11 Things you need for Better Reporting and Analysis of ERP Data

Analytics is a crucial component of an ERP system, but it can still be a complicated and time-consuming process for CFOs and their teams. Despite recent advancements in ERP technology, data may still be missing or spread across multiple databases, making it difficult to obtain a clear view of the information. Additionally, reports may be too detailed or not detailed enough, requiring specialized knowledge and skills to extract, merge, and format data.

To overcome these challenges, businesses are turning to Business Intelligence (BI) software to analyze ERP data. BI solutions offer a range of features that make it easy to analyze, report, and share data, even generating automatic daily, weekly, or monthly reports. This enables busy executives to stay informed about key business areas, projects, and performance metrics.

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An effective ERP analytics tool should offer the following features:

1. Interactive graphs and charts: Displays data in easy-to-understand formats such as pie charts, stacked bar graphs, radial diagrams, and heat maps.

2. Dynamic filtering: Allows users to filter away unwanted information from a graph or table to focus on what is relevant.

3. Grouping: Enables users to group data by date, product, customers, suppliers, projects, or any other meaningful category and sum up totals or sub-totals.

4. Drill downs: Allows users to click from one data point to lower-level information for a better understanding of the data.

5. Pivoting: Enables users to group and summarize data by columns, switching between table and graphic formats without creating a new report.

6. Sorting: Organizes data in columns by ascending or descending values, making it easier to spot patterns in the data.

7. Graphic indicators: Provides visual cues to help users understand data and spot outliers with minimal effort.

8. Pre-programmed KPIs: Calculates common financial ratios and other KPIs without the need for formulas, reducing the risk of errors.

9. Currency converter: Allows users to chart data in different currencies without the need to look up historic rates or apply formulas.

10. Export to multiple formats: Allows users to export data to common formats such as CSV, PDF, and Excel, or send it to the printer.

11. Sharing: Enables users to share information with the CEO, CFO, sales teams, and others, even allowing them to access select dashboards and view their own data without knowing anything about the ERP system.
    
    

These features make it easier for CFOs and their teams to work with ERP data and share valuable information. They may not need to be experts in the system, but they will be able to make informed business decisions based on the data provided.

Learn more about business intelligence and CFO Dashboards.