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What is Data Democratization and Why is it Important?

In the digital age, data has become the lifeblood of organizations, fueling insights, innovation, and strategic decision-making. However, for decades, access to this valuable resource has been restricted to a select few within organizations — typically those with technical skills or higher authority. This exclusivity often led to missed opportunities, information silos, and a lack of agility in responding to changing business landscapes. Enter data democratization — an approach that seeks to break down these barriers and empower a wider range of individuals to access, interpret, and utilize data. This article explores the concept of data democratization, its significance, and why it has become a pivotal factor in modern data management strategies.

Understanding Data Democratization: A Paradigm Shift in Data Access

Data democratization is a philosophy that advocates for data to be accessible, understandable, and usable by individuals throughout an organization, regardless of their technical expertise. It marks a paradigm shift from the traditional top-down approach where data was controlled and disseminated by a limited group. Instead, data democratization emphasizes self-service access, enabling employees to explore and analyze data independently, fostering a culture of data-driven decision-making.

The Significance of Data Democratization: Unleashing the Power of Data

1. Informed Decision-Making: One of the primary reasons data democratization is crucial lies in its ability to empower decision-makers at all levels with timely and relevant information. When employees have access to data, they can make informed choices that align with the organization’s goals and respond to challenges more effectively. This leads to better outcomes and a competitive advantage.

2. Enhanced Collaboration: Data democratization fosters collaboration across departments and teams. When individuals can access the same data and share insights, it breaks down information silos, encourages interdisciplinary discussions, and sparks innovation. This collaborative environment can lead to the discovery of new ideas and solutions that might have otherwise remained hidden.

3. Agility and Responsiveness: In a rapidly changing business landscape, organizations need to adapt quickly. Data democratization enables employees to access real-time data, helping them identify trends, spot emerging opportunities, and respond to threats promptly. This agility can be a game-changer in staying ahead of the competition.

4. Empowerment and Engagement: When employees have the tools and resources to work with data, they feel empowered and engaged. This can boost morale and job satisfaction, as individuals see the direct impact of their contributions. Additionally, democratizing data empowers employees to take ownership of their work and make data-backed decisions with confidence.

5. Unlocking Hidden Insights: Those closest to the day-to-day operations often possess unique insights. Data democratization enables these individuals to explore data from their perspective, potentially revealing patterns or correlations that might not have been noticed by centralized analysts. This democratization of perspectives can lead to breakthroughs in understanding complex business challenges.

Challenges and Considerations

While the benefits of data democratization are clear, it’s not without challenges. Ensuring data quality, addressing privacy concerns, and providing adequate training to users are essential components of successful implementation. Organizations must strike a balance between open access and maintaining proper data governance to avoid data chaos and security risks.

Conclusion

Data democratization is more than a trend; it’s a fundamental shift in how organizations approach data. By allowing broader access to data, organizations can harness the collective intelligence of their workforce, drive innovation, and make informed decisions faster than ever before. As technology continues to evolve and organizations recognize the importance of a data-driven culture, data democratization will remain a cornerstone of modern data management strategies, empowering individuals and transforming organizations in the process.

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The data-driven way to do business

It's a jungle out there - of the corporate kind, but the rules are pretty much the same. It is the smartest, quickest, and most insightful business that survive and thrive. While every business, big or small, needs bold ideas to stand you, what keeps them standing is efficient data management. Understanding how your business runs daily and gaining insights into what influences changes are vital, more so analyzing and interpreting this enterprise data and making quick decisions. That's where data management solutions come into play. The right tools can help extract this enterprise data and assist with migrating cloud ERP data to data warehouses, generating reports, and offering insights faster and more efficiently.

Simplifying business practices with Enterprise Resource Planning (ERP)

Enterprise Resource Planning software like Oracle ERP Cloud manages day-to-day processes like financials, project management, risk management, and supply chain operations. It is a fully integrated suite of finance and operational applications built on a common data model. When competing in a digital economy, cloud-based ERP systems are a resource you want in your corner.

Simply put, ERP systems offer a single source of truth for data and streamline practices. They provide:

A comprehensive view of an organization's financials.

Prompting a better understanding of costs.

Revenue.

Profitability using prebuilt analytics.

In addition, they help measure critical KPIs in real time. Implementing an ERP system also allows companies to automate mundane tasks, increasing the speed and efficiency of the financial close process and reducing time spent compiling data.

Cloud ERP systems are flexible and can scale across markets, geographies, and products as businesses grow. They also offer significant control in determining which areas of the business are addressed first. Modern ERP systems even offer internal controls and audit tools to protect against theft and fraud. Furthermore, with Cloud ERP systems, cost management is also well within grasp.

Why businesses need  optimized reporting and analytics

Effective reporting and analytics are essential for any business to hold its own. And that means going beyond just the collection of data. It involves using a broad spectrum of techniques to provide valuable information that concerns inventory, production, and sales, as well as how they reflect on the bottom line to uncover trends and opportunities, allowing management to make insightful decisions.

What does this mean? Well, for starters…

Increased communication: An internal reporting system allows information to flow as needed - upward, downward, or laterally - reaching the intended recipient quickly and effectively. Automated reporting techniques even enable reports to be emailed to stakeholders at a set frequency.

Increased productivity: To be productive is to be flexible enough to respond to industry changes and opportunities swiftly and accurately. Achieving this requires an inventory and reporting system that offers up relevant data and insights in a timely fashion.

