A data-driven World
For many large businesses, data analytics is already at the heart of their decision making. It is well documented that while cash is king, knowledge is power, therefore in this digital age, businesses can benefit from limitless amounts of data and real-time information to improve decisions such as cash flow, revenue, and cost forecasts. This includes big data, that is large volumes of data sets that can be analysed to unravel trends, patterns, and behaviours from human interactions. Despite this huge potential for real-time data, many businesses have systems that are obsolete, not aligned to strategy and most importantly lack expertise and leadership to fully capitalise on these opportunities to transform their operating model and improve decision making.
The Problem
Data silos have an impact on efficiency. In larger organisations, various teams collect and handle data differently using different methods. Rarely is data immediately securely accessible to each team. For example, when the marketing team of a large organisation needs sales revenue data from the sales team, they would typically have to send an email requesting the data from shared services and then wait for them to respond with the correct data (this is assuming the data has been sense checked and is accurate on receipt). Next, they spend a notable amount of time consolidating and analysing spreadsheets for data that can then be translated into useful information. For SMEs, the fundamental problem is that they lack the resources and expertise in the first instance.
“A company may have excellent products and services but without a robust digital strategy, it is unlikely to be competitive in the long-term”.
The Solution
Unsurprisingly, the above results in wasted time, effort, and outdated information. Depending on how long this takes to get, the data is likely to be out of date by the time it is being analysed. Given the series of delays, businesses cannot effectively take timely and decisive action in response to new developments, opportunities, and risks. This is where cloud-based solutions come in. There are a variety of cloud-based solutions that support timely effective decision making. In this report, we have identified three software with cloud-based options – SAP’s Data Warehouse Cloud, Ideagen Pentana Audit Software, and Xero Accounting Software which can all be used to facilitate the flow of data in real-time.
How it works
Through cloud-based solutions, data can be effectively managed to ensure that the right functions, teams, and stakeholders have access to timely accurate data. Let us now picture the same scenario, where data needs to be transferred to the marketing team from sales or vice versa whilst utilising a cloud-based solution. The data is stored in a central hub, with several workflows directing the right datasets to the right people. Instead of the earlier scenario where manual transfer of data could take days – if not weeks – tools like these streamline the process into hours, by effectively distributing and organising the data into a usable format specific to a function or team as part of an automated process.
Data-Driven Decisions
This means that businesses can access and react to information in real-time. On infrastructure projects, for instance, rapid response is key for mitigating £m risks and capitalising on opportunities that will arise. In-addition, SME businesses experiencing a sudden drop in sales can quickly collate related data to identify a relevant correlation between the reduction in sales revenue and a rise in negative reviews. By pinpointing the dates, the business can identify problems and take proactive corrective action to mitigate the negative backlash and impact on revenue. Given the relentless pace that the world is moving at in the twenty-first century and Covid19 driven transformational global change, having access to real-time information is crucial for dealing with problems before they escalate and for capitalising on opportunities as they arise. The solutions in this report need to be tailored to meet specific business needs. Therefore, it is vital to select software that is aligned to your business strategy, operating model and one that is suitable, acceptable, and feasible for your business to implement.
Final Thoughts
In the past the cost of implementing and maintaining such systems often outweighed the benefits, making the investment unviable for smaller businesses. Today’s market is diverse with several scalable options to suit a variety of business needs that can be implemented. SME businesses can also gain access to leadership and financial management expertise such as CIMA qualified management accountants who can help in developing the business case and evaluate the potential benefits of investing in the right technology including identifying risks, qualitative and quantitative benefits. For businesses willing to evaluate options or find out more, the independent advisory team at CFBL Consulting can help. In doing this, some businesses may be able to access grants funding, or research and development cashback to then transform or scale-up.
6 things to know about SAP Datawarehouse Cloud
1. What is SAP DWC – Data Warehouse Cloud all about?
SAP Data Warehouse Cloud (DWC) is a cloud-based data warehousing solution that migrates company data from off-premises data centres or on-premises data centres to the cloud.
2. Why has SAP invested in this new solution?
SAP continues to invest heavily in this technology because businesses need access to accurate data faster e.g. for financial decision making and customer satisfaction.
3. What were the other external drivers of SAPs DWC solution?
The increased need for data governance brought about by the lockdown because of the COVID-19 pandemic, as well as the need for teams and functions to collaborate remotely using data from multiple platforms e.g., a CRM – Customer Relationship Management database, excel CSV flat files, google drive etc.
