What is business intelligence?
It is essential for business owners to have an accurate view at all times of how their business is performing. The truth is many businesses don’t have adequate processes and systems in place to accomplish this. Businesses require a solid platform so they can make well informed decisions rather than speculate.
A business reporting platform should be able to provide accurate and timely information to support management to manage the business. Some business called this solution “Business Intelligence” which is basically a number of systems and processes which produce the timely, relevant and accurate information to support the business.
Never too late to start
While some businesses fail to implement a reporting structure it is never too late to begin. Most businesses that are in a weak position are often the result of the lack of knowledge of where their business stands, which leads to improper decisions based on the lack of data and reports. The key to success is to always have carefully collated information available in order to perform an effective analysis and plan properly.
It is a difficult process to implement new systems. It acts as a deterrent to shifting to a new reporting platform that only results in further problems that can hinder business growth. However, with a bit of effort and hard work it is easy to set up a reporting infrastructure and avoid a variety of problems in the future.
Transparent and objective
Business reporting is also the best way to keep costs in control. These reports can identify problem areas that need to be addressed immediately and avoid further losses. They are also useful when it comes to analysing staff performance and how effective they are at implementing cost control measures. Some of the crucial areas that business reporting can address are:
• The allocation of annual and monthly budgets
• Determining break-even points
• The identification of your profitable products and customer base
• Periodic reviews of accounts
The lack of business reporting can lead to over-optimistic forecasts that can spell danger for your business. Accordingly there is a need for an objective view of your business to determine how each element integrates within the system. This is only possible with a robust business reporting system where you gain a sense of transparency and clarity.
Transparent and objective
The two main advantages of business reporting are:
• It helps business owners gain a clear vision of the future so that they can work towards their goals
• It allows them to carefully analyse their past performance and use it as a tool to implement better
strategies in the future
We can help you establish reporting processes to suit your type of business so that you make efficient and effective business decisions.