Increased accuracy: Having relevant and accurate data on time and in a manner that is easy to process directly impacts decisions on planning, budgeting, and forecasting and, thereby, overall accuracy. Critical decisions are dependent on the proper decision-making tools.

Increased timeliness: Ineffective presentation of data can lead to crucial information vanishing into a crevice of spreadsheets, delaying important decisions. It is key to optimizing data display, making it easy to process and analyze. It doesn't just save time; it ensures that decisions can be taken promptly.

Facilitating Cloud ERP reporting with AirQuery

There's no debate on the need for effective and optimized reporting and analytics. Traditionally, the difficulty in efficiently using enterprise data has always lay in finding the time to review, assess and draw conclusions that will help grow a business. But this has been overcome by reporting and analytics software that streamlines and automates the process. In a corporate jungle that's constantly changing, what businesses demand are plug-and-play solutions that can be used efficiently by managers or business owners without dependency on IT support.

Businesses using enterprise data systems like Oracle's Cloud ERP have felt the need for self-service reporting and analytics software to extract and migrate data to data warehouses and accelerate data transformation into reports and insights seamlessly. Another demand is for a reporting solution that can blend data from multiple sources.

AirQuery's reporting and analytics solutions seamlessly integrate with Oracle Cloud ERP or similar applications to assist with the seamless migration of data and report building.

Oracle Cloud ERP applications offer short and long-term efficiency, flexibility and hardware cost savings. It is the choice for many businesses as it assists with automating tasks and streamlining performance through a shared infrastructure, empowering them to run faster and scale up or down to ensure maximum profits. Combining Oracle Cloud ERP with AirQuery can help a business improve by supporting more comprehensive integration across other cloud systems and applications. It enhances and streamlines the data migration process from ERP and the existing architecture to a data warehouse, where simplified reports can be generated from complex data structures.

The most significant advantage of using AirQuery is that it offers a one-stop solution for reporting and analytics needs, providing easier access to data, better organizational insights, and, most importantly, reliable security. It has proven to be an efficient reporting application for creating business-specific reports - simple or complex - using over a thousand prebuilt report templates. It provides efficient packaged data management and BI solutions that deliver real-time operational reporting, drill-to-detail, comprehensive dashboards, and ad hoc inquiry capabilities.

A compatible resource

Integrating AirQuery with ERP systems is seamless. The cloud connector is an API-led integration solution that eliminates the difficulty of extracting data for data warehouses and aiding with simple and speedy data integration. The pipelines are equipped to move data from and sustain multiple platforms, including Oracle E-Business Suite, Oracle Cloud ERP, Oracle Cloud HCM, Oracle Cloud SCM, PeopleSoft, Netsuite, and non-Oracle applications like Salesforce, Workday, ServiceNow, Jira, and SAP.

This enables businesses to extract ERP Cloud data and combine it with on-premise data. It allows enterprises to run BI publishers' reports directly, produce financial or operational reports in real time and view them in their chosen format, and take advantage of an interactive interface that controls the frequency of data synchronization.

The data jump connectors allow for quick data analysis to provide accurate business insights by collecting and converging data from diverse sources and replicating it into one common data warehouse.

Furthermore, AirQuery lends its support to an organization through executing business workflows, synchronizing data across the company, and setting up accessibility and security for internal and external stakeholders - all of which are accessible and actionable without knowledge of complex engineering.

AirQuery pipelines also aid in preserving data integrity and avoiding slippages like broken records, corrupted files, or incomplete migration. It helps maximize the value of on-premise and SaaS investments by efficiently linking data and operations across applications.

Overcoming the limitations of Oracle tools

Cross-platform reporting remains a challenge when using Oracle tools and applications. However, with AirQuery, data jump pipelines have been developed for reliable data delivery and to automatically integrate data from over 200 applications used by a single organization. The connectors intuitively consolidate data from various teams, like finance, human resources, marketing, manufacturing, operations, etc., freeing managers from data silos and integration and allowing them to focus on analyzing data, garnering insights, and making decisions. Unlike Business Intelligence (BI) tools that keep their purview of search narrow or restricted and require toggling between screens to scour for information, with AirQuery, accessing data from anywhere and viewing the company's records right on a single screen are achievable.

Pick up the pace with Quicklets

The thing about surviving in the business world is that even though you prepare for every eventuality, you can think of, there is so much out of your control. More often than not, business leaders will find themselves in a situation where they need data to make a crucial decision, but there needs to be more time to coordinate or compile information. The solution is to wait for the reporting software to deliver a report containing the necessary data - even if all that's needed is just a snippet. AirQuery Quicklets, on the other hand, takes waiting out of the equation. It allows access to any snippet of data from the enterprise data, wherever it may be stored. It aids the adoption of Oracle Cloud ERP and increases productivity with data-backed decisions.

Simply put, AirQuery Quicklets erases the need to create a new report every time a snippet of data is required. For instance, if a human resources manager wants to look up the joining date of an individual employee, rather than search the entire employee database, all they would need to do is select the employee's name, right-click and run a Quicklet. All the required data will be displayed instantly in brief. Running a Quicklet saves time and efficiently gives you reliable information to make timely decisions. Quicklets also assist with garnering data with minimal human interaction, thus reducing the chances of human error.

What makes AirQuery so efficient?

