What is business intelligence? In the business world, strategic decision making is fundamental and makes the difference between being successful or not. In today’s article we are going to talk about what business intelligence is and how it can help you to improve your business management to another level. Don’t miss this post!
What is business intelligence?
When we think of a smart business, what do we really think of? It is essential to have adequate information and at the same time to have technology that allows us to analyse it for future decision making. Likewise, having tools, also called Business Intelligence, leads to a reduction in data handling or interpretation errors.
Business intelligence is the set of strategies, procedures, activities and solutions that allow organisations to make the best decisions depending on the moment in which they are in order to be more efficient.
BI functionalities allow you to:
- Collect information.
- Present data in a way that is easy to understand.
- Deliver the data needed for strategic decision making.
In practice, it means having a specific view of all data, adapting quickly to the changes and needs of the organisation.
Why is business intelligence important?
Business intelligence can be said to facilitate research work by drawing specific conclusions. Businesses and organisations need to get answers and meet objectives by tracking, collecting data and analysing it to establish actions and achieve objectives.
Benefits of business intelligence
What benefits can business intelligence and data bring me? The ability to interpret data is a very valuable resource for companies to take off and expand, gaining competitive advantages.
Here are some of the main benefits you can gain from BI:
- Identify market trends, analyse customer behaviour and compare data with competitor information.
- Track performance, optimise operations and predict success.
Detect inefficiencies or problems, eliminate waste and fraud by identifying and reducing inefficiencies.
- Improve data accuracy, decision making, results and worker productivity.
- Increase visibility of financial information, return on investment and transparency.
The proper and conscious use of smart business tools makes the difference between the success or failure of an organisation. At the end of the day, having business intelligence in place allows you to optimise the efficiency and control of your company.
Making the smart decision
Therefore, making smart decisions when managing our business is essential today in order to be competitive. To do this, we need fully integrated, automated and functional software that is user-friendly and allows us to save time and increase productivity. One of these tools that helps companies to manage data is XPENDOR, software that adds to the organization a quick and easy digitization of expense notes and invoices, providing significant cost savings and providing information flow at all levels of the company.
We invite you to discover what Xpendor can bring as a tool in the management of expense notes, remember that you can request a demo and see how it is to launch into the world of digitisation, avoiding the mistakes of which we have made a tour.