What Is Business Intelligence? More Importantly, Why Do You Need It?

business intelligenceYou’ve probably heard a lot about business intelligence (BI). It’s the new buzzword, and the new “it” tool that everyone says your business needs. But does your business truly need it? Isn’t business intelligence software just for big companies?

Business intelligence refers to best practices related to software and suites of software used to gather, synthesize, organize, and visualize data. It can be one tool that provides all of these services or multiple software packages linked together. The goal of business intelligence is to provide business owners with plenty of useful, actionable data so that they can make better decisions regarding their business.

BI isn’t synonymous with competitive intelligence, although better business intelligence does help your ability to improve your strategies against competitors. Rather, it’s more about using the data within your company to its best advantage.

How Is Business Intelligence Used?

Business intelligence can be used in many ways. A CEO might use business intelligence data to gain insights about different parts of his company and how changes in one area may affect other parts. Sales managers may look to BI for information on how well the team is achieving its goals. Finance, accounting, human resources, operations, and manufacturing are all integral to BI data, and all may find it useful.

The key with good BI systems is that they are useful. It’s not just about collecting data in one place, although that may be initially useful. Instead, it’s also about using the data to gain insights leading to better business decisions.

Data by itself can be difficult for most people to use and understand. Long strings of sales figures, volumes of shipments, and other pieces of data may be hard to interpret alone. When examined together by a BI system and transformed into pictures such as graphs or charts, the data becomes much more useful.

BizNet and Business Intelligence

Many business intelligence systems offer data manipulation and visualization tools. BizNet transforms your BI solution into an Excel-friendly way of using data that will appeal to your employees. Employees already used to Excel’s functions will find it easy to start using BizNet to gain insights into the BI information shared among the systems.

Companies using business intelligence systems without a data visualization output may struggle to manually important data into Excel. With BizNet, data is automatically moved into Excel, reducing or even eliminating manual input errors.

BizNet can work with either Acumatica or Sage 300 to provide useful insight into your data. It gives you the business intelligence you need in a format that’s familiar. The preset functions and formulas inside the software make it easy to use.

What could your company do with better business intelligence? BI isn’t limited to large companies. With tools such as BizNet, small to mid-size companies can also harness the power of better insights from their data.

Learn More About Business Intelligence

At Mindover Software, we know how important it is for all size companies to have good business intelligence. When you understand what’s happening across all divisions of your company, you can make informed decisions based on the data that’s available. No more guesswork, and no more hours spent typing numbers into Excel or chasing down figures from different departments.  All the information that you need can be available in one business solution.

We offer consulting to help businesses choose the right software for their needs, as well as to help our business customers get the most from their software investments. BizNet and many other software solutions can help you glean the most from your business intelligence data.

Contact Mindover Software today to learn more. Visit us online or call 512-251-8992.

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