What is meant by previous year view?
The term "prior year analysis" refers to the analysis and comparison of data, metrics, or performance of a current period with that of the previous year. This analysis allows businesses to understand developments over time, identify trends, and evaluate performance by comparing current results with those from the prior year.
Typical software functions in the area of "prior year analysis":
- Data Aggregation: Consolidation and preparation of data from various sources for comparison.
- Time Filtering: Ability to selectively filter and analyze data for a specific period (e.g., one year).
- Metric Generation: Calculation and presentation of comparative metrics such as growth rates, percentage changes, or absolute numbers.
- Visual Representation: Visual presentation of comparison results through charts, graphs, or dashboards.
- Automated Reporting: Generation of reports summarizing and analyzing the results of prior year analysis.
- Custom Analysis Capabilities: Flexibility to conduct specific analyses and comparisons based on the business's requirements and goals.
- Export and Data Exchange: Capability to export results and share them with other systems or stakeholders.
- Integration with Other Modules: Linkage with other software modules such as financial accounting or sales management for comprehensive analysis.
Examples of "prior year analysis":
- Revenue Comparison: Analysis of current year revenue compared to the prior year.
- Cost Analysis: Evaluation of cost trends and structures compared to the prior year.
- Profit Margins: Examination of profit margins compared to the prior year.
- Customer Growth: Examination of customer growth trends compared to the prior year.
- Product Performance: Analysis of sales or production performance compared to the prior year.
- Market Development: Assessment of market share and positioning compared to the prior year.