If you are looking for an application that can streamline complex and multi-level business planning, then Board is something that you should look into. It helps if you take an Integrated Business Planning solution that puts together three vital aspects of planning: strategy, operations, and finance. Also, this top business intelligence software provides end-to-end visibility and open lines of communication across divisions and departments. It allows for planning to be done collaboratively and not in silos.
Board is truly one of the leading business intelligence software in the market. And many organizations use it to improve on decision-making in multiple levels and time frames. However, companies typically need different approaches to implement the software. For this reason, Board pricing packages are highly personalized. For some software hunters, it is quite hard to get a clear idea of what’s included in the quote-based plan. So, in this article, we have prepared what unique features you can get and how you can customize your very own Board deployment for your company.
Managing a large business enterprise involves complex decision-making amidst uncertainty. This is why there is a big market for decision-making tools, analytics solutions, and comprehensive business intelligence software. In 2018, the analytics and business intelligence software application market reached $13.8 billion. Experts predict that by 2023, the market would reach $16.5 billion. That’s almost a 17% increase in just five years.
This projected increase is seen to be fueled by many factors as business intelligence software statistics show. One is the drive towards a more data-driven decision-making process. Also, this is exacerbated by the challenges that current IT departments have relating to data integrity and decision-making workload. In March 2020, it was reported that about 39% of C-suite IT executives feel that they face an insufficiency of good data. The same percentage also feel that implementing decisions in their respective companies is slow. Meanwhile, 37% think that there are just too many decisions to make.
Source: Apps Run the World
Business intelligence software suites are designed to handle these concerns. In fact, it was found that 64% of analytics and business intelligence professionals have increased their job efficiency with these tools. Also, 56% say that they made decision making faster and more effective. Moreover, around 51% claim that it helped improve their company’s financial performance.
These benefits all come from having end-to-end visibility provided by business decision-making platforms. And Board is one of the go-to business planning solutions for many companies. Let’s get to know Board in the next section.
Board is a comprehensive business intelligence platform. It unifies key critical functions including analysis, planning, and simulation into one software. Moreover, it provides modules not only found in analytics and business intelligence software but also those found in performance management solutions. It is an all-in-one platform that you can use to plan strategically, operationally, and financially. Board is perfect for medium and large enterprises with complex multi-location operations.
The suite provides you with an intuitive toolkit to create your own applications without the need for any coding. All you have to do is upload pertinent data, configure them, and run analysis or simulation. You can do this easily through a drag and drop interface. Key features include automated drill down, drill through, and drill back suggestions, multi-user concurrent entry, real-time modeling, what-if simulations, and reverse algorithm, among many others.
Moreover, Board integrates with virtually any application. However, it has a very important MS Office environment integration especially for those transitioning from Excel. Also, it has native applications for both iPad and Windows devices.
The solution provides integrated business intelligence solutions to three main business departments. They are (i) Finance, (ii) Sales, and (iii) Supply Chain and Operations. As it best handles complex operations, Board is perfect for medium to large enterprises. Furthermore, Board is being deployed in a wide array of industries. These include industries like food and beverage, financial services, insurance, manufacturing, retail, automotive, and pharma, among many others. Corporate users include KFC UK, Coca Cola European Partners, Volkswagen Mexico, and Mistubishi Electric Europe, among a host of companies.
The vendor offers the software suite via quote-based plans. Hence, users pick which modules or functions they would like to have. In the next sections, we’ll discuss its main capabilities, which are (1) Financial Planning and Analysis, (2) Reporting, (3) Self-service BI, (4) Strategic Planning, and (5) Mobile-Based Analytics.
Detailed Board Review
As mentioned, the Board pricing plans and packages available depends on a particular subscriber’s requirements. The software provider makes sure that the platform is deployed according to what users needs. However, there are main capabilities and modules that are present for all subscriptions. Here they are below.
Financial planning and analysis (FP&A) is a core component of business planning. It provides the company with an accurate financial lens and a roadmap to support key corporate decisions. Usually, analysts do these via spreadsheet-based analysis and planning. Using a solution like Board, companies can move away from these slow legacy technologies and operate at unprecedented speed.
However, Board goes beyond mere FP&A. It expands the scope of FP&A outside finance. It puts FP&A to what is called the extended planning and analysis (xPA) approach. With this, you put your financial data to bear on your operations, in the process destroying data silos between finance and other business aspects. Now, you can connect finance with strategic planning and operations.
