What is Ad Hoc Analysis and Reporting?

by Data Nectar | Nov 11, 2024 | Business Intelligence, Data Analytics, Data Quality, Data Warehouse

Table of Contents

FirstHeading

Unlocking the Power of Self-Service BI for Ad Hoc Analysis
You might not need full time Data Engineer, we have flexible engagement model to meet your needs which impact on ROI
Implementing Self-Service BI for Ad Hoc Analysis
Hire our qualified trainers who can train your non IT staff to use self service Business Intelligence tools.

What is Ad Hoc Analysis and Reporting?
Top Benefits of Data Governance for Your Organization
Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

We might face or hear such dialogues regularly in our work environment, today’s fast-paced business environment demands quick access and data analysing capabilities as a core business function. Standard transactions systems; standard ERP, CRM & Custom applications designed for specific business tasks do not have capabilities to analyse data on the fly to answer specific situational business questions.

Self-service BI tools can solve this need provided, it is a robust Data Warehouse composed of prower-full ETL from various data sources.

Here is the brief conversation, have a look:

Senior Management: “Good morning, team. We have a meeting tomorrow evening with our leading customer, we urgently need some key numbers for their sales, Credit utilised, their top products and our profits on those products, and their payment patterns for this particular customer. These figures are crucial for our discussions, and we can’t afford any delays or inaccuracies. Unfortunately, our ERP system doesn’t cover these specific details in the standard dashboard.”

IT Team Lead: “Good morning. We understand the urgency, but without self-service BI tools, we’ll need time to extract, compile, and validate the data manually. Our current setup isn’t optimised for ad-hoc reporting, which adds to the challenge.”

Senior Management: “I understand the constraints, but we can’t afford another incident like last quarter. We made a decision based on incomplete data, and it cost us significantly. The board is already concerned about our data management capabilities.”

IT Team Member: “That’s noted. We’ll need at least 24 hours to gather and verify the data to ensure its accuracy. We’ll prioritise this task, but given our current resources, this is the best we can do.”

Senior Management: “We appreciate your efforts, but we need to avoid any future lapses. Let’s discuss a long-term solution post-meeting. For now, do whatever it takes to get these numbers ready before the board convenes. The credibility of our decisions depends on it.”

IT Team Lead: “Understood. We’ll start immediately and keep you updated on our progress. Expect regular updates as we compile the data.”

Senior Management: “Thank you. Let’s ensure we present accurate and comprehensive data to the board. Our decisions must be data-driven and error-free.”

Unlocking the Power of Self-Service BI for Ad Hoc Analysis

What is Ad-Hoc Analysis?

Process to create, modify and analyse data spontaneously to answer specific business questions is called Ad-Hoc Analysis also referred as Ad-Hoc reporting. Here to read carefully is “SPONTANEOUSLY”, e.g. as and when required, also may be from multiple sources.
In comparison to standard reports of ERP, CRM or other transactional system, those are predefined and static, Ad-Hoc analysis is dynamic and flexible and can be analyses on the fly.

Why is Ad-Hoc Analysis important to your business?

Data grows exponentially over the periods, Data Sources are also grown, Impromptu need of specific business questions can not be answered from a single data set, we may need to analyse data that are generated at different transactional systems, where in Ad-Hoc reporting or analysis is best fit option.

So, For the following reasons Ah-Hoc Analysis is important in the present business environment.

1. Speed and Agility:

Users can generate reports or insights in real time without waiting for IT or data specialists. This flexibility is crucial for making timely decisions and enables agile decision making.

2. Customization:

Every other day may bring unique needs, and standard reports may not cover all the required data points. Consider Ad-hoc analysis: every analysis is customised for their queries and reports to meet specific needs.

3. Improved Decision-Making:

Access to spontaneous data and the ability to analyse it from different angles lead to better-informed decisions. This reduces the risk of errors and enhances strategic planning.

You might not need full time Data Engineer, we have flexible engagement model to meet your needs which impact on ROI

Implementing Self-Service BI for Ad Hoc Analysis

Self-service BI tools empower non-technical users to perform data analysis independently.

What does your organisation need?

Curreated data from different sources to single cloud base data warehouse

With direct connections to a robust data warehouse, self-service BI provides up-to-date information, ensuring that your analysis is always based on the latest data.

Self Service BI tool which can visualise data. – Modern self-service BI tools feature intuitive interfaces that allow users to drag and drop data fields, create visualisations, and build reports without coding knowledge.

Proper training to actual consumers or utilizer of data for timely decision(they should not be waiting for the IT team to respond until their need requires highly technical support. Modern self-service BI tools feature intuitive interfaces that allow users to drag and drop data fields, create visualisations, and build reports without coding knowledge.

What will be impact one your organisation is ready with Self Service BI tools

Collaboration and Sharing:

Users can easily share their reports and insights with colleagues, fostering a culture of data-driven decision-making across the organisation.

Reduced IT Dependency:

By enabling users to handle their reporting needs, IT departments can focus on more strategic initiatives, enhancing overall efficiency.

Self Service Tools for Ad-Hoc Analysis

Microsoft Excel
Google Sheets
Power BI
Tableau
Qlick

Read more about Getting Started with Power BI: Introduction and Key Features

How Data Nectar Can Help?

Data Nectar team have helped numerous organizations to implement end to end Self Service BI tools like Power BI, Tableau, Qlik, Google Data Studio or other, that includes Developing robust cloud or on premise data warehouse to be used at self service BI tools. Training on leading BI tools. Accelerate ongoing BI projects. Hire dedicated; full time or part time BI developer, migration from standard reporting practice to advance BI practice.

Final Wrapping,

Incorporating self-service BI tools for ad hoc analysis is a game-changer for any organisation. It bridges the gap between data availability and decision-making, ensuring that critical business questions are answered swiftly and accurately. By investing in self-service BI, companies can unlock the full potential of their data, driving growth and success in today’s competitive landscape.

Hire our qualified trainers who can train your non IT staff to use self service Business Intelligence tools.

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What is Ad Hoc Analysis and Reporting?

