How business intelligence can help you make better decisions

Business Intelligence will help you make better decisions based on statistical facts rather than instinct or intuition. It’s simply a question of providing the right information to the right people at the right time.

The Next Generation of Business Intelligence

The next generation of business intelligence solutions is much more than a graphical representation of your historic business data in colorful graphs and dashboards.

These new solutions also include numerical models and algorithms known from Predictive Analytics, to analyze data registered in your cloud applications – and automatically alert you if any deviations to your historically performance is identified.

It is no longer a matter of reporting on past performance, but rather putting intelligence back into BI – by having the BI solution itself automatically identify potential risk and business optimization opportunities, and alert you when they appear.

These new BI solutions are especially for small companies that are serious about success and growth. They are easy to deploy and affordable starting from $20 a month per user – That’s why dollar for dollar there is no better way to improve your business performance and increase revenue and profit, than by investing in an automated cloud BI solution like MoreReporting.

Read more about business intelligence in the previous blog post: “Business intelligence (BI) – The quick way for smaller companies to growth and success”.

Cloud applications and digitalization is the future for SME’s

The future for small businesses is digitalization. Any valuable item we have in our business is part of a process that already is or will be registered and stored.

This can be data from invoicing, accounting, time registration or sales applications covering daily operations or routines performed on a regularly basis.

Today, most small companies have already adopted the strategy of using online or cloud applications to run and administrate their business.

This means that business data is stored online but with multiple providers and most likely also on different technologies.

How can business intelligence help you in decision-making?

A BI solution can help extract complex data across your different cloud applications and transform it into visual information in colourful reports and dashboards – displaying how the company have performed historically compared with current results and predict future business forecasts – all in one single place.

One example could be a series of graphs displaying your TOP 10 increased expense accounts, and how they have developed over the past 12 months. Maybe a closer look into how you spend your money could give inspiration for potential optimizations resulting in cutting cost and grow profit.

Data is information. And if you can transform your data into usable information – then even minor adjustments can improve daily decision-making and have a significant impact on your profitability.

You are sitting on top of a put of gold!

Your amount of data is growing daily – basically making you ‘sit on top of a pot of gold’. The more data you create, the more statistical information you gain about your business performance, your employees, your customers, the services and product you provide in the market, the markets demands and what it is willing to pay for your goods and services, and many more crucial important information.

When you take all this data and arrange it into structured information that you can read and understand – you can turn this data/information around and optimize your daily business routines making your employees more effective, better understand the market drivers and your customers’ behaviour, provide better offers, increase revenue and at the same time optimize your expenses to save more money and time – all things that make your business more efficient and profitable.

At the end of the day, that’s what business is all about… Creating profit for your shareholders and owners.

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