Dynamics 365 Business Central Reporting: 2024 Wave 2 Update

Unlocking new reporting capabilities in Dynamics 365 Business Central’s 2024 Wave 2 update

We live in an era where businesses are powered by data to the extent that they are dependent on it for success. This means that robust reporting capabilities are more critical than ever. Accurate and timely reports allow for more informed decisions to be made, trends to be identified, and the response times to market changes to be slashed.

However, effective reporting goes beyond simply compiling data; it has the potential to transform raw information into actionable insights that can drive strategy and improve operational efficiency.

As companies grow, the complexity of their operations increases, making access to sophisticated reporting tools a necessity. These tools must handle large volumes of data and present it in a way that is easy to interpret and act upon.

The 2024 Wave 2 update in Dynamics 365 Business Central addresses these needs by enhancing reporting capabilities, allowing users to:

• Customise reports.
• Visualise data more effectively.
• Gain deeper insights into their business performance.

In this blog, we examine some of Wave 2’s new reporting features, explain how they can be applied, and provide tips for ensuring best practices.

New Feature 1: Upgraded reporting tools

The Wave 2 update brings a range of enhancements to its reporting capabilities, not least the advanced customisation options for report templates.

Various options allow you to:

• Tailor your reporting to meet specific operational needs.
• Create detailed reports with multi-dimensional views, offering a more granular financial and operational data analysis.
• Focus on the metrics that matter, with actionable insights that drive better decision-making.

The update also includes improvements in data visualisation and the user interface, making it simple for users to navigate through complex datasets and extract meaningful insights. With new tools for grouping, filtering, and sorting data, users can quickly identify trends and anomalies, ensuring that critical information is readily accessible.

These enhancements streamline the reporting process and empower you to make more informed decisions by providing a more transparent, comprehensive view of your business performance.

New Feature 2: Integration with Power BI and other analytics platforms

Wave 2 also provides major enhancements to the existing integration with Power BI, making gaining deeper insights into your data easier. The integration allows you to seamlessly connect Business Central data with Power BI, allowing you to create rich, interactive dashboards and reports that update in real time.

The update also supports integration with other popular analytics platforms aside from Power BI, allowing for broader data analysis capabilities and more tailored insights based on specific business needs.

These new integrations mean you can transform raw numbers into actionable insights by providing tools that enable real-time data analysis, advanced visualisation, and faster, more informed decision-making.

Integrating with multiple analytics platforms also ensures that you can choose the tools that best fit your needs, whether that’s deeper financial analysis, more accurate customer insights, or clearer operational efficiency metrics.

Use Cases: How businesses can leverage these new tools

To give an idea of how these new reporting tools can be used in practice, we’ve compiled three use cases involving fictional businesses.

Use Case 1: A mid-sized manufacturing company uses the new reporting tools to streamline financial planning and forecasting.

After creating customised, multi-dimensional financial reports, the company analyses cash flow, profit margins, and expense trends in greater detail, allowing for more accurate forecasting and cost-saving opportunities to be identified.

The result is that the company gains a competitive edge by optimising its budget allocation and investment strategies.

Use Case 2: The retail chain looking to enhance customer insights so it can expand into new markets.

The chain leverages the integration with Power BI to analyse customer behaviour across different regions by creating interactive dashboards that track purchasing patterns, demographic data, and product performance.

This data-driven approach helps the chain to target its expansion efforts with reduced risk by identifying high-potential areas for new store openings.

Use Case 3: A logistics firm wants to improve its supply chain efficiency with upgraded data visualisation tools.

The firm can now monitor its supply chain operations in real time by grouping and filtering data related to shipment times, inventory levels, and supplier performance.

Able to spot bottlenecks and inefficiencies in record time, the operations team makes adjustments that ensure timely deliveries and reduce operational costs, improving overall customer satisfaction and competitive positioning.

Tips: Best practices for maximising Wave 2 reporting effectiveness

To fully harness the new reporting capabilities introduced in Wave 2, adopting best practices that align with them is essential.

Below are some tips to help you maximise the effectiveness of your reporting tools so your business can remain agile, informed, and competitive.

1. Leverage customisation: Use the enhanced customisation features to tailor reports to your business’s specific needs. Focus on key metrics and create multi-dimensional reports that provide a holistic view of performance.
2. Utilise real-time data: With Power BI integration and other analytics tools, ensure your reports are set to update in real time to allow for timely decision-making and keep your team aligned with current data.
3. Enhance data visualisation: Use the improved data visualisation tools to make reports more intuitive and actionable. These tools allow you to create interactive dashboards that quickly identify trends, outliers, and areas for improvement, making data analysis more efficient and effective.
4. Regularly review and adjust: Periodically review your reporting templates and dashboards to ensure they continue to meet your evolving business needs. Adjust filters, groupings, and visualisations as necessary to keep reports relevant and effective.
5. Educate your team: Make sure your team understands how to use the new reporting features effectively. Provide training on creating and interpreting customised reports and encourage them to explore the tools available to enhance their work.

Final thoughts

The new reporting capabilities in Dynamics 365 Business Central 2024 Wave 2 can significantly enhance business performance when deployed intelligently and with the requisite training provided to users.

These advanced tools provide deeper insights, real-time data access, and more intuitive visualisations, allowing you to make more informed decisions, optimise your operations, and stay ahead of the competition.

Whether through customised reporting, improved data analysis, or seamless integration with analytics platforms, you can turn data into a strategic asset that drives growth and operational excellence.

How can BCN help?

BCN is your partner for optimising the transition to Dynamics 365 Business Central 2024 Wave 2.

With years of experience in delivering tailored Business Central solutions, we will ensure that your business fully leverages the new features and enhancements of Wave 2. Our UK-based teams specialise in integrating advanced technologies into your existing systems, making your digital transformation seamless and effective.

If you’re ready to harness the full potential of Wave 2, speak to us today to find out how we can support your journey.