What Systems Do We Need to Invest in to Stay Competitive in the Data Game?

by | Jul 18, 2019 | Business Intelligence, Data Visualization, Reporting | 0 comments

Analyzing and cleaning data is not a linear process. Even with all the different stages that data goes through, there’s always room to refine the process. The first step is to look at your current processes and decide whether you’re making the most of the systems you have in place. Here’s how to decide when the time is right to upgrade in order to stay competitive in the data game.

Evaluate company size

Depending on the size of your company, small- to medium-sized companies can grow quickly in a short amount of time and thus have data stored in different systems that aren’t equipped to handle the amount of growth. Excel, in particular, doesn’t allow a transactional level of detail and isn’t a natural roll-up from journal entries so it’s hard to track revenue and expenses without a natural chart of accounts. Microsoft Dynamics GP, for example, makes the data accessible in an easy-to-read format for all parties involved in the financial process.

Easy to digest

An overarching goal of your wish list is to decide on a financial or accounting system that captures all the transactions within the company and then insert it naturally into a chart of accounts that can easily be reported on, such as with SAP or Oracle. With enterprise resource planning, the data warehouse that sits on top of it should cleanse the data in order for the system to analyze it in a format that is digestible for the information to be extracted and formatted. 

Housekeeping

An enterprise resource planning system should cleanse data to the point of cleaning out duplicates, merging employees, and deleting unique characters that would otherwise make the data unreadable in another system. Simply put, it should make the bad data into good data. Similarly, the transformational rules should extract the load with the data that needs to be transformed into the appropriate number or data format. Microsoft SQL Server uses a universal language that is readable by every program and user with a clean data warehouse. 

Call for backup

It’s one thing to get a new system up and running, but it’s another to monitor the process once it’s in place. The financial nightmare of losing all your data from a hard drive means going back to bank statements and cash flow while leaving no room for error. Cloud-based programs like Microsoft Azure might be higher maintenance at setup but are less risky in the long run. A monthly cost for a virtual hosting platform that you don’t have to maintain outweighs the cost associated with hiring staff to maintain a phyiscal server on site. 

Meet and greet

Picking a data system isn’t just a matter of deciding on a program but rather depends on the company you want to work with. Factors such as level of task complexity, in-house expertise, legacy system integration, robust discovery process, and budget should all be taken into consideration. A good vendor will help you consider all options, from selecting an out-of-the-box solution or customizing a program to making sure all your systems talk to each other to get you the results you want on the level you want, all while staying on board to make sure your systems stay up to date with the proper documentation in place. 

 

More Articles from G7

4 Tips for Making Your Month-End Reports Easier

These days, companies are under more pressure than ever to finish their month-end...

How Can Employee User Interfaces Increase Morale and Profits?

Employees rely on various tools and applications as part of their everyday life at work....

Measuring the ROI of a Data Analysis Project? Read this FIRST!

When you invest in a piece of machinery, like a heating system, calculating your ROI is...

David or Goliath? How to Pick a Data Systems Partner

If you’re looking for a new data analysis solution, you probably have prestigious names on your...

Acquiring BOARD International – What We Want Nordic Capital to Know

A few high-profile acquisitions in the business intelligence software space have made the news...

Women in Tech – Hear Us Roar

A leader in the BI industry recently dismissed my opinion on BI software almost entirely because I...

One Version of the Truth: Does Your Financial Process Cause Confusion or Clarity?

Bad data has become the "fake news" of the financial world. The accuracy of your data isn't solely...

Look at Your Project Management before You Build Your BI Tool

When talking about data, it's easy to forget that time is money. An often-overlooked question that...

What Systems Do We Need to Invest in to Stay Competitive in the Data Game?

Analyzing and cleaning data is not a linear process. Even with all the different stages that data...

5 Signs It’s Time to Break Up with Your Current Data Analytics

Not all data analytics systems are created equal. But sometimes it's not easy to find the time or...

Ready?

Call us to figure out which data systems make sense for your business. 

Share This