Data collection is often hailed as the solution for failing business processes, but it’s really just the first step of the process. If you’ve already made the decision to deploy a powerful data collection tool, such as Microsoft Dynamics 365, to effectively utilize this data, you should consider leveraging a business intelligence solution next.
Business Intelligence (BI) is the architecture, technologies, applications and processes used to collect, analyze, and translate an organization’s raw data into meaningful, and actionable information. With rich graphics like charts and tables, BI allow members across the organization to digest the same data and make faster, more informed decisions.
With easy access to current and historic data, a BI solution will help your business to:
- Identify business trends.
- Forecast future business activities.
- Measure business performance.
- Identify possible strengths and spot market opportunities.
In business, smart decision making is a key component of success. A Bain survey of over 700 companies from different markets across the globe, demonstrated how high-quality decision-making and strong performance go hand in hand. The data showed a 95% correlation between companies that make (and execute) key decisions and those with first-class financial results.
So now you’ve got the data, how do you use it to gain a competitive advantage?
It starts with turning raw data into useful information by asking questions:
- What is currently happening?
- Why is it happening?
- What is liable to happen in the future?
- How do we best position the business to achieve organizational goals?
Structured data ensures everyone is operating from the same data sets and information, aligning decision making across board. For example, the sales department can identify at a glance:
- Top sellers
- Most profitable source of leads
- Best performing product by region or another marker
With this data, management can define a repeatable process to ensure maximum efficiency in closing deals increasing profitability and customer satisfaction. With valuable, actionable information, you can make better decisions and outperform the competition.
Admiral Consulting Group offers a wide range of business intelligence solutions, that to work with your existing data systems to give you the insight you need.
- Microsoft Power BI is an easily accessible BI solution available within the Office 365 suite. It allows users view comprehensive dashboards, available within the Microsoft Dynamics ERP interfaces, and connect to multiple data sources for quick and detailed insight.
- CALUMO‘s BI platform was designed by finance people, for finance people. With this All-In-One solution, you can budget, plan and forecast with data from any source.
- If a user-friendly solution is your most important criterion, Jet Reports is a BI solution that runs directly inside Excel. This means you can create accurate financial and business reports using the same interface and calculations that you’re already used to. With Jet Reports, there is no need to export, re-type or paste data into excel, as this often leads to errors.
Simply deploying a BI tool isn’t the answer. Work with a partner you trust to ensure you are getting the maximum return on your software investment.