The use of Business Intelligence technology in making business decisions is a relatively new small business trend. BI software pulls information from a company's raw data across the board so that enterprise owners and executives can make decisions for the future of the company. Read on to see how businesses can use BI technology to budget for the future.
Compiling Data Across the Board
Business Intelligence is not a new concept. Companies regularly compile data from many of their departments to make important business decisions. The manual process of gathering spreadsheets of data is cumbersome and time-consuming. BI software allows company owners to look at data from the various departments in one location, an online dashboard that can be manipulated to provide the exact information needed at the time.
Putting it all Together
Business intelligence software extracts information from raw data provided by various departments to help business owners make important decisions in marketing, budgeting and financial planning/prediction. All on one dashboard, marketing campaigns can be tracked and evaluated for effectiveness, money can be moved from one department to another, and companies can see the financial health of the company.
In the past, IT companies provided BI solutions that used complex algorithms to gather intelligence. Now, the use of BI software is geared for the end user, providing self-service reporting for the individual business owner.
Moving Forward
As the new fiscal year approaches, it is important for companies to incorporate business intelligence software into their yearly budget. The price of BI software varies, but because you are probably already spending the money on BI solutions for various segments of your business, it won't be a huge investment to compile the data in one location.
Today's business infrastructures are technologically driven. They need a solution that uses the same level of sophistication to make the best financial decisions for their companies. Business intelligence technology is that solution. Contact us today if you’re ready to take the next step.