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Business Analysis made simpler with BI

By CIOReview | Wednesday, August 8, 2018

Monitoring variances in real-time, is crucial for today’s businesses, to explore unexpected opportunities and mitigate losses.

Business managers need reliable data in any instance, to understand and address monthly variances. A company’s functional managers should be able to run financial reports even without the support from the financial team and monitor the performance of their departments in relevant ways. 

While the need exists, there are also challenges. For starters, generating reports that validate or explain results is not an easy task. Although ERP systems are efficient at data procurement, they cannot push the information for business users to analyze. Since spreadsheets require a considerable amount of time and effort to bring together all the necessary information into pivot tables, they aren’t particularly helpful either. In addition, a single data source would mostly not be able to explain the variance.

Business intelligence solutions play an important role in this situation. They act like a data warehouse that can bring in data from diverse sources like payroll, CRM, and ERP systems. Business users can easily visualize the datasets in ways that are relevant to them, and identify and address the visible needs immediately. With dashboards’ ability to incorporate multiple data sources alongside financial data, enterprises can also leverage them for operational reporting—a reason that makes business intelligence enabled self-reporting is essential. Each user should have the option to make choices on the required data to view, and their visual appearance.

Although BI has been around in several applications for years, its capability to allow financial teams to enable complex and malleable data available to their peers at the same time of getting them out of report-generation makes the technology revolutionary.