In today’s fast-paced business environment, you as a business owner or decision-maker understand the critical need for timely, well-informed decisions. Yet, making sense of the complex data can feel like navigating a maze with a blurred map. That’s where Business Intelligence (BI) combined with your ERP system becomes your beacon.
This blog unveils how integrating BI with your ERP system, such as MYOB Advanced, turns your enterprise’s backbone into an insightful decision-making powerhouse. Read on to explore how tools like Power BI and Velixo can transform your MYOB Advanced system, simplify data analysis, enhance decision-making, and streamline collaboration, thus revolutionising your business operations and setting you on the path of growth.
Why Business Intelligence is Practical in ERP Systems
Enterprise Resource Planning (ERP) systems are the backbone of many businesses, providing a unified platform for managing core business processes. When combined with BI, ERP systems become even more powerful. BI tools can extract, transform, and load data from ERP systems to generate meaningful insights. This integration allows businesses to leverage their data to its full potential, enabling them to make strategic decisions based on real-time information.
The Benefits of Using Business Intelligence in ERP
The integration of Business Intelligence (BI) tools with an ERP software like MYOB Advanced allows you to create personalized dashboards within the ERP system. This feature is a game-changer for businesses and here’s why:
1. User-Centric Design
Personalized dashboards allow each user to tailor the ERP system to their specific needs. This user-centric design means that each team member can focus on the data that is most relevant to their role, whether they are in finance, sales, operations, or any other department.
2. Real-Time Insights
With a personalized dashboard, you can have real-time access to the data you need. This means you can make decisions based on the most current information, rather than waiting for weekly or monthly reports.
3. Increased Efficiency
Having all the necessary data at your fingertips increases efficiency. You no longer need to sift through irrelevant information or wait for others to provide the data you need. This can save significant time and allow you to focus on your core responsibilities.
4. Improved Decision Making
By focusing on the data that is most relevant to your role, you can make more informed decisions. This can lead to improved performance, whether you’re deciding on budget allocations, forecasting sales, managing inventory, or any other task.
5. Enhanced Collaboration
Personalized dashboards can also improve collaboration. By sharing your dashboard with others, you can ensure everyone is working from the same data. This can improve coordination and ensure everyone is working towards the same goals.
Integration of Business Intelligence in ERP
Power BI with MYOB Advanced
Power BI, a robust Business Intelligence tool. It provides interactive visualizations, business intelligence capabilities, and data connectivity with an interface that’s easy to use for creating reports and dashboards. When integrated with MYOB Advanced, Power BI offers various advantages due to its key features:
Interactive Data Visualizations
Power BI allows you to create and customize a range of visual reports and dashboards. When connected with MYOB Advanced, you can visualize your data to gain better insights, understand trends, and spot anomalies in your financial or operational data.
Data Connectivity
Power BI supports connections to a broad spectrum of data sources, including MYOB Advanced. This integration allows you to unify data from different sources, making data analysis more robust and accurate.
Real-time Updates and Data Refresh
Power BI enables real-time updates and scheduling data refresh. When integrated with MYOB Advanced, you’ll always have access to the most recent data for decision-making.
Data Analysis Expressions (DAX)
Power BI’s DAX formula language lets you create custom calculations for your data. You can leverage this feature with MYOB Advanced data to perform advanced analysis and derive custom insights that are relevant to your business.
Self-service Business Intelligence
Power BI empowers users to extract insights from data independently, reducing reliance on data teams. Integrating it with MYOB Advanced allows you to access and analyze your data whenever needed.
Collaboration and Sharing
Power BI provides robust collaboration and sharing features. You can share your MYOB Advanced reports and dashboards with stakeholders, ensuring everyone is informed and aligned.
Power BI Mobile
With Power BI’s mobile app, you can access your MYOB Advanced data anytime, anywhere, facilitating timely decision-making.
Secure and Compliance-oriented
Power BI provides features like row-level security and complies with various global standards. Integrating it with MYOB Advanced ensures your data is handled securely, respecting privacy and compliance norms.
To further understand the transformative power of Power BI, we recommend reading our blog post, 9 Key Business Challenges Solved with Power BI. This post delves into how Power BI can revolutionise your business operations by addressing key business challenges.
Velixo with MYOB Advanced
Velixo is a reporting and Excel-based business intelligence tool tailored specifically for your use with MYOB Advanced, a cloud-based ERP system. By integrating Velixo with MYOB Advanced, you can unlock a multitude of benefits that streamline your accounting and financial management processes. Let’s delve into these features and understand how they can significantly enhance your experience when you integrate them with MYOB Advanced.
Real-time reporting & budgeting
You’ll have direct access to your financial data in real-time, meaning you can make faster and more informed decisions. This can significantly improve your budgeting and forecasting.
Native-Excel Accelerator functions
With over 45 Excel functions designed specifically for MYOB Advanced, you can create advanced reports without needing any technical expertise. This means you can leverage Excel’s power while working with real-time data from MYOB Advanced.
Smart drilldown
You’ll be able to dive deeper into your data, examining it at a granular level directly from your Excel spreadsheets. This feature can help you understand your data more fully and spot any hidden insights or anomalies.
Live writeback
You can directly adjust or add budget entries to MYOB Advanced from Excel. This reduces double data entry and errors, making your work more efficient.
Data push
You can easily update your General Ledger (GL) budget data from Excel to MYOB Advanced. This helps maintain your system with the most current budget figures, minimizing manual data entry and potential for errors.
Pre-built Templates
With a variety of pre-built Excel report templates, you can generate reports quickly and easily. This frees up your time to focus more on data analysis rather than compilation.
Flexible and automated report distribution
You can schedule and automate report distribution based on your needs, ensuring that the right people receive the right information at the right time.
Full Integration with Microsoft 365
Velixo’s full integration with Microsoft 365 enables you to access and work with your MYOB Advanced data from any device, anytime, and anywhere that has Excel. This promotes flexibility and encourages remote collaboration.
Compatibility
Since Velixo is specifically designed for MYOB Advanced, you’ll experience seamless integration. This minimizes software conflicts and ensures that all features work optimally together.
If you’re after a deeper understanding of these features and their potential impact on your operations, I encourage you to read our blog post – The Power of Excel with Velixo for Your MYOB Advanced in 2023. It’s an essential read if you’re keen to harness the full power of this potent integration.
Let AlphaBiz Solutions Guide Your Journey to Enhanced Business Intelligence
Integrating Business Intelligence tools like Power BI and Velixo with an ERP system like MYOB Advanced can significantly enhance your business’s decision-making capabilities. By providing personalised dashboards, comprehensive reporting, and detailed analysis, these tools can revolutionise your ERP system and empower your business to make data-driven decisions.
Ready to revolutionise your business with smarter decision-making and more efficient processes using MYOB Advanced, Power BI, and or Velixo? Book a demo with our experts today, and let us show you how to transform your data into actionable insights that drive your business success.