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Top Benefits of Data Governance for Your Organization

Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

Accounts Payable vs. Accounts Receivable: Differences Explained with Example

by Data Nectar | Dec 29, 2023 | Business Intelligence

Table of Contents

Introduction of accounts payable and receivable

What Is an Account Receivables Overview Dashboard?
Benefits of an Accounts Receivable KPI Dashboard

What is Ad Hoc Analysis and Reporting?
Top Benefits of Data Governance for Your Organization
Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

Accounts payable and accounts receivable are like the plus and minus signs: When the company’s income and expenses are healthy, it can take advantage of growth opportunities and keep good relationships with clients and suppliers.

Introduction of accounts payable and receivable

In its accounts payable (AP) ledger, a business keeps track of its short-term debts, like buying things from sellers and paying back debts. In business, accounts receivable (AR) are the money the company hopes to get from partners and customers. The accounts receivable definition on the balance sheet is denoted as a current asset.

Lenders and possible investors look at AP and AR to understand how financially stable a business is. It’s essential to make money and spend it wisely so that the company can grow and keep people. Any mistake on either side of the issue can hurt your credit and, in the long run, your business’s stability.

What is accounts payable?

Accounts Payable Understanding: You can keep track of the money you owe any third party with accounts due, a cash flow account. The third parties could be a bank, a business, or even someone you took money from. When you buy something from another company, that’s an example of an accounts payable. The amounts are usually due immediately or within a short time, depending on the terms for return.

Example of accounts payable:

Scenario for XYZ Electronics

XYZ Electronics, a technology company, procures electronic components from various suppliers to manufacture its products. Let’s examine a specific transaction involving Accounts Payable.

Transaction Details:

1) Purchase Order (PO):
XYZ Electronics places a purchase order with Supplier A for electronic components, totaling $10,000.

2) Delivery and Invoice:
Supplier A delivers the components, along with an invoice for $10,000, indicating a payment term of “net 30 days.”

3) Recording the Transaction:
XYZ Electronics receives the components and records the transaction in its accounting system as follows:

Debit: Inventory $10,000
Credit: Accounts Payable $10,000

This entry reflects an increase in inventory (an asset) and the creation of an accounts payable liability.

4) Payment Terms:
The payment terms are “net 30,” meaning XYZ Electronics has 30 days to settle the $10,000 invoice.

5) Payment Processing:
As the due date approaches, XYZ Electronics reviews its payables and initiates the payment process.

6) Payment Execution:
On the 30th day, XYZ Electronics issues a check to Supplier A for $10,000, thereby settling the accounts payable.

Importance and Analysis:

1) Cash Flow Management:
XYZ Electronics effectively manages its cash flow by utilizing the 30-day credit period, ensuring operational funds are available for other needs.

2) Supplier Relationships:
Timely payment strengthens the relationship with Supplier A, fostering reliability and potential future collaboration.

3) Financial Reporting:
The accounting entries provide an accurate snapshot of XYZ Electronics’ financial position, with inventory reflecting the value of components on hand and accounts payable indicating outstanding obligations.

Thus, Accounts Payable is a dynamic component of financial management, balancing cash flow needs with timely payments. This case study illustrates how XYZ Electronics leverages accounts payable to facilitate smooth operations and maintain positive supplier relationships.

What is accounts receivable?

Accounts receivable definition: Customers owe your business money for goods or services that you have billed them for is called accounts receivable. On the balance sheet, the total value of all accounts receivable is shown as current assets. This includes bills that customers owe for goods or work done for them on credit.

Most of the time, vendors bill their clients after providing services or goods based on the terms that both parties agree upon when a contract or purchase order is given.

Customers agree to pay bills within 30 days, called “net 30.” Terms can also be net 60 or even net 90, and a business may agree to them to get a contract. But if you order a lot, especially if the item is made just for you, the company may ask for a deposit upfront. A lot of the time, service companies also charge part of their fees upfront.

When a business gives goods or services to a customer, the accounts receivable (AR) team bills the customer and records the amount owed as an account receivable, making note of the terms.

If the customer pays as planned, the team marks the payment as a deposit. After that, the account is no longer owed money. If the customer doesn’t pay on time, the sales rep or collections team will likely send a “dunning letter.” This letter may include a copy of the original bill and a list of any late fees.

Companies that use accounting and finance software can improve their day’s payables by having customers emailed about invoices that are past due and asking for payment right away.

Accounts that are past due can be drilled down on to get more information about the customer, like:

1. Payment
2. Due date
3. Amount due
4. Credit terms

Keep an eye out for the option to filter out specific customers, such as those on extended terms, from collection emails.

How many types of account receivable are there?

There are three main types of receivables: trade accounts receivable, notes receivable, and other accounts receivable.

1) Accounts Receivable

Credit sales are generally what cause accounts receivable. This scenario happens when you buy things on credit. Most of the time, you have one to two months to make the payment.

2) Notes Receivable

This type of receivable looks like a business letter. The fee for this kind of loan is due in two to three months. If you pay off your debts in that time, you won’t have to pay interest on them. If the debtor asks for more time to pay, however, interest will be added at the rate of one month’s increase.

3) Other receivables

These are different types of receivables, such as interest receivables, wage receivables, employee advances, and tax refunds. Notes are classified as general liabilities on the balance sheet because of their unique characteristics.

Example of accounts receivable

Accounts receivable in a dental practice refer to the outstanding balance of payments owed by patients and insurance companies for dental services rendered but not yet settled.

In this case, the dental bills receivable look like this:

Patient A has an outstanding balance of $120 for a check-up.
Patient B has an outstanding balance of $200 for a dental filling.
The insurance provider of Patient C is responsible for a payment of $600 for a medical service.
Patient D has a remaining balance of $300 after making a payment of $150.
The insurance provider for Patient E is responsible for a payment of $170 for a cleaning procedure.
The deductible for Patient F’s insurance is $80.

The aggregate outstanding payments owed to the company for the month is $1,470. This refers to the funds that you are waiting to get from patients and insurance companies. Effective management is essential for maintaining financial stability.

