Business in the 21st century is driven by the data collected through accounting systems, ERPs, and other business applications. Harnessing this information is the first step to driving down costs and increasing profitability. But how do you know what tools can really help you? While some ERP vendors have compatible Business Intelligence and analytics tools included in their technology stack, there are MANY third-party BI applications that could further fulfill your needs. In this free CPE session, Shawn Windle will provide CFOs and other senior financial executives with a methodology for identifying and selecting the right BI and analytics tools.
Revolutionizing Financial Operations with the Right Business Intelligence & Analytics Tools
The Importance of Business Intelligence & Analytics Tools for Managing Company Success
Tools Within the ERP Itself
Business Intelligence Tools
Analytics tools present their own set of limitations making businesses hesitant to invest. An important consideration is that these tools can be expensive and the return on investment is rarely immediate. It takes patience to realize the impact great analytics tools can have on the growth of your business. There are also concerns surrounding improperly analyzing poorly collected data; therefore, businesses must be aware of the data entering their system and correct discovered errors. In the end, data is useless if no one is qualified for interpretation, so businesses must consider the need to invest in data analysts.
How Do These Tools Contribute to Business Success?
The Role of Analytics in Regulatory Compliance
How to Identify Your BI & Analytics Needs
First and foremost, the business needs to be clear about what it is trying to accomplish with an additional tool. By carefully evaluating the gradient of reporting present in each tool, leaders can make informed decisions regarding their needs. If basic reporting is all that is required, the ERP alone is the right fit; however, significant data collection and analysis requirements may indicate the need for a BI or Analytics tool. These considerations also include understanding the complexity and nuances of your business operations because that will heavily impact decision-making.
At the same time, businesses must consider the platform they are currently on since it may limit the availability of certain solutions. Certain applications also have platform or vendor-specific add-ons that will easily integrate with their other offerings. These factors all contribute to a business ultimately determining its budget for any solutions it would like to implement. That budget will dictate what applications the business can integrate.