“You just need good data,” according to Derek Rose CEO Sacha Rose, who says specialist reporting tools have saved the company thousands by avoiding unnecessary mistakes. John Stokdyk finds out how.
When PrecisionPoint’s Michael Evans urged AccountingWEB members to raise their game when it comes to management reporting, we asked if he could point to any customers who could prove his point. Sacha Rose, the CEO of luxury nightwear company Derek Rose came to his rescue.
Rose describes himself as a “geeky” chief executive. He likes to get to grips with technology and in the past was comfortable working with Cognos, ODBC tools and Microsoft Access to extract data from the firm’s old Unix-based accounting system.
A few years ago, when his company installed a Microsoft Dynamics NAV enterprise resource planning (ERP) system, “We knew the data we wanted to capture,” Rose says.
There are only about five or six fields that drive the analysis within the company: dates, measures, the accounts they come from, product types and materials, items or customers. Nevertheless, Rose adds, “We knew that if we made the effort and captured the data up front, we could slice and dice it when we got it back out.”
Rose was aware from the start that the reporting in NAV did not meet his expectations. Initially the CEO and finance team at Derek Rose were advised to use SQL Server Reporting Services (SSRS) to extract data from Dynamics NAV. But the complexity and inefficiency of trying to do it all themselves prompted Rose to look for alternatives on the net. He found potential solutions from Ariacom, SAP and PrecisionPoint.
All reporting tools have their idiosyncrasies, but Rose and his team decided that PrecisionPoint would most easily fit into the Dynamics NAV environment they had created.
Having done the configuration work on the ERP system, getting the data into PrecisionPoint’s pre-built data cube was pretty quick. The installation was not cheap, but with hindsight Rose could see it was cost effective.
But, he adds, “You can’t run a business unless you have clear information. It would cost more in mistakes than the cost of putting it in...