What Is an Account Receivables Overview Dashboard?

A visual tool called an Accounts Receivable Dashboard is used to manage, evaluate, and keep an eye on activities related to accounts receivable. It gives everyone on the team a clear picture of all the AR statements in one place.

It can also link to other useful tools, like ERP or billing systems. This gives you more information about how customers act and how they pay. It also helps the AR team quickly make sensible decisions when there are customer complaints or late payments.

Metrics for accounts receivable are an important part of your display. You can always see how well your customers pay their bills because the software calculates accounts receivable KPI (key performance indicators for you.

Account Receivable Dashboard: Benefits, Examples and Tips

Benefits of an Accounts Receivable KPI Dashboard

Automating A/R includes more than a dashboard. Is it worth the time to add other data or make an AR aging dashboard? It’s worth thinking about the advantages listed below.

#1. Updates in real-time

Companies might not do new Accounts Receivable KPI estimates for weeks or months if they don’t use automation. The A/R team could give these numbers to managers once a month or three times a year so they can look over them. It may seem like something you’d do regularly, but having up-to-date financial data is important for seeing possible issues before they escalate.

#2. Valid Data

The team can stay accurate and up to date on all accounts due data with the help of a dashboard. Workers don’t have to worry about making reports by hand or dealing with spreadsheets that are full of mistakes because of real-time updates.

#3. Details and Insights

The dashboard lets you divide data into parts that are simple to handle. It can help you find patterns, trends, and spots to improve tasks. Managers can compare the different measures to get a better idea of how their team is doing.

#4. Better performance

The AR statement dashboard gives managers real-time information they can use to quickly change strategies or decide which jobs are most important. They can help managers find and fix problems faster if there are changes in how customers act. The following can reduce time wasted on jobs that don’t add value and boost overall performance.

#5. Motivating a Team

The dashboard is also a great way to see how well your team is doing and how well you’re doing as an individual. It helps make things more competitive, which motivates people to do better, and it lets the best workers be recognized. Getting rid of the need to do calculations by hand can also boost team morale.

#6. Better handling of cash

In general, the AR dashboard helps improve on how is accounts receivable a debit or credit. It allows managers to figure out which customers are taking too long to pay, decide how to best collect from them, and make better choices about whether to extend payment terms or do something else.

Final words on accounts receivable KPI

For businesses to get the most out of their A/R dashboards, they need to make sure they choose the right A/R tools. Companies should figure out which specs are most important for running their businesses and keeping their money safe. Also, it should ensure that it works with software and hardware now and in the future.

Lastly, pick a software company you can trust that offers excellent customer service. At Data Nectar, we offer an automatic service that has helped our clients achieve great results. We helped them cut down on DSO and risky debts. Also, our clients have said that they get fewer bills that are past due and faster cash payments. What is Data Nectar going to do for you? To begin, book a demo for the accounts receivable KPI dashboard.

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Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

Getting Started with Power BI: Introduction and Key Features

by Data Nectar | Dec 5, 2023 | Business Intelligence, Data Visualisation

Table of Contents

FirstHeading

What is Power BI?
Key Features and core concepts to start with Power BI

1. Creative Dashboard Design:
2. Smart Dataset Filtering
3. Data Connectivity
4. Data Modeling
5. Explore Data
6. Real-time Data
7. Power Query
8. The Statistical Language R

For a better basic understanding of Power BI, refer to the following basic FAQs related to Power BI.

1) How do I download and install Power BI Desktop?
2) What are the system requirements for Power BI Desktop?
3) Is Power BI available for Mac?
4) How can I create a Power BI account?
5) What is the difference between Power BI Desktop and Power BI Service?
6) Can I use Power BI without an internet connection?
7) How do I get data into Power BI?
8) What data sources does Power BI support?
9) Can I connect to on-premises data sources with Power BI?
10) Is there a mobile app for Power BI?
11) What is Power BI Pro and Power BI Premium?
12) How do I share reports and dashboards with others?
13) Can I embed Power BI reports in other applications?

What is Ad Hoc Analysis and Reporting?
Top Benefits of Data Governance for Your Organization
Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

As You are here, congratulations on the first step toward a data-driven business journey. In today’s data-driven world, we all rely on data to make informed decisions in one way or another. Power BI was developed by Microsoft, a powerful business analytics service that empowers users to harness the potential of their data and transform it into actionable insights. In this comprehensive introduction to Power BI, we’ll explore what it is, its key features, why it matters, and real-world use cases.

What is Power BI?

At its core, Power BI is a versatile data analytics and data visualization tool. Users can connect to various data sources, transform raw data into meaningful insights, and create interactive business dashboards and paginated reports.

Key Features and core concepts to start with Power BI

To understand Power BI, it is necessary to understand the core elements of Power BI that encompass data analytics and reporting suites.

1. Creative Dashboard Design:

Power BI should be considered a self-service BI tool as it provides a wealth of data visualization options, using charts, cross-tab tables, maps, and more with great formatting functionalities for informative reports and dashboards. These dashboards can be printed or shared using Power BI services.

2. Smart Dataset Filtering

Using Power BI massive datasets can be filtered to zoom in on the stuff we want to refer to. It’s like focusing on specific data without drowning in the entire sea of information.

3. Data Connectivity

To analyze data, we first need the connectivity of different data sources. Power BI supports diverse data sources; including databases (SQL Server, Oracle), cloud services (Azure, AWS), online services (Google Analytics, Facebook), and local files (Excel, CSV).

4. Data Modeling

Once various data sources are connected to Power BI, the importance of data modeling can’t be overstated as it forms the foundation; establishing relationships between different data tables, and improving data quality and well-structured data contributes to better query performance.

5. Explore Data

Power BI’s drill-down functionality allows users to seamlessly explore data from high-level summaries down to granular transaction details. This hierarchical navigation provides transparency into the intricacies of the data, fostering a dynamic and interactive reporting experience. With customizable detail views, users can tailor their analyses, making Power BI a powerful tool for in-depth data exploration and insight generation.

6. Real-time Data

Power BI allows for real-time data analysis, ensuring that you’re always working with the most current information.

