Experience the new generation of financial analytics and reporting in Microsoft Dynamics 365 Business Central

Why being data driven is key for CFOs

Amid the growing demand on CFOs to catalyze growth, maintaining a holistic view of business performance can be crucial. Data-driven financial leaders not only ensure this is possible within their team, but also empower the entire organization with access to the analysis and insights needed to make informed decisions within the flow of their work, securely.

According to a recent white paper for CFOs (9 Emerging Trends for the Futurist CFO), more than 50% of the identified trends that will affect their departments and businesses over the next few years are about data and reporting.

And if you ask Microsoft Copilot: What are the top three challenges that CFOs in small and medium-sized businesses face in 2024 that can be improved with internal reporting?

You might get an answer such as: In 2024, CFOs in small and medium-sized businesses (SMBs) face several key challenges that can be significantly improved with effective internal reporting. Here are the top three:

  1. Economic uncertainty: With ongoing fluctuations in the global economy, CFOs need to make informed decisions quickly. Detailed financial reports can provide insights into market trends, helping CFOs to forecast and plan more accurately.
  2. Cost management: Identifying and controlling costs is crucial for maintaining profitability. Internal reports can highlight areas of inefficiency and suggest where cost-saving measures can be implemented without compromising quality.
  3. Performance measurement: Tracking the performance of various departments and projects is essential for strategic planning. Internal reports provide valuable data on key performance indicators (KPIs), enabling CFOs to assess progress and make data-driven decisions.

How can you as a CFO or financial leader turn this advice into something more practical, allowing you to help people become more data driven in their day-to-day work? Read on to understand how the business intelligence (BI) triangle model breaks analytics scenarios down into tangible tasks with suggestions of which tools are appropriate for each of them.

The BI triangle: Mapping analytics scenarios to tools

One of the challenges that you face is how to access, analyze, and present data in a way that suits your needs and preferences. Different scenarios and roles in the office of the CFO may require different tools and formats to deliver the best insights and outcomes. That’s why Microsoft Dynamics 365 Business Central offers a comprehensive and flexible set of analytics tools and capabilities that can address the diverse needs and preferences of finance leaders.

We call this the “BI triangle”, which consists of four types of analytics tools:

  • Microsoft Power BI finance reports: Access these reports out-of-the-box including powerful semantic models and stunning and interactive visualizations. You can use the Power BI reports to get an overview of finance KPIs, dive deeper into your data, create custom dashboards and metrics, and share your insights with others. The new Power BI reports are coming in the 2024 release wave 2.
  • Financial reporting: This capability set provides no-code financial reporting specialized for producing financial statements that look the way you want.
  • Ad-hoc data analysis: Delivers the ability to filter, group, and pivot data directly in Business Central. Use it to get an overview of analytic scenarios not covered by standard reports, drill down into details, and export data to Excel.
  • Excel finance reports: Excel reports use Microsoft’s familiar and widely used spreadsheet tool, which is loved by financial professionals for its powerful capabilities in performing calculations, analysis, and formatting. Whether you need to bring your financial data into Excel for easy manipulation, create charts and tables, apply formulas and functions, or analyze outliers with Copilot in Excel, the built-in Excel reports provide the flexibility to present your data exactly as you prefer.

With the BI triangle, you can choose the best tool for the job, depending on your scenario and audience. You can also switch between the tools seamlessly, as they are all integrated with Business Central and use the same data source.

Access more information about the BI triangle here.

Analyze your business data with new Power BI reports

One of the benefits of using Power BI reports is that you can access a rich set of new and improved reports designed specifically for Business Central and that cover various aspects of your business, such as finance, sales, purchasing, inventory, and projects.

Another benefit of using Power BI reports is that you can access your data and insights while on the go from various devices. Whether you’re in the office, on the road, or at home, you can use the Power BI app on your phone or tablet to view and interact with your reports, get notifications and alerts, and stay on top of your business performance.

In the 2024 release wave 2, Dynamics 365 Business Central will include more than 70 reports covering analytics scenarios across finance, sales, purchasing, inventory, and projects.

Track your finance KPIs with Power BI metrics and get alerted in Microsoft Teams when they cross thresholds

With Power BI, you can create and monitor metrics, which are key performance indicators (KPIs) that measure progress toward your goals and objectives. You can easily create metrics on any number shown in your Power BI finance reports and set targets and thresholds for them. You can also view your metrics on your Power BI dashboard and see how they change over time and compare to your targets and thresholds.

