Raw numbers only tell part of the story. When finance teams look at how an organization is performing against its goals, key performance indicators (KPIs) can bring that data to life. Combining the Solver extended financial planning and analysis (xFP&A) platform with Microsoft Power BI offers leaders a powerful framework for building and displaying these vital metrics. Together, these tools can help teams move past static reporting and build dynamic, interactive dashboards. This combination can transform everyday data into clear, actionable insights to help leaders make smart decisions, monitor progress, and reach their strategic objectives.
The Role of KPIs in Strategic Decision Making
KPIs such as inventory levels, current ratio, and year-to-date net profit are essential for determining how to achieve your organization’s objectives and long-term goals. Well-designed metrics can transform simple figures into meaningful insights for local and global finance leaders. Tracking progress can help teams see what steps to take next, such as a hospital tracking bed availability and a nonprofit tracking grant utilization rates. Measuring these data points can help your organization move forward with confidence.
Creating KPIs in Solver for Flexible Reporting
Solver’s native report calculations can be used to build metrics tailored to organizational goals. Solver also offers reusable expression and KPI functionality as options for creating KPIs. This flexibility lets users place metrics directly inside reports, quickly pull data, and group information using built-in features. Solver acts as a data warehouse that brings information together in one central place. You can gather data across different systems like payroll or billing.
You can also use Solver’s Copilot Analysis Agent. This artificial intelligence (AI) tool can calculate metrics such as gross profit and net income based on actual and budget data. You can ask questions about your data and get ideas on what steps to take next.
Visualizing KPIs in Power BI for Effective Dashboards
Power BI offers interactive dashboards that highlight trends and drivers in real time. Users can craft measures in Power BI that support visual displays. When you connect Solver data directly into Power BI, you can create visual cards and interactive graphics that can illustrate a clear story. You calculate amounts based on scenarios like actual versus budget and display them in a way that makes sense. Whether you prefer a standard table or a graphic line gauge, the visual format can help users quickly grasp the numbers.
Action Steps to Help Improve Reporting
Here are five steps you can take today to help improve your reporting:
- Look at Your Current Reporting Tools: Determine whether your existing FP&A and BI platforms support KPI creation and visualization for agile decision making.
- Explore Solver’s KPI Functionality: Review Solver’s expression-based approach to building KPIs and how it integrates with your reporting workflows.
- Leverage Power BI for Dynamic Dashboards: Identify opportunities to enhance KPI visibility through Power BI’s interactive visualization capabilities.
- Engage Finance & IT Teams: Align stakeholders on KPI definitions, data sources, and visualization standards to help ensure consistency across reports.
- Create Visualizations That Matter: Measure and manage your KPIs in dashboards and data visualizations that provide actionable insights and help you drive results.
How Forvis Mazars Can Help
Our Business Technology Services team can help build clear frameworks for reporting and metric tracking and assist in configuring Solver and Microsoft Power BI to help meet your unique needs and support your goals. If you want to build strong data foundations and bring greater insight into your decision making, we’re here to help you prepare for what’s next. If you have any questions or need assistance, please reach out to a professional at Forvis Mazars.
Watch our webinar recording, “The ABCs of Creating KPIs Using Solver & Power BI,” for more information on these topics.