Page 64 - Finanancial Management_2022

5 steps to successfully digitalise reporting

Use BI software to support data analysis and reporting
• Use BI tools (beyond Excel) to expand analysis and reporting
capabilities, especially when you want to include data-intense
1 visualisations and advanced interaction.
• Choose a software suited to your needs; market leaders are
Microsoft Power BI and Tableau.
Use new data sources to increase understanding
• Include data sources that add value to achieve strategic goals.
• Do not shy away from unstructured data sources (eg, social
2 media, internet of things) that require high effort.

Identify new insights and correlations from big data
• Use algorithms and intelligent software to sort data.
3 • Use visual analytics (big data visualisations) wherever
algorithms are highly complex.

Integrate new insights into reporting to enhance decision-
making
4 • Create new and relevant KPIs from the obtained insight, related
to the company’s strategic goals.
• Use BI support to enable self-service.

Use user-friendly design and appropriate visualisation types
for interactive dashboards
• Rely on accepted design guidelines.
5 • Choose easy-to-understand and standard visuals to enhance
recognition, acceptance, and understanding.
• Choose new visualisation types where necessary.

Benefits of leading BI tools
When to favour Power BI When to favour Tableau
When to favour Power BI When to favour Tableau
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If you are a novice user, Power BI is easy to Tableau has a different process — the user first selects
understand and use compared to Tableau, as it works the data and then gets a selection of ready-to-use
Tableau has a different process — the user first selects
If you are a novice user, Power BI is easy to
T the data and then gets a selection of ready-to-use e
in a similar fashion to all other Microsoft products. visualisations a di f f er ent pr oc es s — t h e u se r f i rst se l e ct
has based on the dataset. The options ar
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Tableau has a different process — the user first selects s
understand and use compared to Tableau, as it works
If you are a novice user, Power BI is easy to
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in a similar fashion to all other Microsoft products.
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understand and use compared to Tableau, as it works
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the data and then gets a selection of ready-to-use e
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supported by research, as the program was designed by
supported by research, as the program was designed by
visualisation researchers.
If your dataset is changing a lot (eg, adding new Customising design characteristics according to the
visualisation researchers.
visualisation researchers.
dimensions for analysis), including new tables using decision-maker’s needs and adjusting to corporate
If your dataset is changing a lot (eg, adding new
Customising design characteristics according to the
Customising design characteristics according to the
Customising design characteristics according to the
If your dataset is changing a lot (eg, adding new
dimensions for analysis), including new tables usso in
primary and secondary keys is easier than doing identity requirements is easier than in Power BI.
decision-maker’s needs and adjusting to corporate
If your dataset is changing a lot (eg, adding new ing
decision-maker’s needs and adjusting to corporate
identity requirements is easier than in Power BI.
dimensions for analysis), including new tables using n
Tableau, as it works with only one data table. decision-maker’s needs and adjusting to corporate
primary and secondary keys is easier than doing so i
dimensions for analysis), including new tables using
primary and secondary keys is easier than doing so in identity requirements is easier than in Power BI.
primary and secondary keys is easier than doing so in
Tableau, as it works with only one data table.
identity requirements is easier than in Power BI.
Creating a dashboard and arranging visuals on the Using interaction (cross-visual filters, drill-down options,
Tableau, as it works with only one data table.
Tableau, as it works with only one data table.
page is more efficient and intuitive than with Tableau, tool-tip information, and including charts for further
Creating a dashboard and arranging visuals on the
Using interaction (cross-visual filters, drill-down options,
Creating a dashboard and arranging visuals on the
which asks you to create the visuals first (on separa Using interaction (cross-visual filters, drill-down options,
Creating a dashboard and arranging visuals on the te
Using interaction (cross-visual filters, drill-down options,
analysis) is easily and more intuitively implemented in
tool-tip information, and including charts for further
page is more efficient and intuitive than with Tableau,
tool-tip information, and including charts for further
pages) before being able to integrate them onto one
which asks you to create the visuals first (on separate
page is more efficient and intuitive than with Tableau,
page is more efficient and intuitive than with Tableau, tool-tip information, and including charts for further
Tableau compared to Power BI.
analysis) is easily and more intuitively implemented in
which asks you to create the visuals first (on separate
dashboard. analysis) is easily and more intuitively implemented in
analysis) is easily and more intuitively implemented in
pages) before being able to integrate them onto one
which asks you to create the visuals first (on separate
Tableau compared to Power BI.
pages) before being able to integrate them onto one Tableau compared to Power BI..
Tableau compared to Power BI
pages) before being able to integrate them onto one
dashboard.
If you have a limited budget for BI support, then Power
dashboard.
dashboard.
BI is the better choice, as it is integrated into Microsoft
If you have a limited budget for BI support, then Power
365. Access is easy, and low costs are guaranteed.
If you have a limited budget for BI support, then Power
BI is the better choice, as it is integrated into Microsoft
If you have a limited budget for BI support, then Power
BI is the better choice, as it is integrated into Microsoft
365. Access is easy, and low costs are guaranteed.
BI is the better choice, as it is integrated into Microsoft
365. Access is easy, and low costs are guaranteed.
365. Access is easy, and low costs are guaranteed.
24 I FM MAGAZINE I April 2022