Addressing the Challenges of Conventional Reporting
A business’ success is highly dependent on its ability to act proactively and make critical decisions in a timely manner. Businesses are more complex than ever and as organization’s grow, so too does their data. This data is not only massive in volume but may also reside in a multitude of different sources. In addition to the core ERP, data is commonly housed in legacy systems and third-party applications i.e., CRMs, Payroll solutions. For this reason, organizations cannot continue to solely depend on the raw data derived from their ERP software for enterprise-wide insight. In addition, accessing and processing raw data from various sources is a time-consuming endeavor and one which can only be managed by someone with technical skills and extensive knowledge of these systems.
Lastly, an organization is typically comprised of multiple departments and employees who require access to data at different levels in order to do their jobs effectively. An inability to quickly access and share information with colleagues and/or key stakeholders often results in a lack of collaboration and a siloed work environment.
The importance of Business Intelligence
In our data-driven world, data itself is no longer a business’ most valuable asset. The value is found in the actionable insights obtained from that data. Operating with legacy “reporting tools” or none at all results in time consuming manual work with room for error. Organizations are spending inordinate amounts of time gathering and managing their data limiting their productivity and time spent on other important tasks.
Many businesses have access to their data, but do not have the tools required to actually leverage it. Business Intelligence delivers that “missing link” and is an essential proponent of an organization’s success. Winning businesses are those with the ability to easily and quickly turn enterprise-wide data- into actionable insights. Business Intelligence solutions provide users of any level, self-service access to data in a way that makes sense and facilitates decision making.
But doesn’t my ERP have reporting tools?
An ERP software helps organizations manage key business processes. It houses critical data but falls short with providing users an easy way to access, analyze and report on that data. Without an integrated Business Intelligence software, organizations must spend time and effort gathering and making sense of their data and are consequently missing opportunities. The ability to quickly access information through a BI’s reports and dashboards, enables businesses to act proactively and maintain a competitive edge.
Do you need to have IT expertise?
Business Intelligence solutions are commonly developed with the end user in mind. Many BI softwares provide users with an intuitive, easy-to-use interface allowing them to interact with data regardless of their technical level. BI provides flexibility and empowers users significantly reducing reliance on IT.
So, what is the key benefit of BI?
Business Intelligence provides many benefits to an organization. It reduces time spent on gathering data, eliminates manual reporting and reduces reliance on IT. The right BI solution provides a full, clear picture of an organization’s financials, operations, and overall health. It enables employees and key stakeholders to quickly react when important changes occur and base decisions on reliable information. avoiding missed opportunities and remain proactive. Business Intelligence is no longer a “nice to have” and is a necessity for businesses who are striving for success and growth.
For more information about how Business Intelligence tools can help your business, please join our Business Intelligence Bootcamp webinar series or contact us.
Note: Content for this blog post was originally written by Nectari Software, Inc.
