Business intelligence is the process of extracting information from key data to help an organization make more informed decisions.
It is frequently confused with business analytics; the key distinction between the two is in the questions they seek to answer. Business intelligence focuses on descriptive data that offers an overview of the company’s past and present actions. It provides answers to the queries “what?” and “how?”
Business analytics, on the other hand, makes predictions based on data mining and modelling. Business analytics is used to generate educated predictions and answer questions like “why?”
It is sometimes disregarded while performing business research, yet it can give business owners useful information on their company’s success. This data can help determine which components of a business model are performing effectively and which need to be changed, which is all part of developing a successful business model. This article will explain how business intelligence software can assist you in gaining a competitive edge.
Business intelligence’s advantages
Companies can use business intelligence to answer important questions about company performance, giving them a competitive advantage in the market. Investing in business intelligence can help your company in a variety of ways.
Your finance team can access highly accurate real-time reports with business intelligence software, which can save them a lot of time. These reports can then be condensed into simple, easy-to-read data dashboards, allowing users to swiftly browse through them and identify areas for improvement. This implies that your company can stay on top of issues and stay ahead of the competition. Some common reports you can create with your accounting software are:
- Standard reports and templates
- Generic Inquiry
- Multi-dimensional Reporting
- And more
The most successful companies are those that can collect and create high-quality, error-free data. Business intelligence software can reduce the number of inaccuracies in a data set, providing your company with a better picture of what’s going on.
Audit and Compliance Ready
Organizations must also be able to demonstrate compliance on-demand or face hefty penalties. In many industries, poor compliance ratings can severely damage an organization’s reputation and jeopardize future business. Having a system equipped with the reporting tools they need to prove compliance at any time. Users can tailor compliance reports for specific regulations with little or no programming
Efficiency in operations
By combining data sources, business intelligence software can help your company become more organized. Employees will spend less time searching for diverse types of information if data is unified, giving them more time to study data and prepare reports.
Margin of profit
It can be used to identify inefficiencies and increase profit margins in your company. Data generated by business intelligence software can assist sales teams in gaining a better understanding of their consumers. This information can be used to make informed judgments regarding the budget or which product lines to purchase.
Improved performance with the aid of business intelligence software will result in a better client experience. This will increase customer satisfaction and encourage more customers to use your company for their requirements.
Choose ERP with business intelligence needs in mind
Having business intelligence built in or linked to your ERP will keep you up to date with useful insights and avoid you from reacting to out-of-date data. Not only will this improve the consumer experience, but it will also make your company nimbler than its competitors.
The answers to a company’s most pressing challenges are often buried within mounds of data scattered throughout its financial and information technology systems. To uncover them, organizations must collect and transform high volumes of data into meaningful insights that provide a live window into their operations. But finding the right answers alone will not promote profitability. Organizations must make complex data digestible at first glance, we at Evron are here to help you with your business intelligence and data needs. Connect with us today to learn how we can help you to save time and money.