7. Power Query

Power Query is a built-in data transformation tool that enables you to shape and transform your data before analyzing it. It helps clean, filter, and format your data for optimal use.

8. The Statistical Language R

Power BI supports widely used Statistical Language R., Data Analytics is not just representing data in charts and table format. Statistical models can recognize patterns within datasets and can predict or forecast based on historical data. Statistical models also help in Hypothesis testing, risk management, decision support, segmentation & targeting, along machine learning.

You can refer link to Microsoft has comprehensive details about data sources supported by Power BI

Above are core concepts to start with Power BI, though Power BI is distributed among the following platforms,

Power BI Desktop – A free desktop application for Dashboard and Reports creation.
Power BI Service – Microsoft-owned cloud platform to collaborate & distribute visualization/dashboards and reports.
Power BI Mobile – We need data at our fingertips, thus Power BI mobile is a mobile application that allows us to interact with reports and dashboards over mobile devices and tablets.
Power BI Report Builder – Power BI Report Builder is the modern successor to SSRS and it is part of the Power BI suite with enhanced capabilities to build paginated reports, effectively integrating traditional reporting functionality with the broader Power BI platform. Power BI Reports can be easily embedded into your custom web applications since Power BI provides a simple-to-implement framework.
Power BI Report Server – On-premises report server to distribute reports, it is available through a Power BI Premium license.

For a better basic understanding of Power BI, refer to the following basic FAQs related to Power BI.

1) How do I download and install Power BI Desktop?

To download and install Power BI Desktop, visit the official Microsoft Power BI website, click on the “Download free” button, run the downloaded installer, and follow the on-screen instructions to complete the installation on your Windows machine.

2) What are the system requirements for Power BI Desktop?

Power BI Desktop requires a 64-bit version of Windows 7 or later, at least 1 GB RAM (2 GB recommended), and a display with a resolution of 1024×768 or higher. It’s compatible with x86 or x64 processors.

3) Is Power BI available for Mac?

Presently, Power BI Desktop is exclusively supported on Windows and isn’t directly installable on Mac systems. To use Power BI Desktop on your Mac, you may explore options such as running it on a virtual machine or utilizing a cloud service.

4) How can I create a Power BI account?

To create a Power BI account, go to the official Power BI website, click on “Sign up free,” provide your email address, follow the registration steps, and create a password. You’ll then have access to Power BI service and can start building and sharing reports.

5) What is the difference between Power BI Desktop and Power BI Service?

Power BI Desktop is a standalone application for creating reports and visualizations on a local machine, while Power BI Service is a cloud-based platform for sharing, collaborating, and publishing reports online. The desktop is used for report development, and the Service is used for hosting and sharing those reports in a collaborative online environment.

6) Can I use Power BI without an internet connection?

Yes, you can use Power BI Desktop without an internet connection for creating and modifying reports locally on your machine. However, to share, publish, and collaborate on reports, you’ll need an internet connection to utilize Power BI Service, which is cloud-based.

7) How do I get data into Power BI?

In Power BI, you can get data by clicking on “Get Data” in Power BI Desktop, selecting a data source (such as Excel, SQL Server, or online services), connecting to it, and importing or transforming the data as needed. Power BI supports a wide range of data sources for analysis and visualization.

8) What data sources does Power BI support?

Power BI supports various data sources, including Excel, SQL Server, Azure services, SharePoint, online services (such as Google Analytics and Salesforce), and many others. It also allows connections to on-premises data sources and supports a wide range of file formats.

9) Can I connect to on-premises data sources with Power BI?

Yes, Power BI enables connections to on-premises data sources using methods like DirectQuery or importing data. You can connect to on-premises databases, servers, and other sources to analyze and visualize the data within Power BI.

10) Is there a mobile app for Power BI?

Yes, there is a mobile app for Power BI available for both iOS and Android devices. You can download it from the respective app stores to access and interact with your Power BI reports and dashboards on the go.

11) What is Power BI Pro and Power BI Premium?

Power BI Pro is a subscription plan that allows individual users to collaborate, share, and consume content created in Power BI. Power BI Premium, on the other hand, is a capacity-based licensing model designed for larger organizations with heavier workloads. It offers dedicated resources, enhanced performance, and the ability to share reports with free Power BI users.

12) How do I share reports and dashboards with others?

To share reports and dashboards in Power BI, you can publish them to the Power BI service, create a dashboard, and then share it with specific users or groups. For advanced collaboration, you may need Power BI Pro or Power BI Premium subscriptions, depending on your organization’s needs.

13) Can I embed Power BI reports in other applications?

Yes, you can embed Power BI reports in other applications using the Power BI Embedded service or leveraging the Power BI REST API. This allows you to integrate Power BI reports seamlessly into custom applications or websites.

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What is Ad Hoc Analysis and Reporting?

Top Benefits of Data Governance for Your Organization

Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

Driving Business Efficiency through Microsoft Dynamics 365 Enterprise Resource Planning (ERP) Integration

by Data Nectar | Nov 9, 2023 | Business Intelligence, Data Visualisation

Table of Contents

FirstHeading

How does Microsoft Dynamics 365 ERP help a business?

What is Ad Hoc Analysis and Reporting?
Top Benefits of Data Governance for Your Organization
Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

Want to improve business efficiency and simplify processes? Have you explored Microsoft Dynamics 365 ERP integration? If you need help, let’s see how this broad range of software may transform your business. Let’s explore Microsoft Dynamics 365 ERP and its business-changing potential.

According to a study, 95% of companies that implemented ERP noticed real benefits, with 96% getting better data quality and 92% streamlining their business processes.

Microsoft Dynamics 365 ERP, also known as Enterprise resource planning, is a software system that helps businesses automate and control their most important business processes to run as smoothly as possible. Enterprise resource planning (ERP) software helps streamline business operations by centralizing data and ensuring department consistency.

How does Microsoft Dynamics 365 ERP help a business?

While it is acknowledged that there is no universally applicable solution for all business processes, it is worth noting that Enterprise Resource Planning (ERP) technology has been continuously improving in its ability to connect many techniques.