Integrated data warehouses: Rigorously tested data warehouses ensure that data is uncompromised in terms of accuracy or completeness. The latest technology is employed to set up warehouses to address redundancy concerns.

Data modeling: A centrally managed data model handles the data lifecycle efficiently and quickly. AirQuery strengthens various facets of data modeling by:

Setting up semantic layers: It is compatible with self-service datasets and IT-managed data models, which help abstract complex data logic and substitute technical jargon with business-friendly terms.

Supporting data stewardship: Centrally managed data models are organized and presented to business users as subject areas so that all users are on the same page. Anyone within the company, even those employees without technical knowledge, can feel comfortable working with data.

Prebuilt report templates: AirQuery can assist with extracting, replicating, and transforming data, thereby creating, automating, and distributing high-quality reports - for financial or operational reporting. These reports comply with all regulations and external requirements. Prebuilt, interactive reports allow access to multidimensional performance management data sources and transform data into insights. The tool also enables the creation of multiple reports from single report structures.

Excel financial reporting: AirQuery can efficiently process and handle large amounts of data. It negates the need for time-consuming manual manipulation like inputting excel formulas and looking up data for reporting and, as such, reduces the chances of human errors. Extracting, cleaning, and shaping raw data is automated and actioned after each data refresh. It also supports the direct running of reports from Excel.

Built-in pipelines: AirQuery can integrate with any application and data source, automating end-to-end processes and centralizing management. The prebuilt adapters negate the need for new coding and simplify data migration to data warehouses.

Report Delivery: AirQuery offers the flexibility to output data in the form that works best for specific requirements. Reports can be delivered immediately or scheduled for later distribution to relevant stakeholders.

Drill-down capability: AirQuery facilitates data examination down to individual inputs, aligned with offering a comprehensive view of the overall data extracted. All it takes is a click of a mouse to go from, let's say, looking at a sales revenue report by the state to drill down to a particular state and a county or city within that state.

Security: AirQuery provides reporting, supports role-based access controls, and row and column-level data security. It allows business owners to stay on top of who has access to what information and how they use it, thus keeping crucial data secure and improving governance. Data security is enforced in the reports. Individual employees can only view account balances for segment values they have access. For instance, a manager may need access to the transactional database to manage all payable activities and ensure timely payments to vendors or expense vouchers while maintaining accurate records. A member of the sales department, however, will not find this information relevant and will accordingly not have access to it.

What does this mean for businesses?

Businesses run on data, and the need for an efficient solution to extract and migrate Cloud ERP data to data warehouses and transform that data into actionable reports and insights has been great. AirQuery effectively offers sought-after solutions. But let's take a closer look at how it impacts businesses.

Bringing value to an organization: The AirQuery data model spans applications - from fiance to operations to purchasing to service - and supports full-spectrum strategic analysis and performance. High-performance data loading and flexible scheduling by groupings as desired ensures that data is delivered when and where it is needed without being compromised and avoiding breaches in security.

Adapting to an ever-evolving business: Prebuilt mappings and workflows allow for seamless integration and absolve the need for new coding even as an organization grows and changes. The data-driven architecture ensures a metadata repository that defines all data elements available for reporting. At the same time, flexibility ensures that solutions adapt to different business environments and address specific demands. High-performance detection mechanisms support real-time data extraction and migration.

Simplifying access to operational insights: Manual processes for implementing reporting tools and business-wide BI initiatives are streamlined. Reporting tools are easily accessible and customizable by users, even without extensive knowledge of software or IT support.

Delivering analytics: Access to enterprise data from different sources is granted via a single integrated repository with access to drill-downed details and ad-hoc analysis to support strategic performance reporting. Users avail visibility to the data they need, when needed, in the form they need.

Simplifying cloud migration: Built for cloud-first systems with support from hybrid architecture that migrates Cloud ERP data to a data warehouse for processing. It supports reporting across multiple Oracle and non-Oracle ERPs.

Improving user experience: Leverage in-depth reports, dashboards, insights, and intelligent metadata search technology in a single intuitive interface. Business owners or employees can access the BI data they need swiftly and securely and customize views with a few simple clicks.

Empowering employees: Increased data democratization leads to better performance and productivity, driven by data-backed decisions.

To sum it up��.

AirQuery is an invaluable resource in harnessing the power of Cloud ERP systems by extracting and migrating Cloud ERP data to data warehouses, aiding business decisions by analyzing and transforming data into reports, and offering intuitive insights. It assists with ad-hoc analysis and supports data extraction from any platform used by a single enterprise. AirQuery improves data access and information sharing while reducing costs and improving accessibility and security. Simply put, it makes adopting Oracle Cloud ERP easy and saves on resources that can be channeled elsewhere.

You can learn more about migrating Cloud ERP data to data warehouses, seamless reporting, and analytics at https://www.airquery.com/

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Harness the power of AI to boost your business

Artificial Intelligence, or AI, is no longer the new kid on the tech scene. It has seeped into nearly every industry, changing how we work, play and live - most would agree for the better. It's proven to have the ability to solve some of the most complex problems and can augment human capacities in powerful ways. It improves efficiency, makes everyday tasks much easier, and removes the strain of menial tasks. And there are so many applications that have yet to be tapped.