You can even integrate your KPIs with Teams and get alerted when your KPI metrics cross certain thresholds, such as when your expenses exceed your budget or when your revenue falls below your forecast. This way, you can stay informed and act quickly and efficiently.

Power BI is not the only way that Business Central supports the data-driven CFO. Other analytics features and capabilities can help you access, analyze, and present your data in an effective and efficient way. 

To read more about this topic, and see examples of how this can work for you in practice, see:

Source:  Microsoft Dynamics 365
Article: Mike Morton, Vice President, Microsoft Dynamics Business Central
author avatar
Zukhanye.Admin3
See Full Bio

Leave your details and our team will contact you:

Get a quick overview so you can spend your time improving your processes.

You can easily define and set up processes according to your own needs using a convenient layout tool. In addition, since all types of workflow processes can be managed, you get all case management in one single system. 

Analyses, statistics and reports give you an unbeatable overview with real-time status and division of responsibility. Nothing has to fall through the cracks anymore and you always have an accurate and up-to-date base for decision-making.

CANEA Process is a tool that allows you to model and share business processes in an easy-to-use graphical web interface.

Seeing is understanding

Visualisation gives all employees an understanding of the organisation’s processes, activities, responsibilities and information flows.

Living processes

Identifying working methods while making it easy to update is the basis for continuous improvement of processes.

Create a complete picture

Linking together documents, information and tools with clickable process maps create an intuitive and comprehensive management system.

CANEA Workflow is an IT solution that automates, quality-assures and speeds up administrative workflow processes.

You can easily define and set up processes according to your own needs using a convenient layout tool. In addition, since all types of workflow processes can be managed, you get all case management in one single system. 

Analyses, statistics and reports give you an unbeatable overview with real-time status and division of responsibility. Nothing has to fall through the cracks anymore and you always have an accurate and up-to-date base for decision-making.

By creating executable processes in CANEA Workflow, you get both better control of the situation and smoother processing.

Streamlining the work

Ensure compliance and that handovers are done correctly and with the right information.

Correct decision support

You get an unbeatable overview of the processes in real time, with both clear reports and clear diagrams.

Improve processes continuously

Our process support can be constantly adapted to changing needs and requirements. In this way, we give you the best possible conditions for your daily work.

A document management system without complicated folder structures.

CANEA Document combines simple and intuitive search features with powerful features for managing documents from a life cycle perspective.

Maximum availability
Search and find information quickly based on what you need, not where it is stored.

High security
Ensure accuracy, changes and access to all information – with high traceability.

Fulfils requirements
Manage information according to standards, legislation and other requirements for document management.

CANEA Document supports everything from production, publication and modification to archiving and deletion – with full traceability and version management.

CANEA Document provides secure management of all types of documents – in one place. Tagging the information with metadata creates a virtual, multidimensional folder structure. This means that a document appears in multiple locations at the same time, with authorisation-controlled access. The right information in the right place for the right users at the right time!

You can usefully add your company’s process-oriented management system to CANEA Document. All production and distribution of documents is quality-assured and streamlined. In addition, your employees always have access to the most up-to-date version of the documents – directly via intranet, tablets and mobile phones.

Improve the performance of your project activities

CANEA Project is a comprehensive project tool with integrated support for all types of projects and parties– such as management, resource owners, clients, project managers and project participants. CANEA Project gives you an excellent overview of your entire project portfolio, including profitability and status, making it easier to prioritize and make decisions.

CANEA Project shares all important project information with both internal and external members.

Let your project manager focus on management rather than administration and distribution of the information.

Gather all project information in one place and make it available to both internal and external members.

Helps you with prioritization of projects, resource management and analysis of portfolios and programs.

Make reality of the strategy

CANEA Strategy makes it possible for organisations of all sizes to create a unique common thread from the strategic work to the daily operations. We do not just provide performance management tools but rather a completely new generation of IT support for strategy activation. The system guarantees and provides support throughout the chain from strategy to execution. You get no results without action. CANEA Strategy makes it possible in practise! 

CANEA Strategy ensures and provides support throughout the entire journey from strategy to execution.

Create a shared understanding of the strategy, the goal to achieve and how.

Gives management an unbeatable overview of what’s happening, how it’s progressing, and why.

Creates a clear common thread from the strategy to project, initiatives and actions.