Manage financial data from multiple sources under one roof. This time we'll focus on unique cloud service Azure Data Lakethat helps you analyze massive amounts of data, offers scalability, high security and integration with other Azure services. If you want to use your ERP system Dynamic 365 Finance effectively manage your company data, you've come to the right place.
A word by way of introduction... or Why it is important to have your own data lake
First, let's focus on the concept of a "data lake". A relatively new term to be distinguished from data warehouses. While data warehouses collect data that has already been processed, data lakes make no claims on data structuring, they also store unstructured data, "raw data". They are thus more flexible data storage than data warehouses. But there's a catch. Data warehouses are an important tool for historical analysis, data lakes excel against it in advanced up-to-date analysis and machine learning.
In the world of modern business, new sources of data are emerging every day. When using data warehouses, you will encounter sources that are valuable but not suitable for processing by data warehouses, in addition to integratable data sources. If you want to store and analyze data from a variety of sources, use data lakes.
Azure Data Lake + Dynamics 365 Finance = a great pair for financial reporting
Even Azure has its own data lake. It is Azure Data Lake. In conjunction with Dynamics 365 Finance made possible by centralization of financial data, scalability, advanced analytics, creation of predictive models, integration into the Azure ecosystem and ensures data security and governance. This brings greater efficiency and accuracy to financial operations and enables organisations to make informed decisions.
What are the biggest business benefits of Azure Data Lake?
- Data centralization: Azure Data Lake enables centralise financial data from Dynamics 365 Finance into one repository, which facilitates further processing and analysis.
- Scalability and performance: With Azure Data Lake, you can perform extensive analysis of financial data off the main an ERP system and in near real time. It is a scalable solution.
- Advanced analysis and reporting: Azure Data Lake provides tools for advanced reporting. It enables the creation of complex financial reports and dashboards.
- Creating predictive models: Thanks to advanced analytical techniques, it is possible to create predictive models from financial datawhich helps to predict future trends.
- Integrated services: With Azure Data Lake, businesses gain access to a wide range of advanced analytics, AI and data services across the Azure ecosystem.
- Security and data management: Azure Data Lake offers advanced data security and access management features.
Long story short...
The architecture of the solution consists of in combination of Dynamics 365 Finance and Azure Data Lake using several key technologies. Azure Data Factory allows you to manage the flow of data between the two systems, while Azure Data Lake Storage serves as a repository for financial data. Azure Databricks and Azure Synapse Analytics provide the means for advanced data analytics. Power BI is used to visualize financial data. It all fits together like a well-tuned watch movement.
Azure Data Lake in combination with Dynamics 365 Finance will be appreciated by companies that need to efficiently process, analyse and store large volumes of financial data. If that's you, contact our specialists and ask how this innovative solution would benefit your business and your financial reporting.