Since we are in the game of improving business processes, we will zero in on this space. It's no secret that AI has the potential to transform the way we do business and streamline operations within companies. Machine learning, powered by AI, has enabled several business applications to tackle specialized activities like reading and understanding written text - for instance, feedback or criticism; identifying and categorizing pictures; and recognizing facial features and objects for identification and recommendations. The right implementation and strategies can help reduce operational redundancies - which often come at a high cost - and free up resources for activities with the potential to add value and influence growth,

This will require businesses to look past the fear of AI replacing jobs and taking away agency. As we see with so many companies that have taken the plunge, the focus should be on improving operations.

At AirQuery, we have embraced the power of AI and its ability to transform Business Intelligence (BI) with the new AirQuery Augmatica to accelerate and enhance your business intelligence capabilities.

But before diving into details about it, let's look at how AI simplifies business processes.

AI: Transforming business processes

The benefits of AI in the business space are far-reaching. Let's take a look at some of them.

Operational Automation

One of the key advantages of implementing AI into the operational process is automating certain activities within the process flow. These could be anything from assembly lines to transcribing. The intent behind this automation is to free up employees so that they can focus on high-value tasks. Especially tasks that consume a significant amount of time and resources.

Automation can also be applied to the workflow. To be more efficient, employees must identify flaws and take action to correct them - another time-consuming task. Companies can leverage AI to automate workflow optimization and eliminate inefficiencies, like making employees spend time looking for specific data about a customer.

Marketing

The consumer drives marketing. But in the current scenario, customer-driven complexities are increasing every day. As the needs, desires, and preferences of customers change rapidly, the way companies understand them needs to evolve to keep up to align products with those demands. AI systems can help companies make marketing decisions that get results by leveraging real-time data gathering, trend analysis, and forecasting. AI simulation and modeling techniques can provide reliable insight into consumer personas, helping predict behavior.

Customer Relations

Consumer persona modeling can also determine a customer's lifetime value to a company. AI can also speed up processing customer information and turning it into actionable data. It can handle multiple inputs, process large amounts of data within minutes, and provide valuable insights. Chatbots and similar technologies can also speed up response time to customer inquiries and problem-solving, keeping them happy and engaged.

Decision-Making

Decisions are fueled by data but analyzing vast amounts of data in a short span of time is a demanding task. That's where AI comes in. As we've seen with marketing decisions, it analyzes data and provides valuable insights that drive communication efforts. Similarly, AI also helps with opinion mining, which helps companies understand how customers and non-customers feel the way they do about the brand or products and why. Analyzing this data swiftly allows a company to identify concerns and take the necessary steps to correct them if required. It enables them to predict potential concerns for new products. Smart, effective decisions can be made only when decision-makers have reliable data and insights in time, and AI helps achieve this, eliminating the margin for human error.

Businesses that have harnessed the power of AI to grow

Let's zoom in on how AI has helped some of the world's most well-known companies become more efficient.

Alibaba

This China-based company is the world's largest e-commerce platform, reportedly selling more than Azamon and eBay combined. How does AI fit into their success? For starters, it is an integral element of day-to-day operations, focusing on predicting customer behavior and desires. They also use the technology to generate product descriptions for their website automatically.

What's interesting about how Alibaba uses AI is that the applications go beyond the e-commerce platform. One such use is their City Brain Project, which focuses on smart cities. Here, AI algorithms are used to monitor vehicles and reduce traffic jams. Furthermore, the company's cloud computing division, Alibaba Cloud, is leveraging the power of AI to help farmers monitor crops, improve yield and potentially reduce costs.

Facebook

One of the biggest things social sharing sites need to contend with is heaps and heaps of unstructured data. Facebook effectively uses AI to bring structure to this. DeepText, a text-understanding engine, is tasked with automatically understanding and interpreting content and the sentiment behind them for multiple posts in multiple languages. DeepFace, on the other hand, is an effective facial recognition technology used to identify pictures of users posted across the site. AI also uses artificial intelligence to help combat cyberbullying.

Amazon

Amazon employs artificial intelligence in many ways. They use predictive analytics to study the data on customers' buying habits to recommend items. They have even taken a step further, predicting what they need before they need it and shipping it to them. Alexa, the digital voice assistant, is perhaps the most notable, but AI also plays important roles in day-to-day business.

America's largest e-retailer even set out to hack the brick-and-mortar space with its convenience store concept Amazon Go. It's an entirely cashier-less store with no long checkout queues. The stores are equipped with AI that tracks everything a customer picks up and automatically rings up the charges on the Amazon Go app. The only catch is you have to bring your own bags. Now that's one way to shop.

Merging AI & BI

AI has the power to take businesses to the next level. But what does that mean for Business Intelligence (BI)? Let's explore that, shall we?

For those unfamiliar with BI, the term refers to systems that automate data collection, processing, and analysis on a large scale and provide actionable insights. These insights help companies improve everyday processes and make more informed decisions. However, what needs to be addressed, is that BI does have an inherent flaw that limits the value it can provide. The best example is that BI has a limit on the amount of data it can process, and the sheer volume of data collected is beginning to exceed that limit. That's where AI can come in and fill in the gaps, as AI and BI complement each other very well.

One of the most significant ways that AI revolutionizes modern businesses is through its incredible ability to automate and process data. And automation is always welcomed in business as companies look for cost-effective processes and ways to use their human resources more effectively. AI components are being used largely to improve and streamline existing processes. Albeit, they do have the potential to act as stand-alone solutions.

