Owning and operating a business comes with generating and tracking large amounts of financial data. Larger companies may have a separate division in their finance department that manages and interprets this data. For smaller to mid-sized organizations, the CFO may perform these tasks, or they may utilize a specific software to analyze the data. Whatever solution your organization performs to track and evaluate your financial data, the act of managing and evaluating your data is commonly referred to as Business Intelligence and Analytics (BIA). The main function of BIA is to assist with the financial planning, budgeting and financial forecasting processes and help leadership make important business decisions through data insights.
If you aren’t currently utilizing BIA at your business, you may be missing out on significant insights that would allow you to better plan your financial activity from HR to operations. There are numerous benefits to using BIA to inform your business decisions, but here are several standouts:
- Faster and stronger business decisions. Through BIA you can streamline your financial decisions by having your data insights in one place, instead of scattered across systems. This allows your leadership team to have the information they need to drive decisions more efficiently so that your business can act on its data and not react.
- Sustained business growth. With BIA, you can model business projections and outcomes from investing in sales to marketing, recruiting and other areas. These scenario models can help you optimize your growth by allowing you to track and plan various situations, so you know which outcomes fit your business goals the best. By giving you the tools to plan ahead, you can plan for sustained growth.
- Increased productivity. When your business planning processes are concentrated in one singular area, whether that is through a software or team, it allows for higher productivity levels due to the limited interactions required to analyze data findings. If using just software, these levels can be even higher due to decreased staffing requirements.
- BIA software removes the need for countless spreadsheets and reports. This frees up the time spent creating documents and allows your team to use it to be more strategic with the data findings.
BIA has become a crucial part to operating efficient financial practices and isn’t going away anytime soon. As with most data trends, BIA is continuously evolving. Traditionally, BIA has leveraged historical data to drive results but with the enormous amount of data available in today’s tech-forward world, it is moving away from retroactive analysis and moving toward providing future predictions. Predicting the future seems far-fetched, but in reality, it’s happening now with the use of robust software programs.
At BerganKDV, our BIA solution leverages innovative technology and services to transform financial data into actionable insights that inform your organization’s strategic and tactical business decisions. We can help centralize your data and provide you with detailed intelligence about your current state of business to enable a clear view of reality. Our services give you the opportunity to predict rather than react to your financial data, so you are ready for whatever the future holds. Contact us today to learn more about how our BIA services can evolve your financial data management.