How long does it take to finalize your month-end reports? Are they ready for review on the first of the month? Most likely, they aren’t finished until well into the first week of the following month. Creating the reports can get even more complicated when each area of your business has its own reporting system. Consolidating reports from across different departments and reconciling the information can take several days in some cases. This means the data in your reports is already stale and outdated by the time it gets reviewed.
So how old does the information need to be before it’s no longer strategically useful? That depends in part on your industry and how competitive your marketplace is – you can probably get by with stale data if your competitors are doing the same. But most business sectors don’t have that luxury. When your data is outdated, so are your decisions and this can cost your company money and opportunities for growth.
Reduce manual processes. The time it takes to manually consolidate information across different data sources results in stale data. But the right ERP solution can interface with all your data sources and allow you to create reports that are more accurate and dependable. This means your CFO can review the month-end reports sooner, without having to wait on manual edits.
Increase visibility. When you have one system of record, data entered at any level of the organization and across all business sectors is visible in real time. This lets you make better decisions based on a clear view of what’s happening right now, as well as the ability to drill down into the details underneath it. Using an ERP solution along with the right Business Intelligence tools will provide even greater visibility across your whole supply chain.
Make proactive decisions. Trends can be identified faster, leading to more nimble strategy realignments. With shorter analysis times, opportunities can be identified while they’re still relevant. If challenges arise at certain points in the supply chain, they can be addressed before the entire chain is affected. Financial data can be audited and analyzed faster and with more detail.
To achieve this kind of efficiency, you need systems in place that can create a foundation upon which to build. Microsoft Dynamics solutions such as Dynamics NAV, GP and AX can bring your data sources under one umbrella, and provide one place to look for reliable, accurate information. This provides better visibility and timely reporting without having to reconcile data across multiple systems.
If you’re wrangling with multiple disparate systems, contact OmniVue to find out how one comprehensive solution can increase productivity. Based on your strategic business goals, we can provide guidance on the right technology solution to help you succeed. Our job is to set you up for success, and improving your month-end reporting process is a good first step toward shaping your operations into a more efficient, well-oiled machine.