Effective use of AI can be seen in more and more spaces now, like web design, where machine learning algorithms are employed for suggestions on layouts and font styles based on the nature of the business and its target audience. This enables developers to create aesthetically pleasing sites that convert. Fleet management is another area where AI makes its presence feel like being leveraged to create solutions for commercial freight businesses.

Merging AI and BI is then the next step. AI enables the integration of a wide range of data sources into consistent business processes. And as we pointed out earlier, it assists with the speedy retrieval of information and insights. BI and AI work together consistently to help users better interact and work with these insights. When they work together, they can better guide user decision-making and improve customer interactions.

How does it work?

AI allows a business to compete with other data sources using their own data. While real-time data is being collected, it enables users to detect new patterns and provides actionable recommendations based on trends. It also ensures that users receive data insights as they are required.

Breaking down a large volume of data into granular insights is where business intelligence's true value is felt. It allows companies to grasp the finer points of the big picture. And while its primary function is to analyze and visualize data, the results cannot be generated in real-time, nor can they predict outcomes. When paired with cutting-edge technology like machine learning, AI allows it to generate real-time insights and trends—increasing the value of BI to the organization. To reiterate, BI applications' capacity and functionality are given another layer by AI, enhancing performance. Businesses that employ this combination of AI and BI tend to outperform competitors in generating revenue and overall performance.

How Artificial Intelligence is transforming Business Intelligence Applications

While we've established that AI and BI are a dynamic duo of sorts in improving efficiency and performance, let's take a closer look at how AI is transforming business intelligence applications.

Enhances the capabilities of Business Intelligence

When paired with AI, Business Intelligence is better positioned to break down large data sets into granular insights. It helps businesses better understand the value of minute components, within a broader context, of course.

Additionally, as we highlighted earlier, BI can analyze and visualize large data sets but cannot foresee trends or provide real-time insights in its current iteration. But AI, on the other hand, makes use of cutting-edge technology to do just that. It can draw from the deepest level of historical data and generate forecasts based on new data and trends. It also enables personalization and automation to generate error-free reports. Thereby, the capabilities of BI systems are expanded and their value enhanced.

Bridges the gap

As effective as Business intelligence applications are in streamlining workflow and assisting with decision-making, a gap has emerged between their ability to process data and the rising volume of data, inevitably leaving room for untapped opportunities. AI-enabled applications help bridge that gap, allowing businesses to access vital insights from data that was in all likeliness previously unexplored. It enables them to identify new trends for a company and tap into the power of predictive analysis and language processing to broaden the scope, asses more details, and create more refined and accurate reports.

As more and more organizations look to go beyond relying on dashboards and bridge the gap between visual representation and actionable insights, AI-enabled BI tools are the solution they are looking for.

Simplifies complex procedures

To make informed decisions, BI application users must scan through hundreds of charts and dashboards. As stated earlier, AI makes this easier - thanks to AI-based technologies like machine learning and language processing. A direct result of bridging the gaps between data collection, processing, and actionable insights is simplifying processes.

AI also makes it easier for bots to more effectively understand human language and vice versa, making it easier for data analysts to uncover correlations and insights. AI-enabled BI tools also make analyzing structured and unstructured data easier to offer a wider and more detailed perspective.

Enables better distribution of resources

One of the services BI tools provide is simplifying data so all users can access and understand insights and take action. However, a significant amount of work rests on the shoulders of data analysts - especially for comprehensive, more in-depth analysis of large data sets. But AI can take over some of those responsibilities, breaking down data and making insights more accessible, and recommending suitable actions with the help of technologies like predictive analytics. This allows businesses to free up their analysts for other tasks.

Enables more proactive decisions

Traditional BI tools use historical data to highlight past events rather than future ones, creating a culture of reactive, data-driven decisions. Adding predictive analytics and data-driven decision-making enables more forward-thinking and innovative choices. It allows proactive actions that can prevent damage and improve. For instance, hospitals that use BI to track re-admissions can identify subsets of patients with a high risk of re-admission using AI capabilities. AI also enables dynamic and definite metrics to measure success, compensating for the sometimes static rules that BI systems follow. This helps reduce the chances of missed opportunities. The insights delivered by AI predict trends, optimize logistics operations, and set pricing. Businesses may adjust supplies according to perceived demand.

While BI solutions can explain a problem, AI can take the next step and offer solutions. It unlocks several data-based use cases that enable businesses to convert data into marketable products or services. Overall, it shifts gears and enables businesses to be more proactive.

How can AI-powered Business Intelligence help businesses that AirQuery supports?

The ultimate goal behind introducing AI into AirQuery's Business Intelligence tools is to take supporting our customers to the next level. The end result we envision is helping them streamline processes, make effective decisions in real-time, and improve overall communication, both within their organizations and with customers, more so than we already do.

The idea is to offer next-level data solutions to BI application users by enhancing the tools they already use daily. It adds another layer that enables instant access to accurate data that can be trusted and carefully derived insights to refine real-time data-driven decisions further.

Our AI-powered Business Intelligence tools will impact several departments in an organization like procurement, inventory, HR generalists, support teams, etc. The new AI technology will enhance interactions with the BI applications helping them save time, source information more quickly, and respond more efficiently.

