Business Intelligence & Financial Modelling. Help I am in Excel Hell!
ERP Systems & Excel Hell
ERP Systems are very good at managing transactions, but less than best in class when it comes to performance management, which includes Budgeting, Forecasting, Reporting, and Analysis. Cautionary notes include cost, implementation time, and the
consolidation of data to a unified system even if there are only a few legacy or sub-systems. Additionally, investigate the reporting systems carefully.
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ERP is lousy and expensive at reporting.
Many ERP reporting systems are not best in class, and ultimately, you will end up in “Excel Hell.” Best-in-class reporting systems can connect many databases and ERP systems and don’t necessarily copy all transactional data across, but instead simply report on the transactions at a roll-up level with drill through capability to investigate the transaction details. Why build a large data warehouse when you already have the data in many systems. ERP for ERP but not Data Visualisation, Reporting and financial Modelling best practice.
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Financial Modelling and Business Intelligence.
The best reporting solutions are user friendly. They feature an Excel-like look and feel, giving users familiarity and the comfort level required for a high adoption rate. Another key tip: make sure that reports can be created quickly using the reporting solution. If IT is required, you automatically have a bottleneck. Finally, remember to look for a solution that doesn’t just create reports, but creates a reporting system—one that’s interactive and allows the report consumers to do more than just look at static numbers.
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