How Can You Calculate ROI of Business Intelligence

//How Can You Calculate ROI of Business Intelligence

How Can You Calculate ROI of Business Intelligence

With digital technology becoming a mainstay in our daily life, a lot of our business processes have gone on to become fully automated. With so many different programs and software being used, there is a lot of data that is generated every day. For a long time now, companies have been using Tally for their accounting solutions, inventory management, and as payroll software. But with the increase in data flow, manual analysis of Tally data is appearing to be a huge cumbersome time taking task.

Business Intelligence (BI) tools come here as a rescue with its analytical engines which not only provides analysis of past transactions but also empowers the business owners with their capability of doing predictive analysis.

Companies that use BI reporting tools enjoy a lot of business benefits like –

  • Saves time
  • Increased productivity
  • Quick and Easy reporting
  • Gain analytical insights which can be converted to actionable
  • Optimize Cash Flow of the organization

Most of these benefits of using a BI tool are intangible in nature or are attributed to various factors. Factors like analytical insights, consumer insights or new revenue opportunity cannot be quantified in numbers. Because of this, calculating the Return of Investment (ROI) for a BI solution is difficult.

However, use of a BI tool leads to strategic awareness, faster reporting, increased productivity, decreased operation costs, and easy access to all relevant data. For a business organization, all of this contributes to a positive ROI. It has been proved time and again that if an organization has implemented BI successfully within its management and employees, then it has a direct impact on its topline and bottom line.

To calculate the ROI of BI reporting tools, measure the following:

  • Access to and centralization of data
  • The speed and capability of the tool to take users from high-level aggregate data to granular data
  • The scope of the data that’s being extracted
  • How fast people get access to the data they need
  • How granular the data is
  • Adoption of BI tools with end-users
  • Speed at which decisions are made
  • Bottom-line impact of specific decisions

When calculating the ROI, do not focus on how much money the BI tool saves. Instead, you should measure the productivity of workers who are using the BI tool, along with how much value they are bringing to the table and how quickly they’re doing so. At the end of day, having a tool to make accurate and impactful business decisions is priceless.

There are quite a few BI reporting tools in the market that can be integrated with Tally and other third party systems. This means that if implemented properly, BI tools can pull and push data to Tally and other external applications. This removes human intervention completely and because of error free data, the reports generated on time are accurate.

EasyReports is a BI tool (with real time Tally integration) that provides scalable, flexible and affordable reporting solutions for small and medium sized businesses. Users can create customized reports quickly and efficiently within minutes. The BI tool can auto schedule the reports at regular intervals and send email alerts when the report is created. Because of its real time Tally ERP9 integration, companies that have been using Tally for their accounting and inventory needs can easily import all the ledger masters from Tally to this BI platform seamlessly.

If you want to avail the benefits of using a BI tool, EasyReports is the perfect solution for your business. To know more, log on to http://www.easyreports.in .

By | 2018-09-25T07:43:27+00:00 September 24th, 2018|Business Intelligence|0 Comments

About the Author:

Ravi Kedia, founder and CEO of EasyReports BI, started his career as a Business Analyst and worked with companies like Tata Consultancy Services, ITC and Accenture. In the year 2009 he started EasyReports BI with a vision to make analytics affordable and easy to implement for SMEs.

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