Introducing AirQuery Augmatica

AiQuery Augmatica is our new AI tool designed to understand business questions and help users instantly answer these questions without having to examine charts and dashboards. Users can search for information across enterprise applications or data warehouses and avail quick and accurate data and insights, helping accelerate and enhance the overall BI experience and reporting activities.

AirQuery Augmatica: Taking Business Intelligence to the next level with AI technology

Organizations today are locked in a race, not just with competitors but with themselves, to do better and improve performance and efficiency. The way to do this is to adopt intelligent applications that enhance day-to-day performance, automate tasks to lighten the load on employees and make real-time data and insights more accessible so that crucial decisions can be made without delay. AirQuery's BI tools already help simplify and enhance processes to an extent. By combining them with AirQuery Augmatica, we are further enhancing the efficiency of our existing tools and making data-driven insights all the more accessible.

A successful business and Business Intelligence depend on how we solve problems. AirQuery Augmatica has been designed to solve several problems affecting businesses today, ranging from an overwhelming velocity of data and questions to chaotic situations.

It is a zero-touch technology that sets businesses up for success with minimum time, effort, and configuration complications.

It will enable users to:

Effectively deal with time constraints

Locate the correct information with ease and avoid falling into the trap of incorrect or outdated information

Simplify complex and inflexible data structures and systems

Provides a contextual layer to existing BI data

Execute jobs effectively

AirQuery is also designed to infuse AI technology to look up both metadata and real-time data to provide augmented results. AirQuery Augmatica offers two features that help users: Smart Lookups and Discovery.

Smart Lookups

AirQuery Quicklets can help you get precise, context-specific information at your fingertips in no time. Smart Lookups like Quicklets bring up specific information for specific users for specific functions if it follows the principles of Accessibility, Simplicity, Accuracy, and Potential (ASAP).

Quicklets can assist with setting up a system to access information on business-critical dimensions. They can be figured to source data from several real-time sources or a central source, ensuring that all team members have access to the same information. It helps democratize data by eliminating miscommunication, poor coordination issues, and the need to sift through large data sets. Getting insights can also mean navigating multiple screens at one time, especially if you are looking for specific data plus additional screens for other data. Quicklets smartly arranges the data, pulling everything a user needs in one place.

Quicklets can also be used to access information on multiple parameters, from quantity available to warehouse locations and proximity to a customer to expected delivery or restocking time, in the case of product delivery business. Managers can access the entire inventory on a screen in seconds without compiling data from different sources. Quicklets also allows users to send requests, asking for data that might be missing, which the relevant department or team member can then tackle. Quicklets also works efficiently with real-time data to bring in contributions from different sources and users, constantly enriching the data bank. Users can also create multiple Quicklets to ensure that their teams have all the essential information at their fingertips. They are the ideal way to empower employees with the data they need to make efficient, informed, and swift decisions that make a huge difference to a company.

Discovery

The Discovery Ask AI technology allows users to explore and search for their own data trails by asking questions with the help of a natural language interface.

Whether a user needs to generate a financial report or look up a contact detail to fill out an invoice, all the information can be accessed in seconds.

The last word

To sum it all up, AirQuery Augmatica is designed for efficiency. This breakthrough technology offers sophisticated searches that are comprehensive, consolidated, and complete. The results combine real data and metadata, and thanks to its one-view approach, all data is accessible from one place - so yes, no more shuffling through multiple systems and screens to find specific data. This includes data from organizational reports and business applications. AirQuery Augmatica helps simplify and enhance day-to-day operations so that companies can focus on what they do best and set their sights on bigger, loftier goals. At the end of the day, it's just a smarter way to do business.

You can learn more about AirQuery Augmatica and how it can help transform your business at www.airquery.com

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Empower Your Financial Data with AirQuery

Financial Reporting for E-Business Suite and Oracle Fusion Cloud ERP

The financial reporting world is where numbers speak louder than words. Financial reporting is the cornerstone of a well-run business and is about creating financial statements and reports that provide information about a company's performance and position. 

Some examples of financial statements are:

Balance sheets

Income statements

Cash flow statements, and

Statements of changes in equity

Access to financial statements equips stakeholders with a thorough overview of a company's financial soundness, containing facts on assets, liabilities, equity, earnings, costs, and cash flows. The benefits of financial reporting go beyond fulfilling legal requirements and compliance. It enables organizations to recognize trends, handle cash flow, optimize operations, and improve working capital management. In particular, real-time financial reporting permits senior management to estimate and balance existing assets and liabilities without constructing an underutilized surplus. Moreover, financial reporting is a basis for designing budgets, forecasts, and pro-forma scenarios. By leveraging financial reporting, companies can enhance their connections with business partners, suppliers, customers, creditors, and investors, thereby improving their competitiveness and efficiency.

Based on the needs and the stakeholders involved, there are two types of reporting:

External reporting: External reporting has more rigid requirements as they are used by stakeholders outside the company. These involve investors, trade partners, tax authorities, regulatory agencies, and lenders. 

Internal reporting: Internal reporting is beneficial for the company's upper management to make informed decisions tailored to their required informational specifications and the organization's business goals. 

Challenges of using legacy systems for financial reporting

Since legacy systems offer businesses the comfort of knowingness, they often prefer to continue working with those systems to carry out financial analysis. But, there are several challenges while relying on legacy systems for carrying out financial reporting and generating crucial insights based on a company's position. 

