5 Good Reasons to adopt a BI (Business Intelligence) Tool

Photo of author

By Admin

Data is now a key issue for companies. In the era of digital transformation and big data , more and more companies, whatever their size, are seeking to collect the various data of their activities to better understand their performance and make the decisions that will ensure the growth of their business. their business. From now on, Business Intelligence (BI) is becoming one of the key performance factors for companies and the way to ensure a competitive advantage. This is specific to reporting tools .

Reminder: what is business intelligence?

Business intelligence is the ability to collect voluminous data whatever their sources in order to be able to analyze them to better understand the past and anticipate the future.

Many business intelligence tools have emerged to simplify and automate data collection and reporting. A BI tool like ( MS Power BI ) is also the means to have access to data visualization functionalities which allow to have visual and graphic analyzes for an easier interpretation of the data.

Mastering data also means being able to carry out predictive analyzes on your business in order to make decisions that will accelerate the development of your business.

1. A BI tool to simplify the daily life of your financial department

Your CFO and his teams are certainly dealing with cumbersome and complex processes to establish their reports. Between overly complex spreadsheets, difficulties in collecting the right data, too long update times, numerous files with which you have to juggle to be able to establish a relevant analysis of your financial situation, or even a quality of data that could questioning your analyses, carrying out financial reporting quickly turns out to be very time-consuming for SMEs!

“80% of the time is devoted to producing reports and only 20% to analysis!

Reverse the trend with a BI tool!”

Consequently, the question that arises is the following: how to make data malleable, comprehensive and relevant for all the actors who manipulate it? This is precisely what our BI solutions tend to respond to.

2. Easier interpretation with data visualization

A BI tool will offer you data visualization features.

These are features that allow you to have graphical and visual analyzes that will allow you to identify the main trends at a glance. BI tools offer you a wealth of functionality that allows you to have ergonomic, user-friendly and easy-to-use solutions.

More and more BI solutions offer these features. Thus, no need for specific skills to use a BI tool, even a neophyte user can easily create different hypotheses in order to test his scenarios, develop automated dashboards for general management, create new indicators…

3. Better risk anticipation with predictive analysis

With your BI tool, you will be able to anticipate risky situations thanks to graphical models.

For example, the automated reconciliation of information makes it possible to identify fraud that could have cost you dearly well in advance!

Another point, the failure of your suppliers and your customers is a daily problem for your financial department. A BI tool will make it possible to anticipate and better manage the risk of non-payment by your customers, as well as default by your suppliers. Many indicators will be predefined to allow you to monitor the relationship with your third parties as well as data visualization .

4. Automated data collection

Your SME is not always equipped with an ERP or specific treasury software. However, one of the responsibilities of your CFO is to optimize cash flow and reduce costs. Without dedicated software, financial teams often encounter difficulties consolidating data, assembling heterogeneous files with different formats, managing currency transactions, etc. Their time is thus devoted to tasks with little added value.

With a BI tool, all these operations are simplified and automated in order to have a real-time view of your financial and cash position. You can also perform predictive analysis to better manage your financial resources.

5. Financial dashboards for easier budgetary decisions and arbitration

A BI tool will allow you to have precise and detailed knowledge of your costs, your financial flows and your main indicators: profitability, margin, etc.

Readjust your budget choices more frequently thanks to easy-to-update reports! Is the market changing? A new competitor? A new offer? Modify your assumptions in a few clicks and create new scenarios: increase in your price by x%, failure of your principal, customer…

A decision-making tool will allow you to process a large volume of data in a short time! Your decision-making cycles will thus be faster and based on reliable, complete and quality reports!

To know more…

Discover our business intelligence solutions here. Our experts are also at your disposal to support you in your project. Do not hesitate to contact us for a quote request for Report One’s BI solution because Dynamics Square is a leading Dynamics 365 implementation gold partner.

Leave a Comment