Business Intelligence tool, also known as BI tool, helps in generating precise tally reports (once integrated with Tally ) that can help in making insightful and quick decisions for the benefit of an organization. It includes pictorial representation of analytics, data mining, spreadsheets, decision engineering, and so on. Most of the tools are single tools or tool suites that are designed to function for a particular industry or a sector.
It is important to take decisions fast, as nowadays, each and every individual is living under constant performance pressure. Even the small and mid-size organizations need to be the part of this competition in order to survive in the market. Performance is the key to succeed here, and no one can survive without that. Quick-decision making is very essential in order to perform well, and to stay ahead. Business intelligence tool can help an individual take informed decision quickly and help it stay ahead in the competition. There are several other benefits of business intelligence tool, and few of them are as listed below-
Helps in boosting productivity
BI tool looks after the small and mid-sized organizations besides taking care of the MNCs. So it is a myth that only big companies need BI tools. It can be used for even a start-up company where manpower is an issue. The conventional methods of data collection are time-consuming and need a lot of effort. A BI tool integrated with Tally like EasyReports can retrieve the facts and figures from the system and generate tally reports in minutes without putting much load on the shoulders of the staffs, thus allowing them to utilize their valuable time and effort in something more productive.
Helps enhance the sales figures
As a marketer or an entrepreneur, one needs to keep a track of the customers using a particular tool. That tool can be CRM (customer relationship management) tool or a BI tool that would collect the raw data and make it presentable and easily understandable. The data may include analysis of sales trend, types of customers, tracking the number of customers, tally fifo aging and so on.
Can influence ROI
If the entrepreneur is aware of the organization’s present situation, he or she can make informed decisions. It would help him/her make necessary changes in the overall business process to get better ROI. With a BI tool which has a visually rich dashboard and corresponding drill down reports (eg – EasyReports), the owner can make decisions based on detailed data analysis and get into the actionable required on time and drive the organization towards profit.
BI tools can help reach the goals fast
An entrepreneur might have set milestones and goals for the organization and failed to achieve that just because he or she had no clear picture on the exact data residing in tally. But if the entrepreneur is armed with BI tools, which are integrated with Tally, he or she can track right information at the right time easily. Moreover, the reports are accessible by the one or many in the organization as per the access controls configured.
BI tool helps in making the business process transparent and visible
The BI tool can help enhance the visibility of business process and make it transparent. Team members at different groups and at different levels can access real time information from the BI tool based on the access controls configured by the organization as per their data governance policy. The real time correct information in the form of graphs and pre-defined or customized reports helps to give a clear picture to the respective members. They can work on any exceptional situation based on the alerts and notifications triggered and save the operations from going haywire. A transparent business process is bound to flourish.
Therefore, a BI tool (like EasyReports) can help an entrepreneur understand the business better in a more figurative way and drive the organization towards a profitable ROI.