Take advantage of what your MYOB Enterprise Resource Planning data has to offer

MYOB Enterprise systems like Advanced and 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, and improve your operations over time. But sourcing, processing, and analysing all this data can feel intimidating. Learn more about how Phocas data analytics plus the financial statements tool —sits alongside your MYOB system— and makes you feel good about your data.

Unify siloed data into a single source of truth

Your company generates data across the entire organization. Whether from customers, inventory management, or project updates, data flows in from all departments. So, when different departments teams use separate systems, it can lead to data integrity problems.   

To make informed and strategic decisions, it is essential to collect data from your various sources and consolidate it into one single source of the truth. The benefit of having your data in one place is that it ensures everyone in an organisation 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 analytics is one vendor that has an established connection and integration with MYOB systems plus 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.

data analytics system presents your data in more visual and accessible formats and 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 work for mid-size business is the ad hoc analysis layer, which is 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. 

By using a dashboard to showcase the month-end financial reports will help more people in an organization to visualize financial data in the form of 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 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 reports specific to the needs of your business in real time 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 who are 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 your 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 have access to custom-tailored solutions that will help them achieve a market advantage. Because the software is customized according to industry, a company’s data and insights can be leveraged to address their unique problems and to 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, 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.  

For more information about Phocas data analytics and Financial Statements download this ebook: Turbo charge your finance team to value add

 

Data analytics essentials for the COVID-19 crisis

Written by  Phocas Software

The COVID-19 pandemic puts risk management and disruption strategies under the spotlight as companies experience limited supply and others are battling cash flow shortages. For businesses who move and sell products, inventory management can be a never-ending battle. During the shock of COVID-19, when supply and demand are volatile, managing stock presents further challenges. Strong visibility into your operations using data analytics principles can help manage inventory levels and keep cash flow steady.

Answering the most important questions

Whether you’re managing $30 million dollars in inventory across fifty branches or a single location with $800,000 in stock, you probably have similar challenges during this uncertain time. There are some obvious concerns such as

  • How much stock do I have on hand?
  • Which of my suppliers are most affected by COVID-19?
  • What inventory coming internationally is delayed, in transit or sitting at the docks?
  • Is our inventory position creating cash flow problems within the business?
  • Do we know if any of our customers are in trouble and can’t pay for goods ordered?

Does this sound like your week? As soon as you negotiate a price adjustment for stock in demand, your eCommerce team is letting you know that 50 more SKUs are out-of-stock. At the same time, your finance team just issued a major initiative to review all suppliers. Managing all of these tasks successfully requires accessible and accurate data, along with a sense of what to do with that information once you have it.

These are important business problems and coupled with the changes in buying behaviour due to the Coronavirus outbreak, managers are being forced to re-think inventory and cash-flow.

Some industry analysts are predicting that China will be back to business as usual by mid-April but for the rest of the world, it’s a wait and see as to the ongoing economic effects of the virus.

Businesses in consumer goods and retail are likely to be at high risk of cash flow problems, especially those who with high exposure to China, and those in seasonal businesses where demand for a season will be lost as the product didn’t arrive or from lack of demand.

What to do with your Inventory stock levels?

Inventory safety stock levels will need to be updated to reflect the volatility of supply and demand. Some supply chain experts suggest businesses need to secure additional stock as a buffer to further disruption but if cash flow is tight – you need to be sure you are selecting the products that can sell or you can actually acquire these products. With data analytics essentials, you can model the extra cost to acquire and hold the stock and determine if it is viable before you make your decision.

You need to speak to your suppliers. Some might allow you to delay payment terms or with others – you might need to fast track payment to preserve your supply chain and ensure one of your best customers receives an important order.

It is also worth keeping a keen eye on your account receivables so you know cashflows levels at all times. Some of your customers might be in those industries that are more exposed to the outbreak so you can identify who might need to change their payment terms. Make sure you get the basics right like sending invoices on time and accurately.

Managers of wholesale distribution and retail businesses have a number of core responsibilities that require them to look at many different types of data. The quicker that you know about the problem, the better position you are in and the sooner they can address and resolve the issues before cashflow is gone.

Having all your inventory, customer and product data in one place and being able to analyze it quickly and easily can help you get through these unprecedented times. For more information about how Phocas can harmonise your data, read our blog post here.

