How Business Intelligence Can Improve the Bottom Line
Many businesses are handcuffed by their accounting or ERP systems and the inadequate reports and report writing tools. A proper BI Solution will provide much more tools to analyze data, allowing you to create cubes that will compare supply, labor & sales for a single SKU, on a given day of the week, for instance.
BI provides businesses the tools to analyze and drill down to the transaction details, maintaining accuracy and with graphical representations. Many standalone department systems do a very good job of accepting data, they just were not designed to report on it.
High Availability Of Information
Business Intelligence programs can be stored on a hosted cloud solution. This provides a flexible, easily accessible storage base. The scalable nature of cloud solutions means that companies can configure their BI Solution to meet changing needs without engaging in infrastructure or staffing upgrades. It also enables businesses to provide information to large numbers of users, quickly, rather than placing a burden on local IT departments and financial analysts to set up users and reports. Department analysts can gain access to critical data in a timely manner to support their department head.
BI software allows businesses to learn more about their customer spending patterns and behavior. Businesses can analyze data to determine valuable information on what their customers are buying and when. This allows for better marketing and ultimately sales, impacting the bottom line. You can also learn who your best and worst customers are and make decisions according to maximize the efficiency of your sales offering.
Better Decision-making & Collaboration
While businesses grow and face stiffer competition, it becomes critical to make meaningful decisions about business strategy. Business intelligence provides the benefit of data sharing and collaboration across an organization. Collaborative thinking within an executive is going to yield practical and strategic decisions to strengthen an organization’s bottom line. In addition it provides a certain amount of agility when decisions can be made in real time, with real time data, allowing businesses to take advantage of new developments within a market or industry. Business Intelligence provides the tools needed to develop a competitive advantage.
If you are interested in taking advantage of the benefits Business Intelligence can offer to your business, contact us. We are experts in helping companies like yours use their data to improve operations.