Take advantage of what your MYOB Enterprise Resource Planning data has to offerYour company generates data across the entire organisation - make it work for you with Phocas data analytics
MYOB Enterprise systems like MYOB Advanced and MYOB Exo do not just help your business manage financials, inventory, customers, and other key factors — they are also a wellspring of data. There are insights in your cloud MYOB ERP data that could be used to make more timely and informed decisions, address new opportunities, make a lasting impact on your team, and improve your operations over time. But sourcing, processing, and analysing all this data can feel intimidating. Learn more about Phocas data analytics plus the financial statements tool —alongside your MYOB system— and make you feel good about your data.
Unify siloed data into a single source of truth
Your company generates data across the entire organization. Data flows in from all departments, whether from customers, inventory management, or project updates. So, when different department teams use separate systems, it can lead to data integrity problems.
To make informed and strategic decisions, collecting data from various sources and consolidating it into one single source of truth is essential. The benefit of having your data in one place is that everyone can base business decisions on the same data.
Creating a single source of truth is straightforward when you use an integrated data analytics solution to connect your various data silos. Phocas is one vendor with an established connection and integration with MYOB systems and other external data sources such as Google Analytics or Time and Attendance data.
Move from standardised reports to customised reports (including month-end statements)
Everyone in your organization relies on your MYOB ERP to store operational and transactional data and provide useful information across production, operations, and finance.
But where ERPs can fall short is the system does not provide easy access to real-time data and insights since gathering information from the ERP involves time and effort. Month-end reporting can also be time-consuming when your finance team go back and forth consolidating changes and anomalies to close the books rather than using their time to value-add.
A data analytics system presents your data in more visual and accessible formats and is teamed with a financial solution. You can quickly produce customized financial statements as well Phocas data analytics solutions take the analysis a step further. Building your useful dashboards and scorecards is straightforward, but what makes Phocas cloud data analytics apart from work for mid-size businesses is the ad hoc analysis layer called the grid.
The grid makes it easy for users to follow their train of thought by moving from the dashboard visualizations and drilling into the underlying detail data to find answers to their most pressing questions. Users also uncover far-reaching business opportunities and then easily share their findings with others in a report or dashboard format.
Using a dashboard to showcase the month-end financial reports will help more people in an organisation visualize financial data in charts or graphs. This way is more natural to uncover patterns, communicate insights, and make data-driven decisions.
Access to real-time numbers
Static reporting hampers a business’ ability to remain agile in the face of emerging challenges is why business leaders have demanded and sought out data analytics that supports dynamic reporting.
In a Phocas dynamic report, the data is interactive. This way, anyone can investigate a figure, and answers can be found quickly so you can be proactive and move decision-making forward.
Dynamic reporting and dashboards allow you to create real-time reports specific to your business’s needs that automatically update when new data is entered into your MYOB ERP.
Phocas’ new financial reporting solution is an easy-to-use platform to share critical financial information across your team. It will help open the lines of communication between the people reviewing the numbers and the finance team, and no matter where the conversation is taking place, everyone is working from the same numbers. Users can also add custom calculations, create dimensions and sub-categories aligned to their industry, and convert numbers and tables into visual charts and graphs on custom financial dashboards.
Built-in content ready to go with MYOB Enterprise data
Having the appropriate data analytics solution is vital to strategic decision-making. However, one-size-fits-all solutions do not always address a company’s specific needs. Cloud technology has facilitated the rise of vertical SaaS data analytics and more bespoke customized solutions like Phocas data analytics.
With smart technology vertical SaaS, industries such as manufacturing, distribution and retail can access custom-tailored solutions that will help them achieve market advantage. Because the software is customized according to industry, a company’s data and insights can be leveraged to address its unique problems and discover new opportunities.
Phocas has done the development work for these target industries so these businesses can immediately connect the software to their MYOB ERP and other data sources. All the content is built-in , like dashboards, KPIs, and financial statements, ready to go.
Phocas cloud-based data analytics provides continuous improvement in performance through the development of new features and regular upgrades without additional cost. The solution is easy to use since it is designed with practical problem-solving best practices in mind.
Make the best use of your data to grow sales
If you are searching for a way to increase sales, your first instinct might be to hire and onboard new salespeople. However, as the economy slows and organisations are forced to do more with less, it can be wise to investigate alternative strategies to grow sales. The data in your MYOB ERP system holds the key to unlocking the power of your sales team. But how do you leverage it in an accurate, actionable format? Join our free webinar and learn how to use your data best to grow sales without growing your headcount.