S4 EP13: Increase Reporting Efficiency with Dimensions with Mark Rhodes

<p><span style="font-weight: 400;">Dimensions play an essential role in your BC/NAV system, making your process more automated and efficient. Our resident experts, Kerry Peters and Mark Rhoades sit down and share the power of dimensions in maximizing analysis views, simplifying how to use data tags that go into the system, and driving insights for more robust financial reporting. </span></p> <p><strong>Essential points covered in this episode:</strong></p> <p><span style="font-weight: 400;">✔️</span> <strong>The average BC/NAV customer consumes so much time on financial reporting</strong> <span style="font-weight: 400;">at the month's end that it could have been used for other value-adding activities. Time spent for review, correcting errors, and producing the financials requires so much focus and energy that could be automated or delegated.</span></p> <p><span style="font-weight: 400;">✔️</span> <strong>Businesses are changing hyper-fast, yet many companies fail to modify their chart of accounts</strong> <span style="font-weight: 400;">to better match how they've grown and changed their operations. We see this with many organizations we've worked with, so few go back and reevaluate the structure they established 10 to 15 years ago and ensure that their financial system can maintain integrity today. </span></p> <p><span style="font-weight: 400;">✔️ An organization will change significantly every five years. NVS Chief Strategy Officer Mark Rhodes reminds you of</span> <strong>rethinking the use of your dimensions in setting variables in your BC/NAV system.</strong> <span style="font-weight: 400;">As you're going to get on down the road and there are a couple of those that you won't use anymore, look how you might still incorporate them in your financial reports. </span></p> <p><span style="font-weight: 400;">Every year, take a look at your data and assess the following:</span></p> <ol> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Are our financial reports still relevant?</span></li