The Power of BI in Finance – Demystified

//The Power of BI in Finance – Demystified

The Power of BI in Finance – Demystified

Organizations of all sizes today are constantly accumulating data – be it simply storing in database, or in excels, in other forms of documents or in mails. All the business owners now have realized that merely accumulating data would provide no strategic or tactical benefit. Numbers and figures can be converted into an asset that adds real value to the organization only when it is analyzed and value added facts and trends can be discovered through data slicing and dicing.

Accountants and finance professionals face bandwidth issues when they are asked to come up with MIS reports or reports pertaining to planning or predictions as they have to then extract key information from large volumes of data. Often they get lost amidst this huge volume and don’t know how to tackle the situation.

Business Intelligence Reporting enables them to use their time more productively where they can generate MIS report at the click of a button. For example – using the report customization feature of Easy Reports, the Accounts department now can present to the top management the top 5 expenses along with its detailed components of the organization in a flash.

Given that the BI tool can now take care of daily operational reporting and analysis, the finance professionals and accountants have their time freed up to get the business to the next level. They can spend their valuable time and experience in deriving strategic actionable so that the overall objectives and goals of the organization are aligned and met within specific timelines. Example – if one of the key metrics of the organization is to ensure that their debtors are maintained at 45 days then, through ‘point and click’ interface of Easy Reports, finance professionals can identify those slow paying debtors at a glance.

Through manipulating and customizing the reports in BI tools, the accountants are now empowered to draw key conclusions in an instant. Example – the drill down functionality and the KPI driven dashlets of Easy Reports assist the Accounts Department in product and revenue analysis. The revenue generating products as well as the slow selling lines can be identified quickly and easily and the company can take measurable calls accordingly.

The finance department therefore, do not have to waste any more time on formulating the KPIs and calculating the achieved vis-a-vis target set every month. The business owners can now have the pulse of the business on their fingers. Business Intelligence Reporting like Easy Reports makes the complex decisions easier by creating a proper coordination in-between data, technology and people.

Moreover, the tool eliminates human error and the reports generated or analysis extracted is accurate and based on relevant data.

The real time integration of Easy Reports with Tally brings together disparate data sources in a uniform environment and makes decision making agile, based on facts and figures.

Therefore, it is needless to say, business intelligence (BI) accounting tools like Easy Reports is the call of the hour as it has a powerful impact on your business.

By | 2017-06-20T08:21:22+00:00 June 20th, 2017|General|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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