Why Do I Need Business Intelligence

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What is Business Intelligence software?

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Your business creates large quantities of data every day – in accounting and many other software systems, as well as spreadsheets and paper records.

Linking all of this data together to ensure your staff can get to the data they need, when they need it, is likely to be a major challenge.

In a nutshell, the job of business intelligence software is to work behind the scenes, pulling all of this data together – automatically.

Reports are compiled for you instantly, whenever you need them.

Increased efficiency means lower costs and greater profit

With all your business data stored in a single database, the information is ready to give you completely up-to-date, instant reporting on the state of play. Whenever you need them.

Suddenly the data in your business becomes one of your greatest assets, ready to shine a light onto areas with the greatest potential for growth or, conversely, requiring urgent management attention.

No need to rely on reports from your accounting software

Your accounting software sits at the heart of your business.

You might have a Enterprise Resource Planning (“ERP”) or Management Resource Planning (“MRP”) system to manage all your business processes and operations.

Alternatively, perhaps you rely one of the cloud based accounting packages such as Xero.

Simple or sophisticated, most accounting software just isn’t designed to deliver the reports you need to manage your business. That’s just a fact!

As a result, in common with most SMEs, in all probability you rely on spreadsheets to get to the answers you need to run your business.

The alternative to time-consuming and cumbersome spreadsheets

Resorting to spreadsheets makes sense but comes with drawbacks. They are very time-consuming, require at least some level of skill and quickly become unmanageable.

By contrast, business intelligence software completely removes the need for spreadsheets: in simple terms, this software combines all sources of business data into a single database, automatically one or more times every day. Then by means of some clever maths, the relevant bits of data are cross referred to give users an immediate answer to questions which previously took hours of painstaking work if they could be uncovered at all.

Dashboard products no substitute for business intelligence software

Most business intelligence software is very expensive to implement because it is built bespoke to the needs of the individual client.

To fill the gap, in recent years dashboard products have appeared which allow data analysts to design one-off reports. These products definitely have value where overview summary reports are needed. However for the most part they answer the “what happened” question but not the “why”.

The illuminis all-in-one package solution

The combination of data analyst advice and Octelas business reporting software is designed to provide SMEs with easy to use business intelligence software at a cost effective price.

The clever design means that no bespoke coding is needed to produce completely customised reports designed for the exact needs of the business.

Designed as a business management tool, reports are in tabular form (which allows the user to drill down into any piece of data which has calculations behind it to make a deep dive into the issue) with optional visualisations to give a top level overview.

Needing only the most basic familiarity with internet based devices, reporting is truly self service and available on any web enabled device – phone; tablet or PC.

Watch our founder Paul North discuss Business Intelligence

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