This capability allows users to seamlessly integrate budgeting, forecasting, and planning across departments and divisions. There are also automation modules to help you cut time on repetitive and trivial processes. Additionally, these include manual financial consolidation and reconciliation. Other key modules are those for performance management, profitability analysis, lease accounting, statutory reporting, and disclosure management reporting, among many others.
With these, you can easily acknowledge your changing capital requirements, plan expenses and revenues with flexibility, and foster collaborative decision-making across departments.
Board also provides comprehensive reporting software tools. In fact, this capability that is considered as a Board module can stand side-by-side with top standalone financial reporting software solutions. Key features include an extensive list of charts, advanced broadcasting and alerting functions, and many advanced analytical business functions. This, of course, includes the usual analytics tools, such as drill-downs, drill anywhere, and slice and dice functions.
These are all presented in easy-to-understand and highly-visual dashboards. Advanced interactive visualizations include radar charts, heat maps, treemaps, and waterfall charts among many others. Furthermore, you can configure Board alerts and reporting to be event-driven. With this, you connect real-time monitoring to real-time information delivery.
Moreover, you can access all these capabilities through an intuitive drag-and-drop interface. It is that easy. Also, with this, you can build templates and deploy your reports everywhere across all devices without coding knowledge. This is thanks to its native HTML 5 architecture.
With Board, you can quickly create insightful analysis and visualizations from raw data. Through its powerful yet intuitive dashboards, you can easily create mash-ups, upload information, and prep data for analysis. It also gives you access to a powerful search-based data discovery feature. With this, you can access the right information faster without putting corporate data governance in jeopardy. This is thanks to its high-tech security protocols.
Its advanced search function also allows you to use search results as a driver to create new analyses. Also, you can add them as elements for generating new reports. For instance, after searching for a product, you can click on a report that uses it as a correlated dimension under your preferred criteria. The software packs all of these into an easy drag-and-drop analysis module.
All you have to do is drag entities into nodes and configure your analysis through the side panel. Easily set rows and columns and specify your own values. With this, you can run reports and get highly-visual results and actionable insights in a matter of seconds.
There is also a data modeling function that allows users to connect to and retrieve data from any source. The suite also sports a virtual repository for users to keep previous work handy.
Board’s advanced planning capability leverages a well-designed multidimensional planning environment. Everything is based on a shared data bank with verification, process workflow, versioning, and audit trail features. Moreover, Board makes sure that all of these processes are secure by providing enterprise-grade security protocols.
One advanced module that makes all of these work is Board’s in-memory technology. This produces top-tier performance when it comes to aggregating data, spreading, and running calculations on huge complex data sets with thousands of users. Also, Board automatically registers changes spread across multiple hierarchies and dimensions. In this way, you can get a real-time view of every single change.
Key features include offline access, cell freezing, data validation, real-time conversion and calculation, and role-based security, among others. The software also allows users to create sophisticated business rules without code. Furthermore, it provides users with the ability to create and store unlimited what-if scenarios and plans. With this, you will be able to monitor the evolution of your planning processes, results, and forecasts over time. Thus, you will be able to optimize your strategic planning against a rapidly changing business environment. What’s more, Board makes a native project management app available so you can connect planning and action.
Board allows you to extend your analytics outside of your office. With robust native mobile applications for Windows and iPad, you can take Board anywhere with you. Thus, it allows you to plan anywhere and even update your data across hierarchies and dimensions. Furthermore, Board’s mobile business software automatically updates your reports, KPIs, and correlated analyses in real-time.
Its mobile applications let you take advanced board capabilities, such as simulation, analysis, and performance management with you. Also, with its smart alerting and notifications, you will always be on top of your planning needs.
Additionally, with Board Mobile, users will be able to create and share dynamic reports on the fly. This allows everyone to be on the same page all the time and at the same time. Furthermore, the application allows you to send static reports to non-Board subscribers. There is also an option to publish report snapshots on various social platforms.
You get all of the features above when you subscribe to Board’s quote-based plan. Also, Board allows for high-customizability. It provides users with powerful tools to create a customized experience. Its flexibility allows it to be the go-to BI software solution for many companies in different industries around the world. So, you will be able to make its functions and features fit your particular needs.
The unique thing about Board is that it connects seemingly disparate information and operational silos in your organization. Furthermore, it offers you a business intelligence analysis canvas. You put the data in, choose the operations, and get fast original shareable results. Board is powerful enough to support hierarchical and multi-dimensional operations. Hence, it is a perfect tool for multi-location companies with complex and layered business processes. If this is your company, Board is surely worth looking into.
If you want to see how Board matches up with other solutions, you can also check out other BI software for small and big businesses here.
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