Legacy systems are sometimes outdated, which might result in security breaches of the company’s important financial data. These systems are vulnerable to cyber attacks since they might not get regular security updates or patches. This may result in the loss of crucial data, theft of information, or fraud and might damper an organization's reputation. 

In today’s world, business needs to change more quickly than ever before. This makes it vital for businesses to stay adaptive and flexible. But legacy systems often cannot adapt to these changing needs, which limits an organization's ability to scale operations since they are incapable of responding to market demands or changing regulations.

Besides, older systems may lack the features that modern financial reporting tools possess, making them less efficient, needing manual efforts, and thus increasing the room for errors. Using legacy systems might be an obstacle to carrying out real-time analysis due to their limited integration capabilities with standard modern reporting tools and applications. 

Maintaining and upgrading these legacy systems is often expensive because they need specialized knowledge and expertise. It might become difficult to hire such professionals and might also increase expenses. Moreover, maintenance-related hardware and software expenses can be higher due to a lack of support from vendors and the need for customized work.  

There can be compliance and regulatory issues since legacy systems might not be updated according to current financial reporting standards or regulatory requirements. They may not be able to keep up with evolving regulations resulting in non-compliance, potential legal issues, fines, and penalties for the organization.  

Oracle E-business suite and Oracle Fusion Cloud ERP Financial Reporting

The advent of the Oracle E-Business Suite and Oracle Fusion Cloud ERP has revolutionized how companies manage their financial reporting. They offer several advantages over legacy systems and are devised to meet industry standards for data security, with regular updates to address potential threats. Oracle e-Business Suite and Oracle Fusion Cloud ERP are highly configurable and can be tailored to meet unique business needs. They deliver a broad range of advanced reporting features, allow integrations with other tools, and provide sophisticated data visualization. This allows companies to simplify their reporting processes and adjust to modifying business requirements.

Oracle E-Business Suite and Oracle Fusion Cloud ERP are modern ERP solutions that are often more affordable than managing legacy systems. They are also designed in a way that makes them adapt to the latest regulatory requirements and standards like SOX, GAAP, and IFRS. Thus they reduce the chances of paying costly fines and penalties for businesses when it comes to meeting regulatory requirements. 

However, with this change comes new challenges that organizations must overcome. Firstly, Oracle Financial Cloud/Oracle Fusion Financials have complex data structures, which sometimes make it difficult for finance teams to access the data they need for reporting purposes. 

Also, The financial reporting process can be time-consuming, especially if finance teams must manually gather data from multiple systems during migration and post-migration to Oracle Cloud ERP.

Another challenge is the limited data migration when organizations move from Oracle E-Business Suite to Oracle Cloud ERP. Organizations often migrate balances to the new ERP system, leaving the sub-ledger details and drill-down information behind. This can result in only a summary-level understanding of the financial data. For instance, when comparing the expenditure of the past two financial years, the new ERP system may only display the absolute expense for each year but might not deliver a detailed breakdown. Not having a complete picture can leave an organization grappling with information on where to improve. 

Overcome the challenges with AirQuery

To resolve the above-mentioned challenges, businesses should ensure that they have an effective data migration strategy in place. This may include creating a detailed plan for migrating sub-ledger information and establishing a process for accessing the data in the legacy system when required. Additionally, organizations must ensure that their financial reporting systems are integrated with their legacy systems, allowing seamless access to all the necessary data. That's where AirQuery enters the picture. 

When integrated with Oracle Finance Cloud and Oracle E-Business Suite and other data sources, AirQuery can improve financial reporting capabilities, providing a single source of truth for all financial data. Imagine having all your financial information in one place, easily, timely, accessible, and accurate, with no more manual labor or mistakes. That's the kind of magic AirQuery can bring to your business with its integration and automation capabilities.

Financial data at your fingertips with AirQuery

AirQuery is a powerful data management platform that helps you leverage the full potential of a company's ERP systems. It integrates with a wide range of leading financial applications, including Oracle EBS, Oracle Cloud ERP (Fusion), NetSuite, and many more, enabling users to extend their current financial reporting capabilities. AirQuery offers a comprehensive, intuitive solution for finance users that streamlines your reconciliation and close processes. 

With AirQuery, you can easily access and analyze data from your general ledger and sub-ledgers in a unified view. For example, you need to review all transactions related to your accounts payable. You can quickly and effortlessly search for all transactions under this category, view the supporting components and compare them to your general ledger. This helps you recognize any disparities or irregularities that may need further examination.

AirQuery's flexible reporting capabilities allow you to customize and generate reports on demand. You can export your reports in various formats, such as PDF, Excel, or CSV, and share them with stakeholders or use them for further analysis. Whether you need to run a balance sheet, an income statement, or any other financial report, AirQuery has you covered.

GL Sense- An alternative to GL Wand 

One of the key benefits of GL sense is its capability to connect to a wider range of data sources, including non-Oracle systems, flat files, and web services, which allows users to integrate data from several sources into a single report or dashboard. 

It is also flexible when it comes to data extraction and analysis from multiple sources like Oracle E-Business Suite and Oracle Cloud ERP in comparison to GL Wand. This gives users greater control over the information they need to extract, allowing them to construct more complex reports. 

With AirQuery's advanced collaboration and sharing features, users can schedule reports and dashboards for automatic delivery to colleagues and can also embed reports in other applications. 

