Your financial and operational data is incredibly valuable. However, do you struggle to capture its value – either because that data is spread across multiple systems, making it difficult to access – or because you don’t have decent analytical tools? Maybe both?
What is Business Intelligence (BI)?
Enter Business Intelligence (BI). BI software analyzes financial and operational data, extracts the value from it, then presents it in a way that is easy to interpret – helping you glean new insights, make better decisions, and improve performance.
Key components of BI software
What should you look for when choosing BI software? The core components of any BI solution are reporting, key performance indicators, and dashboards, and Daston’s DCAA-On-Demand SuiteApp has each of these components built-in. Let’s take a closer look at each of these components and learn why they are important.
Reports are an essential business tool that virtually every organization uses. They provide an easy way to share information, track performance, and communicate results. Reporting tools come in a variety of forms, from basic spreadsheets to standalone report writers. Most accounting and ERP applications include reporting capabilities, either as an embedded feature or for a fee, and most systems provide a few standard reports out of the box. However, pre-configured reports don’t always provide the information you want, so the best BI solutions make it easy to tailor these reports to your needs. They also offer tools for creating custom reports, allowing you to combine and analyze data however you want.
Key Performance Indicators
KPIs are a logical extension of reporting; however, where reports include multiple data points, a KPI captures a single metric. KPIs display current performances related to organizational objectives, allowing you to track your progress against your financial and operational goals. Individual KPIs, for instance, might focus on metrics such as the day’s outstanding sales of accounts payable turnover, while your brand manager might focus on products margins.
Dashboards are a convenient way to view multiple data points at once. They provide centralized access to reports, KPIs – and other resources – displaying information in a structured format that makes it easy to digest. They act as a starting point for monitoring performance, working with various data sets, and performing other tasks. Dashboards often are standardized across an entire organization or department. Ideally, they should be configured for specific roles so that they only include details that are relevant to a particular job function. They should also be customizable to fit each person’s individual requirements.
Find all three components in Daston’s solution
Daston customers can take advantage of these three BI components through our DCAA-On-Demand SuiteApp for Oracle NetSuite. Daston offers a wide range of BI and analytical tools to populate reports, monitor KPIs, and visualize vital information on role-based dashboards. Through NetSuite’s unified data model, Daston puts real-time information in the hands of every user across your organization.
Whether speaking with a customer, processing an order, managing a project, or preparing financial reports, you now can get the data you need when you need it – without having to rely on experts or moving between different systems.
Stop missing opportunities to improve performance and grow your business! Schedule a consultation today to learn how Daston’s DCAA-On-Demand SuiteApp can help capture your data’s true value.