In today’s ever changing business environment, businesses need to be one step ahead of the competition at all times. That means staying on top of technology and turning business data into usable information, known as business intelligence. Business intelligence can be a valuable addition to any business strategy to drive growth; not only can it aid decision making, but it can improve productivity and ROI too. How can business intelligence help grow your organisation?
1) Make faster and more confident decisions
In days gone by, individual departments within a business would record and store data making it difficult and time consuming to collate information across the business and make decisions. By the time a decision was made, the situation would most likely have changed. Business intelligence software helps you stay one step ahead by allowing you to access to real-time graphs and spreadsheets, giving you complete visibility of the entire organisation in one place. This means you can make up-to-the minute decisions confidently and quickly.
2) Satisfied customers and better customer retention
You think you know your customers, but do you really? Do you know what products they buy and when they buy them? How long does it take them to reach the purchase decision and what other products do they look at? How often do they return to re-purchase from you and what challenges are they facing as a business? Business intelligence software will ensure you know your customers inside out giving you an insight into their patterns and behaviour, so you can offer the best products and service to retain them.
3) Plan for the future and be proactive
Businesses always have, and always will, face uncertainty about the future. This is particularly topical at the moment with Brexit underway. Business intelligence can help minimise the risk of uncertainty by giving you an insight into how your business has performed historically. It can help you take proactive actions to predict and manage changes and reduce the impact any changes have on your business.
4) Empower employees
Don’t keep information hidden away for only the top management to see. If business data is accessible for everyone to see and use it can help them make more insightful decisions from the “shop floor” which can have huge benefits for the overall success of an organisation. Plus, it’ll empower and motivate your employees are drive productivity in the longer term.
5) Make the data you need
The beauty of business intelligence software is you can access the exact information you want, when you need it. No more guess work or hours crunching the numbers. A well implemented business intelligence solution will give you the ability to correlate your data how it suits you, and share it easily with other employees and managers across your business.
6) Save time
One of the simplest, yet biggest benefits of a good business intelligence solution is the time saving it can offer. Inputting data can be an arduous and costly task, especially in time and cash strapped organisations. Business intelligence software can generate reports at the click of a button where most of the leg work has already been done so you can focus your time where it really matters.
Do you think your organisation could benefit from some of the above? Maybe it’s time to think about investing in a new business intelligence solution? Opera 3 has award-winning business intelligence , functionality which can provide valuable insight for your business. Contact us , to learn more and to discuss your requirements.
As a business in the 21st century you are up against constant pressure to operate efficiently and competitively, and technology advancements like the cloud have made it achievable. With 48% of SME’s set to increase spending on cloud services this year, we take a look at 7 reasons why you should consider moving your accounting practices to the cloud.
Believe it or not, accessing data in the cloud is far safer than accessing your data on premise. Cloud server providers invest in the strictest physical and digital security processes, more than any business can usually afford in house. Plus, by accessing data online you’re eliminating the risk of storing sensitive information on your device which becomes open to all if it’s lost or stolen.
One of the biggest benefits of cloud is the flexibility it brings. You are no longer tied to your desk and can access your data wherever you are at the click of a button, as long as you have an internet connection. This is ideal for businesses that are constantly on the go.
3. Cost savings
Moving to the cloud can actually bring you cost savings as you don’t need to pay large fees upfront for software, or pay for users that you don’t know if you’ll need a year or so down the line. Cloud based software is scalable and can easily be upgraded as and when you need. Software and security upgrades can also be managed easily by the server provider so you don’t need to experience lengthy downtime or the inconvenience of running them yourself. Plus you no longer need your own in-house servers which could save you thousands.
4. Routine back-ups
Back-ups are done routinely as a matter of course, reducing your risk of data loss from human errors and system failures. Plus, it’s a big job that is passed over to someone else, freeing up your time so you can focus on running your business.
5. Real-time information
To run your business efficiently it’s important you have accurate information at your fingertips when you need it. Cloud technology gives you just that, real-time information at the click of a button so you can make smarter business decisions, even when you’re away from your desk.
5. Keep up with the competition
The market is changing at a fast pace and if you don’t move with the times then your competitors will. Can you afford not to adopt cloud based accounting software?
5. Free up your hard-drive
With cloud technology everything is stored online so you don’t actually need to install software onto your system, freeing up space on your systems for everything else you need to run your business.
These advantages are some of the many reasons why 48% of SME’s are looking to increase spending on cloud based accounting software this year. If your business is looking to increase productivity, efficiency and flexibility then a move to cloud based software could be what you need.
Replacing an on-premise solution with the cloud removes a host of associated direct and indirect costs with a simple, single monthly subscription fee. When comparing ongoing on-premise against cloud, they can look comparable at first but the real savings are from looking at your indirect costs as well which include.
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