Data analytics essentials also enables you to quickly create and share customized reports and dashboards to help eliminate reporting bottlenecks and reduce common analysis challenges within your business.

Data analytics allows everyone in your organization to look at the same data in a format they understand, so you can all make informed decisions to mitigate risk and keep cashflow running. Read more here about how a complete view of sales data can change your Business.

For more information about data analytics essentials and how it can help your business cope with disruptions like COVID-19, contact us on 1300 857 464 or fill in the contact form below. To read more about Phocas Software and data analysis visit the Phocas Software page here.

Harmonising your Data to Provide a Single Source of Truth

The amount of data your company produces is significant and not taking advantage of it can hurt your bottom line. The ability to turn raw information into actionable intelligence is crucial to understanding how to better serve customers and streamline processes, reduce costs and improve profit margins.

The data your company generates is likely stored in multiple systems. While much of your data may sit in an enterprise resource planning (ERP) system, customer relationship management (CRM), spreadsheets, third-party systems and other databases will also contain vital information.

Business intelligence (BI) collects all the data for you

BI aggregates all the data from your various systems and gives you a single source of truth, making it easy to analyze. A good BI solution will let you ask questions of your data to make critical decisions based on facts.
Companies that do not use BI are at risk of making decisions based on inconsistent data. While a sales manager might be using historical data from your CRM system, your CEO might be basing decisions on data stored in your ERP system, leading to conflicting interpretations of the right course of action. Using a single source of data can reveal trends and present opportunities to better position your company for growth, and prevent instability.

Your finance department can use BI to simplify processes by giving users access to profit and loss (P&L), balance sheets and cash flow information applicable to their role. Managers save time by reducing the number of reports it prepares for various departments and can still restrict access when and where appropriate.

Inventory managers can use BI to track stock levels by branch, store, or your distribution centres and presents a consolidated view of your data. Carrying too much stock can be as damaging to your bottom line as carrying too little, so getting levels right is important.

Why choose Phocas BI?

Phocas simplifies the way businesses make critical decisions by integrating data from your MYOB ERP, SalesForce CRM, spreadsheets, or other data sources in a simple-to-use solution that is easy to understand, and designed for anyone in your company to use.

The leading BI solution presents data in a live analysis grid that you can drill into based on the questions you ask, slicing and dicing to get the answers you need.

5 Things you Didn’t Know you Could Get out of your Sales Data

Companies have traditionally relied on ERP systems to collect and combine this information. While ERP systems are great at streamlining processes, and giving you a comprehensive view of the business from an operational perspective, combining it with a business intelligence (BI) solution can help you make even better data-driven decisions.

This blog looks at five ways BI can help you save time, reduce costs and improve profit margins.

Improve sales

BI helps you better understand your customers’ buying habits and identify where there is potential profit through effective cross-selling and upselling.
Cross-selling is when your sales team makes additional solutions available to the customer, while upselling is converting an initial offer into a more profitable order by the way of additional units, or a premium version. Both techniques are effective ways of increasing revenue from your existing customer base.

Uncover missed sales opportunities 

BI makes it easy to identify missed sales opportunities. You can quickly see if customers’ buying behaviour is in decline and act before they stop buying altogether. You can also look at what products they are buying and use your data to identify where you can add value with cross-selling offers.

Enhance sales team effectiveness

BI lets you identify where sales are performing well, and more importantly where sales teams, and even individual salespeople, can improve with additional training and/or support. You can gain insights into the best performing region(s), and those that may require action.

Be in control of your data

A good BI solution lets you analyze data based on your train of thought.

You might want to see sales data for February and then drill down into specific brands and even products to find out more. BI collects and converts data locked away in your systems and gives you the flexibility to ask questions of it.

Improve budgets

Use Phocas to closely monitor and react to your sales performance. You can quickly see how you are performing over a period of time and easily compare that to your budget for that period. Being able to monitor performance and budgets on a regular basis helps you adjust to trends and other fluctuations, and makes it easy to modify decisions and course of action to ensure objectives are achieved.

Why choose Phocas?

Phocas lets you do advanced analytics in an intuitive grid which becomes the single source of truth for company-wide analysis. Information is available to anyone, anytime and you don’t have to be a spreadsheet expert to use it.

If you’re interested in learning how to use your data to streamline processes, reduce costs and improve profit margins, check out this blog on the Metrics that Matter.

