Business Intelligence (BI) will give companies a competitive advantage during the next decade and there are many compelling reasons why mid-sized businesses should make it a priority to invest in an integrated Excel-based BI solution sooner rather than later. Below is just one reason why mid-market enterprises need BI.
Reason 1: Automate reporting processes
All companies face constant pressure to increase profitability, improve cash flow, reduce costs, and reduce risk in order to improve financial performance. Automation is, by definition, a method of controlling a particular process in order to increase reliability and efficiency, often through reducing human intervention to a minimum. And very often improved company performance comes from ensuring that your workforce spend their time as effectively as possible. An integrated BI solution automates a business’s reporting processes, drawing data from your accounting package, upon request, thereby eliminating manual report preparation and repetitive data extracts, automating spreadsheets and providing you with up-to-date, accurate and well-presented reports for informed decision-making.
The automation of the traditional financial reporting process not only improves efficiencies, saving accounting / bookkeeping staff valuable hours each month, but maintains data integrity and provides accurate and timeous information in a meaningful format. There is also no longer a need to manually sort through static reports and recompile data into a format that can be used to analyze information. By providing real-time reports on demand, BI plays a significant role in creating time-savings and increased productivity and allows you to start using the information in your system to more effectively manage the business.
