When I first came across this term ‘Business intelligence’ I became so eager to know what it is and also understand what lack of this ‘Business Intelligence’ can do to a Business. After reading a number of topics relating to Business Intelligence, this is what I learned.
All of us make decisions everyday of our lives depending on our intuition. Most of the decisions we make are simple and straight forward, but financial decisions are difficult to make due to uncertainty, complexity and risk consequences of wrong decisions.
“Business decisions should be based on facts which you can explain rather than on intuitions- mare feelings about something which you can not explain”
Apart from the day to day programmed decisions, as a manager or business owner, you will also be faced with decisions that greatly affect the future out come of your business which are beyond your own scope of intuition.
Therefore, you can not always bank on your own intuition for sound business decisions. It is for this reason that you require Data analysis and reporting tools to greatly help you carry out detailed analytics of your business data to produce valuable information in form of summarized reports for the purpose of decision making.
Computer based applications and techniques used for gathering, storing, spotting, drill-down and analyzing data such as sales revenue by products, fall under this category of ‘Business Intelligence’
Interestingly, I found out how the integration of a reporting tool such as Pastel Business Intelligence into accounting software can enhance effective decision making in a business.
There are a number of business intelligence tools, among the ones I found fascinating is Oracle Business Intelligence but I will leave this for my next post. For now, l want to focus your attention on Pastel Business Intelligence Centre [BIC]
If you are very comfortable with using Microsoft Excel to share, analyze, present, manipulate and prepare reports then you will find this module very useful.
This module can be linked to your Pastel Accounting data and at a click of a button you can generate spreadsheets by extracting pastel Accounting data and converting it into an easy-to-read graphic format. The reports can be retained and made available in future with a drill-down functionality and further be customized according to your needs.
It is not that easy to make complex business decisions with out a fact based support system. Analytical tools provide detailed analytics of historical, current as well as predictive views or future trends of your business and support better business decision making.
Finally, ask your self this question, Does your Business Lack Intelligence? May be its high time you considered a reporting tool to change the way you make decisions in your business.
About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
Let's Get Connected: Linkedin | Facebook | Google Plus
This is a very good article.I would also like to recommend this post on open source business intelligence software which i found on Ostatic.com. It is necessary for small to medium companies and firms to realize that giving priority to investment in technology can help their business to overcome the impact of unforeseen situations such as a recessions and lead to the organization’s growth in future.
Post a Comment