Our data analytics team effectively used an ERP system for financial consolidation and reporting with our clients. Cloud-based and leveraging OpTech’s AWS analytics platform, it combines data science and business expertise, particularly in finance, with excellent results.
Finance groups use financial consolidation and reporting tools to close and report financial results in a timely manner. Unfortunately, the resulting summarized reports do not have the level of data needed by groups such as tax, budgeting, and planning.
Our analysis revealed that summarization could eliminate granular data, making a data warehouse cumbersome. We extracted fully summarized data sets from a data lake, capturing ERP details. This reduced the space needed for staged tables and enhanced the efficiency of our data tables.
OpTech's Data Analytics Team created a tax data warehouse by summarizing journal vouchers monthly by account, cost center, product group, and other dimensions to understand transaction flow. This way, we have the granular data to explain unusual transactions.
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