Another external factor is Brexit and the need for governance and compliance with new UK rules e.g., GDPR – The General Data Protection Regulation; the privacy and security law passed by the EU – European Union in 2018, that imposes obligations on all organisations and businesses globally who target or collect data from people in the EU.
4. How secure is SAP DWC?
SAP DWC is powered by SAP Hana which is the data foundation for SAPs. business technology platform. It has the highest level of security, speed, and offers powerful database and cloud-based capabilities for the entire business enterprise. It can manage data from multiple sources and allows businesses to gain real-time insight and run on existing or new custom applications.
5. How does DWC work?
SAP DWC connects data from data sources across the enterprise and configures it in SAC – Sap Analytics Cloud.
6. What are the benefits of SAP DWC?
It has good data management capabilities, including data transformation, virtualisation, integration, catalogue, modelling, and metadata management. In addition, it is an open, flexible, and easy to use solution that enables easy collaboration with colleagues through virtual workspaces. You can also easily insert data from different databases like Excel, SQL etc. Businesses may be able to benefit from a 30-day free trial.
“The increased need for data governance brought about by lockdown because of the COVID-19 pandemic and the need for teams to collaborate remotely using data from multiple platforms has been a key external driver of SAPs DWC solution.”
6 things to know about Ideagen Pentana Audit Cloud-based Audit Software
1. What are the main benefits of Pentana Audit?
There is no application or software setup required, the software is ready to use the minute the business starts paying for it.
2. Why is Pentana Audit so cost-effective?
Pentana is a cost-effective solution because it handles the maintenance, operational, security and storage space costs of the system, whilst the business simply must pay the fees to use it. The technology provides cost savings on time and effort in maintaining compliance with standard regulation and reduces the risk of penalties for non-compliance.
3. How flexible is the Pentana Audit solution?
Businesses can choose to pay for it only as-and-when needed and can cancel the subscription when it is no longer required. Audit teams can also securely access the software from home or other multiple locations.
4. How does Pentana Audit help with compliance?
Pentana’s audit control and management tool addresses frameworks such as COSOs internal control framework, other regulatory modules and improves alignment to international auditing standards. Teams that do this promote best practice with their assurance and auditing approach and can keep up with changing standards and regulations.
5. How does Pentana Audit technology support best practice?
Pentana maintains a library of controls and standard templates for up-to-date regulatory frameworks and best practices documents for adhering to specific frameworks. By automating compliance Pentana Audit lets auditors focus on adding strategic value.
6. How does Pentana Audit help with project and contract costs?
Reporting in Pentana’s audit management tool enables auditors to create a plan through powerful information that can be extracted. This can generate a report on contract status, contract number, the type of contract, contract start and end dates, value of subcontract, cumulative value – how much spent to date on the contract, and reference orders raised against the contract. Through custom fields, the business can determine the status of the contract, define when the audit should take place, and the audit methodology.
“By maintaining a library of templates, controls and best practice documents for adhering to specific regulatory frameworks and by automating compliance, Pentana allows auditors to focus on adding strategic value”.
6 things to know about Xero Cloud-Based Accounting Software
1. What is Xero?
Xero is a cloud-based accounting software that is designed to provide robust accounting solutions with sophisticated features, ample reports, and over 800 integrations. Today, Xero is one of the fastest-growing SaaS businesses on the globe and is a leader in the cloud accounting software market.
2. Who is it for?
Xero’s services are focused on small businesses, accountants, and bookkeepers. However, the software is also suitable for larger businesses. The software is versatile and can be used to manage all business’ accounting processes.
3. How does it work?
As a cloud-based application, Xero does not require the downloading and setting up of any applications. Everything is hosted by Xero’s internal servers and can be accessed through a secure login on their website.
4. How secure is Xero?
The Xero cloud-based software is certified as compliant with ISO/IEC 27001:2013, which is globally recognised as the highest Information Security Management System (ISMS) standard. As with all cloud-based solutions, Xero’s security assurances are central to their service, and businesses can be assured that the data is held as securely as possible.
5. What are the benefits of Xero?
Cloud-based solutions are ideal for the fast movement of information, overcoming time-consuming business processes that are usually required to transport huge data.
6. What does it cost to use Xero?
Cloud-based solutions like Xero are extremely cost-effective, replacing the need for on-premises data centres which can be expensive and inaccessible to SME businesses.
“ Cloud-based solutions like Xero are extremely cost-effective, replacing the need for on-premises data centres which can be expensive and inaccessible to SME businesses.”
