This article describes the value in organizing and visualizing data.
Having a clear view of your company or organization’s performance enables strategic decisions. Having access to a clear view of your company’s performance to begin with, can be a major obstacle. As a company’s performance combines different types of data, simply gathering and uploading data into one place can be difficult. High-maintenance processes slow down operations and make it hard to understand whether or not goals are met. Modern Corporate Performance Management (CPM) tools ease many essential budgeting and reporting processes, especially on via cloud-deployment. However, a crucial factor into how the best tools have that functionality is linked to how they collect and organize data. Overall, how and where you keep your data can make a significant difference in day-to-day operations. This article will highlight some of the key benefits to using a centralized source for multiple data sources.
A data warehouse enables immediate access to financial and operational reporting capabilities, such as customized budgeting, forecasting and data entry. A top-tier data warehouse will have both pre-built integrations for Enterprise Resource Management (ERP) systems and custom modules. Pre-configured modules can include: General Ledger, General Ledger Detail, Accounts Payable, Accounts Receivable, Capital, Payroll, Projects and Revenues. Pre-defined fields for the modules eliminate the need for customization, making implementation straightforward. However, when it comes to budgeting and forecasting, customization can be a critical feature. Namely, the ability to add new accounts and dimensions, or edit labels based on organization requirements. The features of a data warehouse will make importing and exporting data a stress-free process. Both technical features and user-friendly aesthetics enable users to modify data without having to run reports or SQL queries.
Data Warehouses with advanced functionality can organize data with even further automation. For example, a data warehouse can calculate foreign currency exchange. For multi-national companies, features like Exchange Rate Administration can save time. Custom rules come in handy when dealing with currency conversion, data aggregation, entity eliminations, allocations, data movement and other transformations. Essentially, a data warehouse can provide much more than simple data storage for an organization.
On a technical level, a data warehouse can make a significant difference for an organization. Especially with applications like a data warehouse, ease of use enables the user. First, importing and exporting information to and from dimensions and data modules should be seamless. Another technical element that factors into data warehouse usability is a data viewer. A data viewer can filter, group and display data for each module, without having to run any reports. Finally, customizing modules and dimensions with simple name changes allows users to easily adjust the CPM tool to their specific needs.
Overall, a powerful, configurable data warehouse makes reporting and budgeting with a CPM tool even easier. Ideally, a data warehouse that has both pre-configured and custom modules, can save time, money and more than a few headaches.
Solver enables world-class decisions with BI360, a leading web-based CPM suite made up of budgeting, reporting, dashboards, and data warehousing, delivered through a web portal. Solver is reinventing CPM with its next generation solution. BI360 empowers business users with modern features including innovative use of Excel in the model design process. If you’re interested in learning more, our team is excited to hear about your organizational needs and goals