Imagine if business owners could gaze into crystal balls to see the future. Wouldn’t that make business infinitely easier? Knowing exactly how many employees you need to hire for the high season and just the right amount of inventory to order so that nothing goes unsold.
Unfortunately, there’s no such thing as a crystal ball that can show you the future. But advanced technology has given us powerful data collection and forecasting BI reporting tools that can enable business owners to forecast the future with remarkable accuracy.
Are you curious about what Business Intelligence (BI) reporting tools are and how you can use them in your business? Here’s how it works.
What’s BI Reporting?
Let’s start by looking at the basics. BI reporting is the process of compiling and analyzing business data to identify and share actionable insights. In other words, it’s a way to help business owners and operators plan ahead and make data-driven decisions for their businesses.
While experience and gut feelings can be useful, data-driven decisions tend to be more accurate and reliable, making them a key pillar of any successful business venture.
Businesses that use BI analytics tools are better at making decisions and planning strategically. This in turn boosts their performance by helping them identify and seize opportunities, optimize operations, and reduce their costs. In fact, data shows that BI speeds up decision-making by as much as five times for businesses, while 90% of sales and marketing teams say BI is crucial for working effectively.
Find out how XLedger ERP can help your organization speed up decision-making. Book a FREE demo with us here.
What are BI Reporting Tools?
BI reporting tools are software used to assist operators in collecting, analyzing, and leveraging business data to create insightful reports. They typically collect sales, inventory, transactional, operational, customer, financial, marketing, and other business data, both on-premises and from cloud resources.
With this data, business operators can use BI reporting tools to generate an array of charts, like histograms and tables, which can help them visualize data and forecast for the future by spotting business trends.
BI reporting tools also offer real-time reporting capabilities, allowing users to develop dashboards that provide live data feeds into insights. This can be particularly useful for fast-paced businesses like retail stores or operations that require continuous monitoring, such as inventory management.
XLedger: A Robust BI Tool
Xledger incorporates the capabilities of standalone Business Intelligence (BI) tools with the robust functions of a broader cloud-based ERP system—making it a one-stop-shop integrated solution for businesses looking to make accurate forecasts and spot business trends using real-time data.
Our comprehensive accounting and BI system provides a suite of financial management tools, including advanced BI features such as:
- Configurable reporting
- Role-based dashboards
- Multi-dimensional inquiries
- Drill-down and drill-through capabilities
You don’t need a crystal ball to run your business. With our integrated solution, you’ll be able to gain real-time insights into financial data, track expenses, manage budgets, forecast the future, and make informed decisions based on data-driven insights.
Book a free one-on-one demo with our team of experts today. They can explain our features and guide you through every step of the implementation process.
Get ready to forecast effectively with XLedger’s cloud-based ERP system.
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