Business Intelligence (BI) is a modern age technological concept where organizations irrespective of whether big or small invests in these types of solutions. The reasons for such investments are different based on the specific circumstances and industry verticals.
There are various types of Business Intelligence (BI) software packages available in the market with diversified scope and capacity. Some Business Intelligence(BI) software packages offer “What if” analysis to financial reporting and analysis, others are complete “out of the box” solutions that offers the organization will the entire range of portfolio with pre-developed reports and analytics, that enable better, faster and more informed decision making facilities. One such example of this type of portfolio is the EasyReports.
EasyReports is a Management Information System (MIS) and Reporting Automation application which can connect to Enterprise Resource Planning or ERP like Tally.ERP9, SAP B1 and NAV and simplify your reporting needs with its dynamic dashboards along with various support drag and drop features and can be customized as per the client’s requirement. Additionally, EasyReports provides Report Scheduler for automated reporting and alerts.
There are many Business Intelligence (BI) software packages that are available in the market today. We will discuss about some of the features of Business Intelligence here.
Personalized Dashboards delivers relevant, easy to understood real time data to corporate and business houses. The dashboards enable faster and better decisionmaking and at the same time lower response times to internal and external events. Moreover, business executives and professionals need access to understandable Key Performance Indicators or KPIs and summary information on a regular and timely basis. Personalized data delivery helps to make decisions efficiently and quickly.
Visualizing data based on structural elements and data charts enables organizations to understand their business operations from new and different perspectives. This is an exceptional way to provide life to data and track the future business operations based on the reports. Sales report is one such example of data visualization. It helps to present information in a quick and easy to digest format. Business Intelligence also offers a wide range of chart types that make complex data much easier to understand. And, at the same time provide many visual cues to highlight important facts and trends.
What if Analysis:
Another key feature of Business Implementation (BI)system is the “What if Analysis”. “What if” analysis allows organizations to assess their potential effects ona critical business decision before they are actually put into effect?How will the business response on such decisions? Will the management be able to undertake an alternative plan or decisionif the primary plan go about a mess? This analysis is one such way of calculating permutations and combinations that helps the management in a way to undertake strategic planning.
Business Intelligence (BI) helps its user to investigate deeply as well as thoroughly regarding one of the many details of a piece of information from a single report itself. Interactive reports allow the users for betterenhancement and understanding of the analysis not only within the reports, but also the underlying data of those reports, to support better decision making capabilities. In order to delve deeper, click on any item and watch it expand into its source data from where it came. In other words, Business Intelligence (BI) helps converting data into knowledge by means of drill down and conducting slice and dice Online Analytical Processing (OLAP) analysis.
Ranking reports allows the users to create reports in order with regards to specific categories of information, across multiple dimensions, by selecting some of the specific criteria. This key feature of Business Intelligence let the businesses view its best and worst performing aspects of the business. For example, a businesscan create a report that ranks their 10 bestselling products, regions or even sales persons.
Sharing and Collaboration:
With the advent of the State of the art technology and modern Business Intelligence(BI) systems, businesses can analyze and share their data with other stakeholders and team members without even moving from their desks and cabins.
Business Intelligence (BI) software comes with special features of customized alerts. It means as per the client’s requirement, automated alerts are enabled that for those specific elements as required that will shoot emails to the management and executives with regards to the various reports like; sales, inventory, etc. on a timely basis either daily, weekly, fortnightly or even monthly.
Flexible options for Formatting
As we all know that the 5 fingers of our hand are of different sizes. Likewise, different users at different levels of the corporate hierarchy like to be presented with information in a different style; be it in Excel spreadsheets, Word documents, Web pages, Adobe PDF files, Power Point presentations and a wide variety of other formats.
Financial Reporting and Analysis
Business Intelligence (BI) solution providers have yet another feather in their cap. The solution providers have incorporated state of the art financial reporting capabilities integrated in their offerings. The key features are;
- Pre-developed templates for balance sheets
- Profit and loss statements
- Other common financial reports
- The ability to process and calculate financially-oriented data
- Dynamic conversion of foreign currencies
- Complete audit trails