Living in the age of information, it is impossible to run a business without being well-informed. Information is the power that helps in decision making. The right information in right time can help an organization stay updated and know more about the competitive market.
To transform transactional information into actionable, BI tools were introduced. The BI tools, along with their integration capability with accounting software, and the analytical engine running behind them provide the organizations with the power to achieve the targeted growth in the period set. Report generation became much easier, be it customized reports or pre-defined reports, and it helped in streamlining the business, all for the good reasons.
So, how does Business Intelligence help a business?
Certain organizational issues can be solved only when the entrepreneur is well-informed. Here, a BI tool helps an organization in multiple ways-
Empowering employees: BI tool offers the employees an easy access to analytical information and the analysis is presented in an easy-to-understand format. The rich visual interface of BI tools like EasyReports provides better support in work process and encourages the team to work better.
Seamless integration between various departments: BI helps in seamless integration of departments by sharing required data among these departments real time as per the role set.
Information sharing on the basis of roles: A BI tool allows easy information sharing on the basis of roles and responsibilities. The authority can decide which information is for whom, based on the position, role and nature of work. In EasyReports role based access control can be given based of Data Governance policy of the organization.
Easy to set realistic goals: A BI tool allows an entrepreneur to set realistic goals for a particular period and tracks Target vs Actual on the basis of how your business is performing. For the top management, the KPI dashboard gives an overall clear picture of the business at any point of time.
Easy tracking & monitoring of the business: As the business processes are becoming more complex, tracking and monitoring manually is nearly impossible, BI tool does the task for you. It tracks & monitors your business and provide you the auto generated reports scheduled as per configuration.
Reporting analysis: Assessing KPIs and tracking various pitfalls are two of the major USPs of BI. It gives you a better understanding of where you are standing today and what can be done to make your business survive.
Making the entrepreneur aware of the weak areas of business: BI tool helps in identifying the weak areas in your business process, by its second and third level of drill down analysis. Thus it converts data into actionable and throws alerts and exceptions wherever needed helping in the growth of the business.
Get competitor analysis easily: Business tracking is not only making reports, but also tracking what the competitors are doing and what are the modern competition trends. BI tools when fed with competitor data can analyze and track your business position vis-a-vis to that of the competitors.
Predictive Analysis: BI tool helps in indentifying the market trends, what prospective customers are looking for and their behavioral pattern. It also analyses the past history of sales transaction and with the help of its predictive algorithm can predict seasonal sales even.
The above mentioned benefits of BI tools are more than enough to establish how they are imperative for any business, be it a SME or big enterprise. BI helps in increasing ROI of a business and it has an extensive use in making any business process better. EasyReports is a revolutionary BI tool that, when integrated with accounting software like Tally gives immense power to the entire accounting process and makes business more dynamic. To know more about BI tool, log in to www.easyreports.in.