corporation. In this article, I’ll discuss features and functionality you should seek to improve your financial reporting process as a professional sporting team using Microsoft Dynamics GP.