Business Intelligence

The business world is based on making strategic decisions, what makes the difference between a successful company and another that does not, is the correct and timely decision making.

To be able to do this in the best way, it is essential to have the right information and in time to support all the management of the company’s operations in an agile and fast manner.

Reliable information is crucial for the decision-making process, both operational and strategic, being more accurate when they are based on information sources that they help the company reduce uncertainty and risk.

Information technologies take on a very important role by allowing the collection, storage, and processing of data generated by the operation of the company. This facilitates access to information and reduces the margin of error that may exist when carrying out the same capture on several occasions.

It is important to be cautious with the information generated as it is equally important to have information to know how to handle and interpret it, for this, there are very useful tools such as business intelligence, also called Business Intelligence

What is Business Intelligence?

Business Intelligence (BI) is the set of processes, applications, and technologies that facilitate the fast and easy collection of data from business management systems for analysis and interpretation so that they can be used for the taking of decisions and become known for those responsible for the business.

This technology acts as a key and strategic factor for the organization as it provides decision makers with timely and reliable information to respond to situations that may arise in the company, such as entering new markets, cost analysis, the profitability of a product line, etc.

Benefits of Business Intelligence:

The development of information technologies has evolved in terms of management and today it is possible to know information in real time, for example, if a product or service will be successful or what will be the reaction of customers after its launch. If they are managed adequately both systems and technology and especially the correct interpretation of the information collected.

Therefore, the efficient management of information, as well as business intelligence, allows us to expand the strategic vision, reduce the risk and uncertainty in business decision-making and build long-term competitive advantages.

A lot of data needs to be analyzed in order for BI to succeed. The IT department can be responsible for ensuring that the correct data is extracted from the internal software systems. To carry out business intelligence successfully, enough data must be analyzed. The advantages of business intelligence are as follows.

Benefits of business intelligence:

Some of the advantages that you can have in your company when using business intelligence are the following:

  1. Increase in efficiency: By having the data in an accessible and agile way you can generate centralized value information which you can visualize in a single platform to take advantage of it in an optimal way to perform analyzes and make informed and timely decisions.
  2. Quick responses to business situations: In order to make decisions at the right time, it is important to have the information at hand in a simple way and not waste time searching and consolidating data. Thanks to the BI you can have the answers in minutes in a clear and concise way by means of reports of indicators and dashboards.
  3. Control of the functional areas of the company: In all areas of your company is generated value information day by day, you can take advantage of the best way to know trends, project data, analyze scenarios, etc.
  4. Improve your customer service: By having the most important information in real time you can offer your customers a higher quality service from the order to the after-sales service to know more about them and their needs. Analyze shopping habits; recognize best-selling products, etc.
  5. Presents information through indicator boards for a simpler and more direct communication of the company’s situation. By having the possibility of creating different control boards you can focus on the most relevant data to display without needing to review large amounts of information.

The proper use of the tools that business intelligence can make a big difference between a company that achieves growth and one that does not, between an excellent or deficient customer service, between efficient inventory management and loss of money and resources, between the success or failure of an organization.

Technology is an ally to help companies achieve the expected growth and profitability, the combination of the right ERP for your organization and the benefits of business intelligence are the perfect complement to take your company to higher levels of productivity and profitability through informed decision-making and the execution of timely and well-targeted actions.

Business Intelligence Tools:

Currently, the BI tools available in the market are countless, but these following cannot go unnoticed:

Microsoft Dynamics NAV: Special for small and medium companies that seek to improve their competitiveness.

Microsoft Dynamics CRM: Effective for customer administration.

Oracle Business Intelligence: One of the most complete in the market since it has interactive panels, the predictive analysis in real time, among others.

Office SharePoint Server: Facilitates access to information anytime, anywhere.

Microsoft Performance Point Server: Allows you to monitor, align and make a business plan.

Microsoft SQL Server: Adequate to perform a panoramic analysis of the company and make the best decisions.

JetReports: Special for creating ERP reports.

Crystal Reports: Generates reports from multiple databases.

ApeSoft: Offers a simple interface similar to Microsoft Excel.

It is worth mentioning that these tools are very useful for different areas of the organization such as:

  • Marketing: In this area, BI can be used for market segmentation, trend analysis, and customer analysis.
  • Sales: Customer analysis and profitability, analysis by product, by segment, projections and sales forecasts.
  • Finance: Detailed reports of expenses, costs, and income as well as financial reasons and financial analysis of the company.
  • Logistics: Monitoring of shipments and monitoring of orders to know the cause of their loss.
  • Production: Production line productivity report, inventory rotation, etc.

 

If you require any further details in providing business intelligence services to your business, kindly contact us partners@agacas.com

A.George & Associates, Chartered Accountants (AGA), established in the year 1987, is a firm of chartered accountants based in Kochi, India.

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