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. 

Essential points covered in this episode:

✔️ The average BC/NAV customer consumes so much time on financial reporting 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.

✔️ Businesses are changing hyper-fast, yet many companies fail to modify their chart of accounts 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. 

✔️ An organization will change significantly every five years. NVS Chief Strategy Officer Mark Rhodes reminds you of rethinking the use of your dimensions in setting variables in your BC/NAV system. 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. 

Every year, take a look at your data and assess the following:

1. Are our financial reports still relevant?
2. Are the things that we're measuring making a difference? 
3. Do we have new factors that we wish we were measuring more? 

Incorporate these at any time and gather new insights, leave the old behind or combine to get a different vision of what's happening. 

✔️ Many users still don't understand how they can drive insights and make meaningful analyses from inside the system. We can make Dimensions as complicated as we want, but let's be super simple — Dimensions are data tags that go into the system with your financial transactions for the purpose of reporting. Every time you post a transaction in the system, Dimensions allows you to add information that goes along with that so that when you report against your results, you can get perfect, robust financial reporting based on all those data tags you're collecting.  

✔️ It's a golden opportunity to clean up that chart of accounts. Wherever you are in your new journey of going through the processes of setting up and familiarizing yourself with the Dimensions in Microsoft Dynamics 365, please take it as a golden opportunity to clean up your company's chart of accounts. It is the best time to clarify that everyone involved has the know-how and the ability to expand capabilities while streamlining what you have in the system. 

————————————————————————————————

Mark Rhodes has been involved with helping companies realize their potential through the integrated use of people, processes, and technology for a long time – let’s just decades and save you doing any math. His passion lies in helping to make others’ jobs easier. Before joining New View Strategies, Mark had the pleasure of serving the Business Central / NAV User Group community as General Manager, responsible for a wide range of content and education for its members. Prior to this, Mark served in several other roles at Dynamic Communities, including building the training program as the Director of the User Group Academies, and starting the CRM User Group as the first Director of that community. Joining New View Strategies represents a return to the consulting world, as he spent 15+ years providing strategic, process, technology, and organizational change assistance to companies of all sizes as a Senior Manager at Tribridge, Arthur Andersen, and Andersen Consulting.

Mark bleeds Orange and Blue, holding a Finance undergraduate degree and an MBA from the University of Florida. Mark now loves living in Colorado with his wife of 30 years, has two almost perfect children, and is every day thankful for his proximity to skiing, hiking, mountain views, and low humidity.

You can connect with Mark at https://www.linkedin.com/in/mark-rhodes-9702b1b or at @GatorRhodie. 

————————————————————————————————

About Kerry Peters & New View Strategies:

Kerry Peters is the CEO of New View Strategies, a company known for solving mission-critical business problems and a straight-talking, experiential approach to training and process improvement for Microsoft Dynamics 365 Business Central and Dynamics NAV. Our relationships are long-term, and our clients report that they have boosted efficiency, solved business problems, and had fun in the process! 

Let the experts help you tap into the true power of your BC / NAV system. 

You're struggling with challenges, and you know your Business Central / NAV ERP solution can help, but you're not sure how. We do. Whatever you're challenged with or searching for, we've been there – as a user and partner. You won't find the level of no-nonsense, front-line experience we offer anywhere else, and we're here to put that experience to work for you. 

✅ Why Choose New View?

With our team's average of 15 years of real-world BC / NAV partner and end-user experience, we know where to look and what to ask to discover how to make your BC / NAV investment work better for you.

Contact us today: https://getyournewview.com/services/