Here are three ways that an ERP system can help your company.

1. Optimize speed

With AI-based solutions, you can get insights that help you make better decisions and show you how to improve business performance going forward.

2. Speed up the effect of operations.

Integrating procedures and data will give employees increased insight and flexibility to respond swiftly and effectively, ultimately benefiting the company.

3. Maintain a flexible approach to business.

Many ERP systems are made to adapt to your needs and grow your business. It lets you plan for operational disruptions or changes in the market and react quickly to them.

What is Microsoft Dynamics 365 ERP?

Most businesses already have a finance and operations system in place, but separate systems can’t help with business growth or go beyond day-to-day business tasks.

As a business grows and its needs change, its processes should be able to keep up.

Dynamics 365 Finance and Operations refers to a comprehensive business application suite developed by Microsoft ERP Solutions that encompasses many functionalities related to financial management and operational processes.

The platform and technology built upon Microsoft Azure demonstrate interoperability with other complementary solutions and platforms, such as Microsoft Office and the Power Platform.

Dynamics 365 offers a comprehensive overview and a suite of collaborative capabilities to facilitate effective decision-making.

What is Microsoft Dynamics 365 Finance and Operations?

Dynamics 365 for Finance and Operations encompasses cloud-based enterprise resource planning (ERP) solutions. The selection of applications and elements inside the answer is determined at the specific company’s discretion.

The inclusion of Microsoft ERP solutions inside the Dynamics 365 package is of paramount importance. It implies that the feature can be provided and incorporated with other components inside Dynamics 365, such as Dynamics 365 Sales, Dynamics 365 Human Resources (Talent), and Field Service, among other possibilities.

1. Dynamics 365 Finance

Dynamics 365 Finance is a software application developed by Microsoft that focuses on financial management and accounting processes within organizations.

2. Dynamics 365 Supply Chain Management

Dynamics 365 Supply Chain Management is a software solution developed by Microsoft that focuses on managing and optimizing supply chain operations inside an organization.

3. Dynamics 365 Commerce

Dynamics 365 Commerce, also known as Dynamics 365 Retail, is a comprehensive software solution developed by Microsoft. It is designed to cater to the needs of the retail industry, providing a wide range of functionalities.

The Microsoft ERP solutions are presented as a single application for everyday use, but they are marketed as separate solutions based on the current pricing model.

Together, these entities offer the comprehensive and well-established capabilities that were previously available in Dynamics AX.

Benefits of Dynamics 365 ERP Integration

There are a wide range of Benefits of Dynamics 365 ERP Integration. We have derived a few of them below.

Dynamics 365 ERP integration unifies and automates business tasks, enhancing data flow and efficiency.
ERP Integration with Dynamics 365 removes manual data entry and its inaccuracies, improving data accuracy and reliability.
Integrating vital corporate data allows for real-time decision-making and reduces data silos.
Integration can save time and money by automating and eliminating repetitive procedures.
An integrated ERP system can expand your organization and handle more data and complexity.
ERP Integration with Dynamics 365 systems can expand your organization and handle more data and complexity.
Integrating data management improves data security and makes it easier to comply with industry requirements and data protection standards.
Integrated ERP systems provide a comprehensive perspective of the firm, allowing improved data analysis and actionable insights to optimize operations and strategy.

Wrapping It Up

The implementation of Microsoft Dynamics 365 Enterprise Resource Planning (ERP) into organizational workflows has the potential to enhance operational efficiency and promote corporate expansion significantly. Businesses that use ERP integration will benefit from being ahead of the curve, adjusting to change, and flourishing in dynamic marketplaces as technology continues to advance.

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Top Strategies and Tools for Data-Driven Decision-Making Business Intelligence

by Data Nectar | Sep 8, 2023 | Business Intelligence, Data Strategy

Table of Contents

FirstHeading

What is data-driven decision-making?
Why data-driven decision-making matters
Quality Matters: Tackling Problems with Data Management and Quality
Decision-Making Strategies Based On Data

1. Set Goals and KPIs
2. Get All the Important Information Together
3. Examine Information for Valuable Insights
4. Promote an Environment Where Decisions Are Based on Facts and Data
5. Keep Information Safe, Reliable, and Accurate

10 Data-driven decision-making examples are below.

1. E-commerce
2. Energy Management
3. Manufacturing
4. Travel & tourism
5. Education
6. Retail
7. Healthcare
8. Financial Services
9. Marketing
10. Logistics

Tools for Data-Driven Decision-Making Business Intelligence

1. Business Intelligence Platforms
2. Data Visualization Tools
3. Software for Statistical Analysis
4. Data Mining Tools
5. Tools for Predictive Analytics
6. Tools for Data Warehousing
7. Machine Learning Platforms
8. Cooperation and Communication Tools
9. Information Security Tools
Wrapping It Up

What is Ad Hoc Analysis and Reporting?
Top Benefits of Data Governance for Your Organization
Enhancing Customer Engagement with Data Management Platforms and Omni-Channel Strategies

In the modern business climate, data-driven decision-making is taking on an increasingly significant role. Recent data show the significant benefits of using this method. Forbes found that organizations that use data-driven insights boost productivity and profits by 5-6% on average.

In addition, research conducted that companies that base their decisions on data have a return on investment (ROI) that is 30 % higher than that of their competitors. These astounding numbers show what data-driven decision-making is and how much data-driven decision-making can transform the success of a business.

In this post, we’ll go into the best decision-making strategies and resources for maximizing a company’s data resources so that it may make accurate decisions and do incredible things with its BI efforts.

What is data-driven decision-making?

“Data-driven decision-making” refers to a methodology in which relevant and trustworthy data is used to inform and maintain company decision-making.

Insights, trends, and decisions come from data analysis and interpretation, which drives company plans and actions. Decisions are not based on assumption or personal preference under this approach; actual data confirm them.

Why data-driven decision-making matters

In today’s business world, making data-based decisions is highly important. Leveraging data for decision-making is not advantageous in today’s data-driven environment; it’s necessary for long-term development and success.

