For so long, businesses operated in a data vacuum. Business decisions had to be made on gut instinct as much as anything else, and expenditures on matters like advertising, were often shots in the dark. Where business intelligence existed, it was often not completely accurate and of low quality. Everyone was operating in a fog. However, since the digital revolution of the new millennium, the situation has done a complete 180. Now, data is everywhere. Companies are often drowning in more data than they know what to do with, or even losing out on opportunities to collect valuable data because they don’t know what they need.
Businesses that can properly gather, analyze, and harness their data will be the ones who succeed in the years ahead – and they all have one thing in common: Business Intelligence Software. Choosing the right software to manage your data will make it far easier to make smart, future-focused decisions that ensure your success for years to come.
This article will explore just a few of the ways that business intelligence software is becoming a must-have for modern businesses.
Chances are your business is sitting on huge sources of data that are going untapped. Either the data is sitting in disparate databases, within an Enterprise Resource Planning (ERP) system unused, or else it’s accumulating through activity and not even being cataloged. Smart business intelligence software creates a central repository into which all your business data can be funneled, and then made available for use. You can even connect your business intelligence software to outside data sources, such as spreadsheets, to further analyze and use in your reporting.
Putting all your data into one place is only step one in the process – it then needs to be turned into actionable information and insights that people can understand. This is where business intelligence software truly shines. Software can churn through millions of data points far faster than a human could, finding patterns quickly and easily. In turn, this allows you to establish more KPIs while being able to keep tabs on all of them, without the hours – or days – of labor such data analysis would normally take.
To know where you’re going, you need to start by knowing where you’ve been. Benchmarks are the most important tool for establishing growth and success as a business. Modern data analysis allows you to quickly establish and monitor benchmarks across a wide range of business activities, along with the ability to easily create budgets and change them on the fly.
Once you’re comfortable analyzing data and establishing KPIs within your business intelligence software, it can be used as a tool to monitor and improve efficiency within your own operation. The software allows you to create highly precise, structured, and consistent measurements that, along with your benchmarks, make it simple to find the most – and least- productive areas of your business. Then you’ll also have the information at your fingertips to discover why underperforming areas aren’t doing so well and how to improve their performance.
When you’re leveraging data to improve efficiency, boost morale, monitor supply lines, and track prices, there’s only going to be one result: better optimization and lower margins. This goes straight to your bottom line. Better yet, the continued insights you gain via business intelligence software mean that this optimization process can be ongoing. The drive for ever-better efficiency doesn’t need to stop, and each round of improvements create new benchmarks for future upgrades.
Why do certain customers convert, and others do not? In past decades, questions like this were extremely hard to answer – because of a lack of data. Now, you can get highly granular insights into the performance of every area of your organization’s sales. You’ll never land 100% of your leads, but business intelligence software makes it easier to keep pushing those conversion rates higher and higher.
In short, what business intelligence software enables is smarter business decisions. When every aspect of your operation can be tracked, benchmarked, analyzed, and examined, it becomes easier than ever to make future-focused decisions that pay off today and tomorrow. There’s genuinely no aspect of your business that cannot be analyzed and overseen in this fashion, and the extent to which your business intelligence software overhauls operations is limited only by how much you use it.
Of course, all this adds up to one key idea: lowering costs and boosting your revenues. Business intelligence software is built to enable easy improvements to your operation, quarter after quarter, year after year. Marketing budgets are used to better effect. Sales pitches become more effective. Employee morale improves. Sourcing and obtaining components or raw materials becomes cheaper. Business intelligence software allows you to track all these things and more, pushing costs down, and improving your bottom line.
Synoptix Can Revolutionize Your Budgeting, Reporting, and Planning
Synoptix is state-of-the-art business intelligence software built from the ground up for the needs of businesses looking to the future. You get instant reporting from nearly unlimited data sources, with clear metrics and KPIs, bringing you critical insights into every aspect of your operation.
To learn more, click here to watch a free demonstration of Synoptix in action!
Download Spreadsheets-The Corporate Secret Killer & What to Do About It to better understand its inherent errors, how to manage quality control & overconfidence, with detailed solutions on improving spreadsheets in financial reporting.
Find out how Synoptix can improve your financial reporting and provide business intelligence for your organization.