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Novian solution enables real-time monitoring of an organisation’s financial health

2023 / 03 / 29

Today, low-code solutions are useful in many areas: personnel management, production, administration and especially finance, all of which increasingly require effective data analytics. When applied to the needs of organizations, they can efficiently automate business processes, as well as process large volumes of data quickly and accurately, organise all or selected data, display it in multiple dimensions and provide time-saving insights.

Software development company Novian Systems offers rapidly deployable Microsoft Power BI analytics solutions to automate corporate financial insights.

Used with a wide range of financial, accounting or business management systems, they provide a convenient and fast way to monitor the performance of individual companies or consolidated results, as well as financial indicators such as profitability, EBITDA, return, change in cash flow, inventory levels, liquidity and others. They are also particularly relevant if an organisation needs dynamic reporting.

Using the technologies of the Microsoft Power Platform, Novian Systems can also develop other low-code programming solutions customised to automate a specific business process.

Time saving

“We often encounter a situation where companies use finance and accounting systems, but some of the data, such as budget information, is in Excel. Our solutions enable automation of relevant financial processes, budget or financial reporting, easy generation of financial indicators for one or several companies at the same time, thus saving the time of people responsible for financial management,” says Marius Žilinskas, Commercial Director at Novian Systems.

It is time-consuming to systemise and consolidate disparate financial data in different accounting systems, which is why companies are looking for an IT partner to automate and thus facilitate their financial performance management processes.

All the necessary data in one system

According to Žilinskas, financial analytics solutions are particularly relevant for businesses with more than one company. “In this case, those responsible for the financial management of a group of companies are dealing with a large amount of data, as each company usually has a separate database that needs to be accessed separately. Another complicating factor is that the chart of accounts is often different for different companies, so in order to see the consolidated data, it is first necessary to standardise these charts.

“Our solutions clearly shorten corporate finance and accounting processes: there is no longer a need to manually generate reports, analyse and consolidate data – these processes are automated. What is more, the implemented solutions allow you to graphically display financial indicators at selected cross-sections. Having a single view of deviations in financial indicators that are important for the group as a whole or for individual companies in one place allows you to make quick decisions and ensure the financial health of your companies in a timely manner,” says the representative of Novian Systems.

Financial statements based on real-time data

Power BI solutions for financial management developed by Novian Systems are particularly relevant for companies wishing to generate financial reports based on real-time data.

High-quality and accurately structured corporate finance information reduces the likelihood of errors and optimises the monitoring of company performance. Standardised solutions are easy to deploy and the low-code technology behind them means that the project can be deployed quickly, without the need for complex and time-consuming programming. The solutions developed are easily adaptable to the changing business and its processes.

“It is very convenient that the solutions can be implemented in phases or gradually, for example, first automating the financial statements generation process, and then integrating applications for convenient data entry,” says Žilinskas.

Litvalda companies’ group has also chosen the Microsoft Power BI analytics solution customised by Novian Systems to manage its finances. The solution has helped to consolidate data from several accounting applications into a single one, making it easier to organise and display various financial indicators. Data from accounting software used in different Litvalda Group companies are merged and consolidated automatically. Also, they can be monitored in real time.

The Novian Systems team did the job in a professional way, all steps were thought out in advance and the installation process itself met the criteria for quality service. From the very first contact, we were involved in the process of merging and consolidating data from accounting and business management systems across all companies. Our group consists of companies with different specifics of activity, but the solution facilitating the financial management of all of them was implemented in less than half a year,” says Jurgita Kardokė, Head of Finance at Litvalda.

Analytics solutions also apply to sales and manufacturing

Microsoft Power BI analytics solutions are easily deployable not only in finance, but also in sales, manufacturing, HR, supply chain and other areas. Data analysis is also useful for time and attendance or customer service.

“The combination of a financial accounting system and Microsoft Power BI makes it possible to monitor an organisation’s financial indicators related to external and internal processes. This analytics solution allows you to visually display the most important financial data, access it quickly and conveniently, share information charts within the company and provide detailed reports remotely,” says Žilinskas.

The reports created in this way can also be used to analyse the performance of specific business units, teams or individual employees. They allow you to accurately measure performance, identify weaknesses and strengths, and improve operational processes.

Development of various automation solutions

Novian Systems also develops other solutions based on Microsoft Power Platform technologies. They can be integrated with solutions from Microsoft and other companies – business management and production systems, HR solutions and other applications.

Microsoft Power Apps allow you to develop applications to digitalise and automate a wide range of business administrative, supply chain and manufacturing processes. They are easily adaptable to changing operational needs. Microsoft Power Automate allows you to automate a business process and describe it in a logical sequence of steps, avoiding repetitive tasks and saving time and costs.

We have extensive experience in the development of not only standardised, but also custom development solutions, which is why we offer our clients customised data analysis or other solutions that are relevant to their specific area of activity,” says Žilinskas.

Novian offers a wide range of IT solutions

Novian Systems, part of Novian group, focuses on the development of customised information systems, artificial intelligence, data analytics, big data, process robotics, and has implemented nationwide and municipal projects.

Novian group companies provide IT solutions and services – from software development, design and maintenance of IT infrastructure to digitization – based on the needs of a business or organisation. These solutions include data empowerment, robotics, artificial intelligence and other technologies.

In the technology area, the group’s competences include high-performance computing devices and clusters, open source cloud technologies, high-availability data, archiving and other solutions.

Novian group companies have extensive experience in tax administration, smart city and other e-government areas, and are involved in aerospace, defence and space projects, working actively with businesses.

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