Data-driven insights.
Reduces gut-based judgment risks.
Identifies trends and patterns for commercial decision-making.
Helps decision-making.
Finds novel opportunities and provides companies with an advantage.
Improves client awareness and customization.
Enables proactive decision-making.
Allows businesses to evaluate decisions.
Supports making decisions based on facts for better results.
Improves organizational productivity.

Quality Matters: Tackling Problems with Data Management and Quality

Businesses need help to gain insights from their massive data sets. Due to data abundance, fragmentation, quality issues, and analytical bottlenecks, organizations need help to gain insights that drive decision-making and business success.

Use intelligent technologies and effective data management and analysis to overcome such problems. If a company overcomes the dilemma of too much data and not enough insights, it may unlock its data’s full potential and make data-driven choices.

Companies are generating massive volumes of data, including information from customers, transactions, sensors, and social media.
Problems arise when attempting to make insights from the massive amounts of data available.
It is difficult to gain a bird’s-eye view of data due to its fragmentation and silos inside many systems and departments.
Poor data quality and dependability result from poor data governance and management policies.
Needs to improve in gaining valuable insights due to ineffective data processing and analysis methods.
Insufficient personnel and time to manage and analyze extensive data collection.
Lack of capacity to identify trends, correlations, and other meaningful data patterns that might benefit decision-making.
Challenges in turning raw data into insights that can be used to make business decisions and support growth.
The possibility that judgments may be made with insufficient details, leading to undesirable results.
Methods and resources are required to efficiently process, analyze, and display data to reach valuable insights.

Decision-Making Strategies Based On Data

Data-driven decision-making in business intelligence helps companies to use data to make successful decisions. These decision-making strategies can help businesses improve data-driven by setting clear goals and using modern analytics data-driven marketing tools.

1. Set Goals and KPIs

Spell out the long-term aims that support the company’s overall strategy.
Determine the metrics that will serve as checkpoints along the way to success.
Goals and key performance indicators should be SMART, specific, measurable, attainable, relevant, and punctual.

2. Get All the Important Information Together

Determine the information requirements for making choices consistent with the goals.
Set up procedures and guidelines for data collecting to ensure you have all the information you need.
You should use decision-making strategies to ensure your data is correct, consistent, and of high quality.

3. Examine Information for Valuable Insights

Methods of data analysis include descriptive, diagnostic, predictive, and prescriptive analytics should be used.
Use data visualization tools to successfully express your findings and promote awareness.
Find the trends and relationships in the data to reach conclusions and provide suggestions.

4. Promote an Environment Where Decisions Are Based on Facts and Data

Train staff on data-driven decision-making.
Spread the idea that choices should be based on evidence rather than gut feelings or discrimination throughout the company.
Integrate data analysis into decision-making through the implementation of procedures and workflows.

5. Keep Information Safe, Reliable, and Accurate

Put in place mechanisms for data quality control to ensure that your data remains accurate and undamaged.
It’s essential to regularly check and evaluate data sources to make sure they’re accurate.
Protect sensitive data with high-quality data-driven solutions while meeting regulatory requirements.
By implementing these methods, businesses may use the potential of data-driven decision-making to improve operational efficiency, increase profitability, and expand market share.

Many data-driven decision-making examples show how data-driven decision-making may be utilized across various disciplines to increase efficiency, improve results, and gain an edge over competitors.

By putting the power of data to work for them, companies may get access to valuable insights and make well-informed decisions, which lead to improved business outcomes.

10 Data-driven decision-making examples are below.

E-commerce
Energy Management
Manufacturing
Travel and Tourism
Education
Retail
Healthcare
Financial Services
Marketing
Supply Chain

1. E-commerce

Online retailers enhance website performance through data-driven decisions. They evaluate website traffic, user behavior, and conversion rates to optimize page load speeds, checkout process efficiency, and user experience. This boosts client happiness, revenue, and growth.

2. Energy Management

Data-driven decision-making optimizes energy use and lowers costs for energy companies. Energy-saving options, optimized consumption patterns, and energy-efficient technology are identified by analyzing real-time energy data, weather trends, and equipment performance. This reduces energy waste, operational costs, and sustainability.

3. Manufacturing

Data-driven decision-making improves operational efficiency and quality control. They examine production data, equipment performance, and defect rates to find bottlenecks, optimize production schedules, and enhance quality. This streamlines manufacturing reduces waste, and ensures high-quality goods.

4. Travel & tourism

Data-driven decision-making personalizes client travel experiences. They create trip packages based on customer preferences, travel trends, and feedback data. Satisfaction and loyalty increase.

5. Education

Data-driven decision-making improves student achievement in schools. They identify at-risk kids, administer targeted interventions, and assess student progress by analyzing academic, attendance, and demographic data. This aids program customization, resource allocation, and student achievement.

6. Retail

Data-driven inventory management optimizes retail. They estimate demand, optimize stock levels, and avoid stockouts by analyzing sales, customer demand, and supply chain data. This improves customer happiness, lowers expenses, and maximizes profits.

7. Healthcare

Data-driven decision-making improves patient care. They use patient health information, medical research, and treatment outcomes to uncover best practices, enhance diagnosis, and tailor treatment programs. This improves patient care and quality.

8. Financial Services

Financial institutions use data to analyze creditworthiness and risk. They use credit scores, financial data, and market trends to assess lending, investing, and risk. This reduces chances, improves financial performance, and ensures compliance.

9. Marketing

Data-driven marketing agencies optimize campaigns. Target audiences, messages, and marketing budgets are identified by analyzing consumer behavior data, market research, and campaign performance indicators. This boosts campaign ROI, consumer engagement, and business growth.

10. Logistics

Data-driven decision-making optimizes supply chain operations. They optimize warehouse sites, delivery routes, and supply chain efficiency by analyzing inventory, transportation, and demand data. This reduces prices, lead times, and supply chain performance.

Tools for Data-Driven Decision-Making Business Intelligence

Using Data-Driven Decision Making tools, businesses can speed up their data-driven decision-making processes, get more in-depth insights, and make better-informed decisions that boost growth, improve operational efficiency, and better customer experiences.

