Business Intelligence helps business to grow

Business Intelligence helps business to grow

Business Intelligence (BI) is the use of the best business practices, software, infrastructure, and any other tools that help a company to grow by finding new key insights. The main function of a BI tool is to simplify the reporting and operational tasks of a company. Similarly, Tally is also a widely used software in many companies that simplifies the reporting and accounting tasks. For complete automation of all business processes, most BI tools are integrated with the Tally software. Tally software helps businesses to monitor their company’s accounting and financial solutions along with all operational processes.

Business Intelligence can help an organization in many ways. Some main advantages are:

Save time

BI tool can help to reduce time spent on data entry and performing calculations. It eliminates chances of any duplication of data. With BI tools integrated with Tally, the Excel to Tally Import Utility feature allows users to easily transfer data from their Excel or Tally sheets to the BI platform. This saves time for the employees. BI tools store all information at one location. If access is given to all, no time gets wasted in going through different files.

Accurate Reporting

A BI tool is very helpful in making quick and easy business reports. Whether it be sales reports, revenue reports or employee performance reports, this tool is beneficial for making quick and efficient reports. With all information available in a centralized location, employees can easily access relevant information such as the company’s income, expenses, sales performance, employee productivity and much more. Employees can also make reports comparing data on a yearly, monthly or quarterly basis. This helps managers to gain better insights about the business.

Cost cutting

BI software looks after all aspects of a business – from finance and accounts to inventory management to sales and employee evaluation. It keeps a track of all the various departments. A BI tool can help businesses to control and/or cut cost by identifying areas of cost saving in a specific department.

Gain consumer insights

Using a BI tool, companies are able to discover new patterns of consumer behavior. A BI tool helps companies to understand current buying trends, learn more about the likes and preferences of the consumers, and also what they dislike. With the help of such information, manufacturers can produce new products that match the current consumption trends and consequently improve the company’s profitability.

Boost productivity

In the traditional working method, employees would have to enter and store data manually, and then do calculations and write related reports. Doing all this used to be very time consuming, especially when done in a manual process. A Tally BI tool saves time on data entry and report making. This saves valuable hours of the employee, which can be used for doing other important tasks. It helps in improving their productivity.

New revenue opportunities

A BI tool is able to identify key trends and patterns into the workings of a business. It can provide critical insights and discover key connections between two separate departments which may seem unrelated. This can help managers to find out about potential revenue opportunities in a business that may otherwise have gone unnoticed.