Data and Metrics – what’s the difference?

A successful organization measures its performance meticulously, and what it decides to measure is tied to its definition of success. There is a difference between numbers and numbers that matter. This is what separates data from metrics.

Let’s look at revenue. Your company might be performing well with sales, showing that revenue is high. By measuring revenue alone, it might appear that your business is thriving. But you might also have high – and unnecessary – expenditures, which impacts profit margins. All of a sudden, your impressive revenue metrics are less significant to the overall success of the organization.

Your data won’t change, but your metrics will

Your data never changes. You might choose to use it a lot, or very little, but your data will remain consistent and provide you with a single source of truth. Metrics, however, are what companies use to measure their performance.

Some metrics organizations might choose to measure include:

  • Sales team performance – are sales teams (and sales individuals) regularly contacting customers? Who is selling lower margin products or fewer products than other team members?
  • Inventory levels – carrying too much stock can be as damaging to your bottom line as carrying too little. Measuring stock on hand lets you maintain efficient processes and helps ensure you deliver in full and on time (DIFOT).
  • Customer retentionaccording to Forbes, “it’s a lot less expensive to keep current customers than to acquire new ones.” Customer retention is a useful metric to measure to reflect your company’s customer satisfaction.
  • Recurring revenue – this is revenue that is most likely to be repetitive. It is revenue that is predictable and stable and offers a high degree of certainty.
  • Customer lifetime value – this can be defined as the dollar value of a customer relationship. Many organizations use this metric as a prediction of the net profit of the entire relationship.
  • Competitive pricing – as consumers, we look out for the best deals. So it makes sense to analyze and respond to our competitors and their pricing structures. Competitive pricing is setting the price of a product or service based on what the competition is charging.
  • Customer satisfaction – this is an important metric to measure. A stated above, it’s more valuable to retain customers than to spend time, money and other resources acquiring them.

Monitor your business with the right metrics

Data and Metrics PhocasTo track and measure the metrics, you need to have access to a sophisticated and user-friendly business intelligence solution. You can quickly and easily access your data and effectively measure your key metrics with Phocas Software, which provides users with a user-friendly solution for all skill levels that becomes your single source of truth.

Phocas Software helps thousands of manufacturing, distribution and retail customers around the world use data to identify opportunities, grow profits and increase efficiencies. It’s an intuitive, user-friendly solution for all skill levels that become your single source of truth. For more information, please download the free factsheet below.

If you are considering a 3rd Party add-on to MYOB Exo, please remember that as an MYOB Exo advisor, we highly recommend giving us a call on 1300 857 464 to discuss your options, save you time and money and find the best solution for your business today!

Living in a Business Intelligence Revolution

In the words of digital marketing expert Mark Egan, “it’s life 2.0. We wake up in the morning and check our Twitter feed, get home at night and respond to our Facebook messages, Instagramming our kids, cats and meals at all opportunities in between.”

So what does this new world mean for business – especially for busy executives or sales managers trying to stay ahead of the game? Well it’s time to adapt and embrace the ever-evolving digital landscape.

Business intelligence (BI) software is revolutionary for businesses in every sense of the word. It drives industry trends, unleashes and simplifies data in a way never seen before and continues to grow the evolution of data visualisation tools.

BI was once something only large organisation with deep, deep pockets and an IT team to match could have. Today, with products like Phocas, each and every organisation can access their data via easy to read dashboards that allows every single person in an organization to drill deeper into the data. This provides unprecedented insights into the business and aids decision making as well as creating clear deliverable actions – no more basing decisions on gut-feels or hunches.

So what are some of the ways BI has revolutionized business?

  • fast, accurate decision making (by each employee)
  • clear insights into consumer/supplier behavior
  • improved visibility (one view of the truth)
  • ability to turn your data into actionable tasks
  • improve efficiency across entire organizations
  • generate product and sales reports fast, without any need for IT or Excel specialists
  • use direction-setting analytics to grow your business – sell more commodity products, get your high margin products ready for just-in-time delivery
  • prevent customer leakage through analysis of purchase, aftersales, repurchase information.

But don’t just take our word for how good BI software is and the benefits it can have for your business. Take a look at what the respected and independent BARC user survey says. BARC compiled the world’s largest BI software review with over 3,000 users of 35 BI companies. To download the BARC report (released in October 2015), click here.