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Having a direct view of your company’s performance enables strategic decisions. Having access to a clear view of your company’s performance to start with can be an immense struggle for many companies. As the grand picture of a company’s performance includes various data types, accurately gathering and uploading data into a single location can be taxing. High-maintenance processes not only slow down operations but they also compromise a clear understanding of whether or not you are meeting your work goals. Modern Corporate Performance Management (CPM) tools ease many essential budgeting and reporting processes. However, a crucial factor into how the best tools have that functionality pertains to how they collect and organize data. Overall, how and where you keep your data can make a significant difference in day-to-day operations. This article will touch the key benefits to using a centralized source for disparate data sources also known as a “data warehouse.”
A data warehouse allows users to have quick access to financial and operational reporting capabilities. A top-tier data warehouse will have both pre-built integrations for popular Enterprise Resource Management systems and customizable modules. Beyond the standard financial models, non-financial pre-configured modules that organize your data can include: General Ledger, General Ledger Detail, Accounts Payable, Payroll to name a few. Pre-defined fields for the modules remove the need for customization, making the implementation process simple and direct. The features of a data warehouse will make importing and exporting data a stress-free process. Both technical features and user-friendliness enable users to change data without having to run reports or SQL queries.
Data Warehouses with advanced functionality can organize data with even further automation. For instance, a data warehouse can calculate foreign currency exchange by uploading daily rates and choosing rate and account types. For multi-national organizations, there are features such as Exchange Rate Administration, where a connector can import daily spot rates directly from the ERP system. Also, how a data warehouse is set up can also enhance its usefulness. When a data warehouse is managed with, for example, SQL procedure-based rules, rules can be loaded via an XML file that contains information about the parameters for the rule itself and the SQL for the data manipulation. Customizable rules come in handy when dealing with in many scenarios, including currency conversion, data aggregation, entity eliminations, allocations, data movement and other transformations. Essentially, a data warehouse can function beyond simple data storage.
Customizing modules and dimensions with simple name changes enables users to simply adjust the CPM solution to their specific needs. Overall, a powerful data warehouse makes budgeting and reporting with a CPM solution much easier.
To learn more about the benefits of data warehouse, click here.
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