We know that access to relevant information in real time is essential for managing competitive companies, and that this is only possible with the use of an ERP system.
However, not only is access to information important, but visualizing this data is also vital for quality business management.
We know that data visualization, when done correctly, makes daily metrics, as well as complex analyses, easier to perform, thus aiding in decision-making.
However, visualizing the data incorrectly can hinder or even distort the analysis, or confuse those involved in the analysis process.
Here are 4 tips for better communication of financial data:
- Select the right systems for your company.
Select an ERP system that brings together reliable data from across your organization and creates a single source of information.
Look for systems that incorporate integrated business intelligence and data visualization tools into a single solution.
The best systems are those that provide your team with research tools, reporting capabilities, and automatic data visualizations in tables and charts, enabling any employee to create their own dashboard.
- Get to know the audience that will access the information.
The level of detail in your data visualization will depend entirely on the audience that will be accessing this information.
Department managers or business line leaders may need details about daily operations.
On the other hand, shareholders or directors only want to see high-level information to assist in strategic decisions.
- Understand the message you want to convey.
Before determining a data visualization strategy, it is essential to understand what message you want to communicate to your audience.
Is your goal to present quantitative sales information, such as sales versus previous quarter targets, or more qualitative financial information, such as questioning whether increased revenue is related to marketing spend? Will the data be displayed in dashboards for on-demand access or delivered in weekly reports? Understanding these details ensures that your data visualizations communicate insights effectively.
- Invest in your team's skills.
Even if you believe your team's data visualization skill set is excellent, invest in training when you deem it necessary.
Just as important as having a modern business management tool is having a trained and skilled team to explore all the system's features.
How Oracle NetSuite can help your company visualize data.
Oracle NetSuite is a modern, 100% cloud-based ERP system that helps companies of all sizes gain real-time transparency into the performance of all business functions, from the summary level to the transaction level, depending on the needs of each business.
O Oracle NetSuiteIt offers finance teams access to the analytics and visualization functionality they need to transform insights into meaningful, data-driven stories, all with easy-to-use tools and without the need for programming or technical resources.
At no additional cost, Oracle NetSuite offers businesses:
- Search saved – provides real-time results based on criteria and filters you create, searching through hundreds, thousands, or millions of records to find exactly what you need.
- Reports Easily customizable, standard, and ready-to-use reports to meet your business requirements.
- Workbook – Analytical features designed for business users to explore data, create sophisticated filters, and analyze data using pivots and charts.
- Key performance indicators (KPIs) and dashboards – a powerful way to combine saved research, reports, and workbooks into compelling data visualizations at your fingertips.
Have critical business information available in real time at a glance, leveraging a single system of record across all areas of your business.
Conclusion
In the business world, having access to high-quality, real-time information for business management is essential to ensure a company's competitiveness.
We know that this is only possible when the company has a modern system. business management system.
However, more than just having access to a system, it's necessary to think about how this information will be visualized within the company. The modern tools available on the market today greatly assist finance teams in their daily work.
With Oracle NetSuite, a 100% cloud-based ERP, this is even easier, since it has a number of features that allow users to develop their own dashboards, thus meeting all the needs of the business and all those involved.
Want to learn more about how Oracle NetSuite can help your company meet the challenges of today's market?
Consult one of our specialists and get your questions answered. We are available to help you make the best choice for the growth of your business.