By leveraging data analysis and advanced algorithms, these tools assist in generating accurate forecasts and guiding strategic decision-making processes. With their ability to uncover patterns and trends, decision-making tools enable businesses to stay ahead of the competition and drive success in a rapidly changing market.

The unique demands and goals of the company, as well as the complexity of the data and analytics requirements, are all factors that should be considered when selecting the appropriate technologies or using data-driven marketing tools.

1. Business Intelligence Platforms

Thanks to software applications, Businesses can now collect, analyze, and display data from a broad range of sources. This provides a way for businesses to make informed decisions based on real-time information, which produces a win-win situation for everyone involved.

2. Data Visualization Tools

Many data-driven marketing tools assist in turning complex data sets into visually attractive charts, graphs, and interactive dashboards, which makes it simpler to analyze and communicate results. These tools may be found on GitHub.

3. Software for Statistical Analysis

Programs such as SPSS SAS give sophisticated capabilities for statistical analysis. These capabilities allow companies to discover hidden patterns, trends, and correlations within their data.

4. Data Mining Tools

These kinds of tools assist businesses in collecting valuable information and patterns from large datasets, which may be time-consuming to do manually. Because of this, companies can base their judgments and estimations on the data rather than on their emotional responses alone.

5. Tools for Predictive Analytics

Organizations can employ machine learning algorithms and predictive models with the help of tools such as IBM Watson Analytics, Microsoft Azure ML, and Google Cloud AutoML. Decision-making tools empower organizations to gain valuable insights, predict trends, and make informed choices.

6. Tools for Data Warehousing

Platforms like Amazon Redshift, Google BigQuery, and Snowflake offer scalable and efficient storage solutions for significant data. These data-driven solutions facilitate data-driven decision-making tools by assuring instant access to information important to the choice.

7. Machine Learning Platforms

Machine learning platforms provide organizations with the decision-making tools and frameworks to design and implement machine learning models. This creates a way for data-driven decision-making through the use of predictive analytics.

8. Cooperation and Communication Tools

Tools like Google Docs, Microsoft Teams, and Slack encourage unity among team members by allowing them to exchange ideas, discuss findings, and mutually make decisions based on available information.

9. Information Security Tools

These types of decision-making tools, such as Collibra, Informatica, and Talend, are examples of data governance and information security tools. These decision-making tools aid in controlling data quality, guaranteeing data integrity, and implementing security measures to secure sensitive information.

Wrapping It Up

Using data analytics to get business insights and make decisions is a growing industry, as evidenced by several studies. By 2023, more than a third of major companies will employ analysts engaged in decision intelligence. Because of its focus on delivering valuable, explorable data insights, business intelligence solutions are an integral part of business analytics.

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Account Receivable Dashboard: Benefits, Examples and Tips

by Data Nectar | Apr 25, 2023 | Business Intelligence

Table of Contents

FirstHeading

What is An Account Receivable?
Tips For AR Dashboard

1. Identify Key Performance Indicators
2. Use Visualizations
3. Set Goals and Targets
4. Provide Context
5. Monitor Regularly
6. Automate Data Collection

What is The Difference Between Accounts Receivable & Accounts Payable

1. Account Receivable
2. Accounts payable

Why Choose DataNectar?

The dashboard for accounts receivables gives you an overview of all the important AR data your company needs to monitor.

It keeps you informed about customers who have fallen behind on payments, money trapped in various aging buckets, days sales outstanding (DSO), and collector effectiveness index (CEI).

A business’s cash flow is its accounts receivable. By letting you know which clients owe you money and how much, it helps you manage your cash flow.

You may determine whether your cash account truly reflects your current financial situation in this way.

In other words, it can mean the difference between relaxing in the assurance that you have enough money or fretting that you don’t.

What is An Account Receivable?

The money a company expects to receive from selling its products or services from its clients is referred to in finance as accounts receivable.

It represents the sum of money you have sent invoices but have not yet received payment.

When you get paid for an invoice, you should credit your cash account and debit your accounts receivable for that sum.

The AR of your company is an important KPI for determining your profitability & cash flow thus it serves as the most accurate measure of your revenue.

It is seen as an asset because it symbolizes incoming funds for the business.

Profitability is calculated by adding up all of your assets, including accounts receivable, and deducting it from all your liabilities, which are the sum of your debts to suppliers and vendors.

If the number is in plus, the business is profitable. You’ll need to decide whether to increase assets or decrease liability if the figure is negative.

What Is An Account Receivable Dashboard?

An account receivable dashboard is a visually arranged KPI; used to manage, examine, and keep track of accounts receivable activities.

It gives team members an easy-to-understand summary of all A/R activities in one location.

Your transaction systems like billing or ERP are the basic source of the Account Receivable dashboard. This offers further information about trends in consumer behavior and payment methods.

It also enables the A/R team to respond quickly and decisively to client issues and late payments.

When looking for accounts receivable software with a dashboard, it must be able to drill down into these crucial performance areas:

Current AR Aging Reports
Invoice management
Average days to pay
A cash flow
Top delinquent accounts
Summary of payment collection activities
Summary of customer payments
Projected cash receipts

Account Receivable Dashboard Example – Power BI

Why Keep Track Of Accounts Receivables?

You might forget to bill some clients, or you might not be aware of whether you have been paid if you don’t maintain track of your accounts receivable.

Your business may suffer if you decide to offer your product for free. The chance that you will obtain money quickly decreases as you delay sending an invoice.

Another excellent technique to provide evidence of income for tax purposes is maintaining track of accounts receivable.

Accounts Receivable (AR) Dashboard Benefits

A graphical tool that supports firms in tracking and managing their receivables is the account receivable dashboard benefits.

A real-time view of receivables, sales progress, and Days of Sales Outstanding is provided via the accounts receivable (AR) dashboard.

It also provides the option to focus on particular invoice management and clients. Below are some benefits of the AR dashboard.

1. Real-Time Updates

Without automation, businesses can put off performing new KPI calculations for weeks or even months. The A/R team may give managers access to these figures monthly or quarterly.

