How a modern business can face the 2020 information needs
The quantity of information that businesses need to manage to stay competitive is continuously growing. E-commerce, EDI, IoT-enabled devices and other emerging technologies like blockchain are just a few examples of trends driving data growth.
The global consulting firm IDC predicts a 10-fold rise in worldwide data by 2025, and this is predicted to mostly be created, collected, stored and managed by enterprises. This valuable commodity will be used by businesses to gain competitive advantage within an increasingly saturated market.
According to Information Age by 2025, more than a quarter of data created will be real-time in nature, and IoT real-time data will constitute over 95% of it.
Also by 2025, an average connected person will interact with connected devices nearly 4800 times PER DAY!
This growth in data will lead to new and unique business opportunities, and will also lead to an increase in responsibility and data security.
Amidst the data jungle, a few things are apparent:
- Businesses will need effective, efficient and reliable methods to collect, store and analyse this data
- Reporting based off this data will be more important than ever before
To analyze and work with this data, you need specialized solutions and that’s why we created Velixo Reports.
How does Velixo help with information consolidation?
Velixo Reports is an excel based reporting tool built for Acumatica and MYOB advanced. Velixo adds a new toolbar to Excel and more than 50 functions specially designed to work with General Ledger and Project data. It can build financial and project reports in Excel with live data in less than 5 minutes, and you can easily link a single spreadsheet to multiple companies, tenants or instances for consolidation. Thanks to Excel Power Query, you can also enhance your reports by combining and refining data across a wide variety of sources and systems. It’s about flexibility and efficiency for you and your team. Giving you the right information, quickly for better business decisions.
Performance and Scalability
To ensure fast & efficient generation of reports across all sorts of environments and reports, we have developed our own proprietary data extraction and caching technology called ‘Smart Refresh’, that is at the heart of Velixo Reports. Our in-memory compute engine allows even the most complex reports to calculate very quickly.
We recently benchmarked Velixo Reports and compared it with the built-in financial report writer, ARM (Analytical Report Manager). The original report has 21 units, 363 rows and 59 columns (21,747 cells). Two different versions of the report were created in Excel: a version with 21 worksheets (1 tab per unit), and an alternate version that has a single tab and a dropdown to select the unit. As can be seen from this chart, the Velixo-enabled spreadsheet runs much faster than their ARM counterpart.
ARM: 1 minute 20 seconds to get first page (consolidated), 15 seconds to switch units, 5 minutes to print all
Excel with Velixo (21 tabs): 1 minute 15 seconds for refresh, switching tab is instant
Excel (single tab + unit selector): 15 seconds for refresh, switching to another unit 4s. Automated Report Distribution can be used to generate 1 PDF or Excel per unit on demand, 6 seconds per file. To find out more about Velixo’s Automated Report Distribution click here.
Velixo Reports promises to help your company create accurate and insightful reports, lightning fast. Want to know more about how Velixo can help you and your business? Contact us today at [email protected].