Empower Your Finance Team with Real-Time Account Analysis

With GL Sense, finance teams can easily perform real-time account analysis, enabling them to audit financial transactions and ensure accuracy during period-end reconciliations. AirQuery provides deep insight into your Oracle Financials Cloud data and streamlines the reporting process, making it easier for finance teams to make informed financial decisions.

For example, a finance manager can quickly pull up a report on the performance of their sales department, including details on revenue, expenses, and profit margins. They can also drill down into specific GL accounts to better understand the financial transactions driving these numbers. This information can identify improvement areas, make data-driven decisions, and ensure that the company's finances are in good shape.

With AirQuery, finance teams can access real-time financial information directly from within the Oracle Finance Cloud, saving them time and reducing the need to reach the IT team for every reporting requirement. Whether they need to generate reports, analyze financial data, or perform ad hoc account analysis, AirQuery has them covered.

Accelerate Your Closing Period

GL Sense speeds up your period closing process by seamlessly accessing your company's financial data without the need for manual data entry, thereby reducing the risk of errors. By connecting to key financial systems such as Oracle Finance Cloud, AirQuery provides a complete view of your month-end, quarter-end, or year-end data, allowing you to build financial statements quickly and easily with accuracy and reliability. With automatically populated live data, you can concentrate on studying your finances and making educated business decisions rather than spending time on manual data entry and reconciliation.

Go beyond the surface and drill down to the details.

You can easily drill down to the details of your financial data with AirQuery without any hassle. Whether you need to comprehend the movement of your accounts payable or receivable, fixed assets, inventory, purchasing, or any other sub-ledger, AirQuery makes getting the data you need easy.

With pre-built drill-down reports, you can get answers to your business questions in no time without extensive manual data analysis. Interactive charts, filters, and conditional formatting are helpful in achieving new insights into your data and recognizing trends and patterns that can improve your decision-making.

For example, imagine you are a financial analyst who wants to understand the activity of your company's Accounts Receivable. AirQuery lets you easily access the pre-built drill-down report and apply filters so that you only see the journal activity for a specific balance that you wish. With this information, you can quickly look for any areas that need attention and make informed decisions to improve your cash flow.

Types of financial reporting

Balance Sheet Reporting: Balance sheets give a thorough picture of a company's financial situation covering all the assets, such as its property investment, cash, and holdings, and its liabilities, such as its loans, accounts payable, and other debts. It also determines the company's equity, which is the residual interest in the company's assets after removing obligations.

This data helps managers comprehend the organization's financial condition and make practical decisions ahead for their business. For example, suppose the report reflects that the company's debt-to-asset ratio is more elevated. In that case, the management may choose to lower its debt burden by disbursing down loans, bargaining better terms with creditors, or selling assets. 

Income Statement Reporting: The income statement reports supply details and insights into the company's sales revenue and expenses on marketing, manufacturing, research, development, and administration. They also lay the groundwork to prepare for future operations, investments, and expansion. 

Cash Flow Statement Reporting: With AirQuery support, your finance team can quickly generate a cash flow statement that shows the company's cash inflows and outflows. These include revenue generated from sales, investments, and other sources and money spent for operating expenses, capital expenditures, and more. This information helps the company understand its current cash position, and anticipate future cash needs. It helps you make informed decisions about managing the company's cash resources. For instance, the statement reflects that your company's cash inflows are consistently lower than its outflows. Then you may seek additional funding or cut back on expenses to maintain a positive cash balance.

Reconciliation Reporting: AirQuery helps finance teams reconcile their financial data with ease. Suppose your finance team needs to review all transactions related to raw material purchases. In that case, they can quickly and easily search for all transactions that fall under this category, view the supporting details, such as purchase orders, invoices, and receipts, and compare them to their general ledger. This helps identify any discrepancies or anomalies in the raw material cost, which may need further investigation to ensure accurate financial reporting and maintain tight cost control.

Read more on how AirQuery can help harness Oracle's full potential with modern reporting experience. https://www.airquery.com/blog/enhanced-oracle-cloud-reporting-experience-with-airquery

What can AirQuery do for your company? 

Management reporting provides decision-makers within the company with key performance indicators (KPIs), dashboards, and scorecards, which are used to track the performance of the business and make informed decisions. With AirQuery's integration with Financial applications like Oracle Finance Cloud, companies can access various management reporting tools and visualizations to monitor real-time performance. 

Read this post to learn how you can make data-backed decisions for your business. (Visit: https://www.airquery.com/blog/the-data-driven-way-to-do-business)

Transform Your Financial Reporting with AirQuery Integration

Financial reporting can be a tedious and time-consuming process, but with AirQuery, it's a breeze. AirQuery's expertise in financial reporting from E-Business Suite and Oracle Fusion Cloud ERP can help businesses streamline their financial reporting processes, reduce manual effort, and improve the accuracy of their financial information. With a range of security features, AirQuery ensures data security with role-based access control, allowing administrators to assign different roles to users, with each role having its own set of permissions. This is done to ensure only authorized users have access to specific reports and your financial data. AirQuery also maintains an audit trail of all the user activity, like logins, report access, and data exports. This helps management monitor user activity and detect unauthorized access or suspicious behavior.

So sit back, relax, and let AirQuery take care of the numbers while you focus on taking your business to new heights. You can opt for a demo session by visiting https://www.airquery.com/free-trial