This may sound routine enough, but you need up-to-date financial information to identify possible issues before they become serious.

2. Accurate Information

Thanks to dashboard benefits, the team can maintain accuracy and stay current on all accounts receivable data.

Real-time updates relieve workers of the burden of managing manual report generation and spreadsheets cluttered with mistakes.

3. Granular Insights

Data can be divided into more manageable portions using the benefits of the AR dashboard. This can be used to spot trends, patterns, and problem areas.

To better understand their team’s success, managers can compare the various measures.

4. Improved Performance

Managers can use the A/R dashboard’s real-time data to reorder jobs or change tactics instantly. The metrics can assist managers in quickly identifying and addressing changes in consumer behavior.

This can reduce time spent on activities that don’t provide value and boost productivity.

5. Team Motivation

A dashboard is a fantastic tool for revealing team and individual achievement information.

It makes it possible to acknowledge exceptional achievement and contributes to developing a competitive environment.

The motivation of the team may also increase by eliminating manual calculations.

6. Improved Cash Management

Overall, the cash conversions and expenditures are made better thanks to the AR dashboard benefits.

Managers can identify slow-paying clients, focus their collection operations, and decide more wisely when to extend payment terms or take other actions.

Who can utilize an AR Dashboard for Accounts Receivable?

Businesses that sell on credit need to maintain or monitor the accounts Receivable (AR) dashboard to track and manage client payments and unpaid balances.

A business’s following departments or teams may specifically employ an AR dashboard:

Accounts Receivable Department
Finance Department
Sales Department
Executive Leadership

An accounts receivable (AR) dashboard can be used by any employee of a company who is in charge of overseeing customer payments, cash flow, or general financial health.

An AR dashboard may assist organizations in enhancing their collection performance, lowering delinquencies, and ensuring they have the cash flow required for success by giving real-time visibility into important indicators and trends.

What Are Account Receivable KPIs to Monitor?

Businesses use an accounts receivable (AR) dashboard to track and manage client payments and unpaid balances.

Examples of AR dashboard metrics that organizations can use to monitor their cash flow and collections AR dashboard examples are provided below:

1. Outstanding Balances

This measure displays the overall amount of past-due or unpaid customer debt. It enables companies to order their collection efforts according to customers or invoices.

2. Days Sales Outstanding (DSO)

This indicator calculates the typical time it takes for a company to receive money from its clients.

A high DSO suggests the company is overly slow in collecting payments, which can harm cash flow.

3. Collection Efforts

This metric displays how many client payment collection calls, emails, or letters have been made.

Additionally, it can demonstrate how effective these efforts were by displaying the proportion of late sums that have been collected.

4. Invoice Outstanding Aging

This statistic defines unpaid sums according to the length of the duty, such as 30 days, 60 days, or 90 days or more.

It assists companies in determining which clients are behind on their payments and may call for more eager collection operations.

5. Cash Flow Forecast

This measure displays the anticipated cash flows for a given time frame, such as the following month or quarter.

It enables companies to prepare for cash shortages and anticipate changes to their accounts receivable collection operations.

These KPIs can be changed to meet the company’s unique requirements and displayed on an AR dashboard in various visualizations, such as graphs, tables, or charts.

Contact for Account Receivable Dashboards

Tips For AR Dashboard

Here are some useful tips for an AR dashboard that enables you to monitor the efficiency of your collections, enhance your cash flow, and guarantee the financial stability of your company.

Following are a few tips for AR Dashboard designing a successful Accounts Receivable (AR) dashboard:

1. Identify Key Performance Indicators

Decide which metrics, such as unpaid balances, DSO, collection efforts, customer aging, and cash flow prediction, are crucial for your company to keep updated on.

Concentrate on the indicators that will most impact your attempts to increase collections and cash flow.

2. Use Visualizations

Use visualizations like charts, graphs, and tables to display the data in a clear and easy way to understand.

Select data visualizations that can be modified to meet your company’s needs and that draw attention to patterns and outliers in the data.

3. Set Goals and Targets

For each indicator, set specific objectives and track your progress over time toward reaching them.

This will enable you to pinpoint areas that need more care and concentration and confirm that you are moving forward with enhancing the performance of your collections.

4. Provide Context

Include details like historical trends, industry benchmarks, and comparable data to give the data perspective.

This will show you how your company is doing compared to others in the same industry and point out any areas where you can improve.

5. Monitor Regularly

Regularly check your AR dashboard, and alter your collections plan as necessary.

Utilize the benefits of the AR dashboard to spot data trends and patterns and proactively deal with problems before they grow into bigger ones.

6. Automate Data Collection

Use technology to automate data collecting and reporting, such as accounting software. You’ll save time and ensure the accuracy and timeliness of the data by doing this.

What is The Difference Between Accounts Receivable & Accounts Payable

A company’s financial administration includes two distinct but equally significant components: accounts payable (AP) and accounts receivable (AR).

1. Account Receivable

Money due to a company by its clients for products or services that have been provided or rendered but have not yet been paid for is called accounts receivable.

AR is the amount of money that the company projects its clients will provide in the future. The consumer receives an invoice from the firm for the amount owed and must make payment within a certain amount of time.

2. Accounts payable

It describes the sum of money the company owes its vendors or suppliers for services or products that have already been received but are still not compensated for.

Account Payable is the sum of money the company must eventually pay its suppliers or vendors.

The supplier or vendor sends the firm an invoice for the sum due, and the business must pay the invoice within a certain amount of time.

Why Choose DataNectar?

Businesses must pick the best A/R software solution to maximize the use of their A/R dashboards. Companies should choose the most important specifications for managing finances and business operations.

It should verify compatibility with both existing and upcoming software and relevant infrastructure. Finally, pick a reputable software provider that offers top-notch support.

Our automation solution at DataNectar has produced outstanding results for our clients. They have decreased DSO and at-risk receivables with our assistance.

Additionally, our customers have experienced fewer past-due invoices and quick cash payments. Contact DataNectar for more information.

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