MYOB ERP Business Intelligence

What is it and how can it help you bring your data to life

What is Business Intelligence?

According to Forrester Research: Business Intelligence is a set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information used to enable more effective strategic, tactical, and operational insights and decision-making. In more simple terms, BI is about getting the right information to the right people when they need it.

The importance of this? Changes in the market can be quickly analysed, and decisions can be made using current and sound, current information. Business Intelligence therefore, provides you with the tools needed to make critical business decisions in a timely more effective manner.

How does Business Intelligence deliver value?

With modern BI tools such as Microsoft’s cloud-based business analytics service, Power BI (which powers MYOB Advanced’s BI), large amounts of data is gathered from various sources, organised and analysed. This information can then be easily explored in combinations allowing you to visualise and analyse data with greater speed, efficiency, and understanding.

Additionally, this design allows users to organise the analysis of business information to fit their specific work role and more specifically, whatever they are interested in viewing/knowing. This is achieved by combining all the relevant, related data and converting it into, simple, easy to understand and meaningful metrics. The importance of this? A research of high performing analytical businesses, found that 97% were satisfied with access to critical information and 94% were satisfied with relevancy of that data to their role. Conversely, only 37% of poor performing businesses were satisfied with the data and 44% were satisfied with relevancy. It is this correlation which proves businesses with better access to critical information, perform better.

Unified data enables connecting a comprehensive range of data types and measures to provide lightning fast and flexible views of finance, sales, purchases, accounts payable, inventory, accounts receivable and more. For instance, connect accounts payable data
with payroll data (specifically warehouse staff data) and more accurately calculate landed costs. Connect sales, inventory, and warehouse data to instantly see what is the most popular product, its seasonal variances, predict when it will be out of stock and how long it will take to replenish stock. What’s more it can highlight inefficiencies which can be systemised to reduce manual tasks (including human errors) and repetitive processes. We’ll elaborate on this further in point three – intelligent automation.

Tailored analysis for a deeper understanding of key data

Business Intelligence allows users to self-serve and create their own dashboards, scorecards, KPIs and analysis reports to deliver a deeper understanding of key data across the whole organisation. Yes, dashboards are merely a graphical display of high-level (consolidated and summarised) information that provides an overview of key performance measures, however the value lies in placing the data in the hands of multiple users not just the experts. Business management software like an Enterprise Resource Planning (ERP) system offers this capability.

Analysis of businesses using interactive dashboards reveals a far greater spread of knowledge across the business with 94% of best-in-class businesses satisfied with the level of accessibility to the data and 65% reporting the strongest adoption in finance.

Interactive dashboards give users the ability to click on a particular performance measure and see every level of detail. This is immensely powerful. Research found executives proficient in using self-service analytics tools are more likely to get the information they need on-time (73%) versus their less analytics peers (63%)11.

How does Business Intelligence deliver value?

With modern BI tools such as Microsoft’s cloud-based business analytics service, Power BI (which powers MYOB Advanced’s BI), large amounts of data is gathered from various sources, organised and analysed. This information can then be easily explored in combinations allowing you to visualise and analyse data with greater speed, efficiency, and understanding.

Additionally, this design allows users to organise the analysis of business information to fit their specific work role and more specifically, whatever they are interested in viewing/knowing. This is achieved by combining all the relevant, related data and converting it into, simple, easy to understand and meaningful metrics. The importance of this? A research of high performing analytical businesses, found that 97% were satisfied with access to critical information and 94% were satisfied with relevancy of that data to their role. Conversely, only 37% of poor performing businesses were satisfied with the data and 44% were satisfied with relevancy. It is this correlation which proves businesses with better access to critical information, perform better.

Unified data enables connecting a comprehensive range of data types and measures to provide lightning fast and flexible views of finance, sales, purchases, accounts payable, inventory, accounts receivable and more. For instance, connect accounts payable data
with payroll data (specifically warehouse staff data) and more accurately calculate landed costs. Connect sales, inventory, and warehouse data to instantly see what is the most popular product, its seasonal variances, predict when it will be out of stock and how long it will take to replenish stock. What’s more it can highlight inefficiencies which can be systemised to reduce manual tasks (including human errors) and repetitive processes. We’ll elaborate on this further in point three – intelligent automation.

Unified data enables connecting a comprehensive range of data types and measures to provide lightning fast and flexible views of finance, sales, purchases, accounts payable, inventory, accounts receivable and more. For instance, connect accounts payable data with payroll data (specifically warehouse staff data) and more accurately calculate landed costs. Connect sales, inventory and warehouse data to instantly see what is the most popular product, its seasonal variances, predict when it will be out of stock and how long it will take to replenish stock.

While BI is not a new concept, it has certainly seen a resurgence in the last few years. Part of this is due to technological advances in computing power, which allows for larger amounts of data to be analysed quickly and effectively. This is combined with the rise of cloud computing, which has also enhanced the capabilities of business intelligence. Advances in user interfaces thanks to the advancement of user experience design, has made it easier than ever for people to use and understand reports thanks to modern data visualisation.

Getting the most our of your data?

Many business management or accounting systems offer a form of Business intelligence (BI) module to provide enhanced data visualisation. However as we’ve already discussed, BI involves more than simply arranging data into convenient and attractive visual formats. BI, within an Enterprise Resource Planning (ERP) system, incorporates intelligent automation and integrated analytics offering comprehensive data mining capabilities. BI, with ERP, provides the tools to help turn data into knowledge and insight. What’s more, it lets you spend less resources on mundane number crunching and more on useful data analysis.

More than simple reporting Data in an ERP system is arranged for efficient storage and management, this is often useful for categorising information, but not necessarily for reporting and analysis. BI can gather important information from across the ERP environment, consolidate the data, and arrange it specifically for analysis and reporting. In addition, rules and processes can be incorporated to automate routine tasks to supplement manual, human operations thus improving productivity.

It provides critical measurements, analytical tools, and convenient access to data. BI can provide leaders with:

  • The details behind summarized indicators (like sales and revenue)
  • Consolidated data gathered from multiple sources (like multiple entities)
  • The ability to detect emerging issues so you can address problems early
  • Opportunities to boost productivity & efficiency

Why should you adopt Business Intelligence into your business

Some of the key reasons for adopting Business Intelligence are revenue growth and reduction. Business Intelligence has helped businesses improve their customer support, competitive intelligence, sales processes, operations and product development. Business Intelligence has helped executives make fast, data-led decisions based on sound information, making positive contributions to the following integral areas of businesses:

  • customer support
  • competitive intelligence
  • sales process
  • operations
  • cost management
  • product development

It is for these reasons that Business Intelligence functionality, as part of a business management system, like an ERP, yields significant ROI by connecting business talent with relevant data. When implemented correctly, Business Intelligence will help guide decision-makers towards achieving their goals. What’s more, it can highlight inefficiencies which can be systemised to reduce manual tasks (including human errors) and repetitive processes through automation. To learn more about this topic, please feel free to read our ERP 101 blog>

We hope you have a better understanding on everything you need to know about Business Intelligence and how it can help your business gain a competitive edge by getting the most out of your business data.

To learn how MYOB EXO and MYOB Advanced can deliver the full benefits of Business Intelligence to help your business stay ahead, call us or email now:

1300 553 228   |   sales@axsys.com.au

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