How well do you understand the data behind your business? It's difficult to make decisions when you don't have the right data with you. For businesses looking to reduce risk and uncertainty, finding relevant data is what they should be looking for in business intelligence and bookkeeping services.
It’s where data analysis comes in, the most preferred ways to make data-based decision making. Companies that adopt data-driven marketing are six times more likely to be profitable year-over-year than those who do not.
Business intelligence Automation helps accelerate data analysis and deliver meaningful and relevant insights to businesses to improve and accelerate their decision-making.
Data-driven decision-making isn’t the only benefit that business intelligence brings. You can also optimize your internal processes, increase your revenues and gain competitive advantage.
90% of sales and marketing teams believe that automated business intelligence helps get the work done faster. It’s why the adoption rates of business intelligence have also doubled from 2016 levels.
How Will Automating Business Intelligence Solutions Help Your Business?
In this post, we will explore the benefits that come along automated business intelligence solutions.
1. Transform Your Data into Insights and Action
Marketers dedicate 80% of their time for analyzing and interpreting data- but why?
The goal is to get valuable insights from the data so that they can come up with better campaigns to increase their sales.
Having the right insights is crucial for every organization to make actionable and effective decisions. Business intelligence software such as Chata.ai collect data continuously to generate valuable information.
You can use prebuilt reporting features to automatically get reports on different business aspects like expenses, payroll, operations processes and more. For example, Chata.ai can answer the same questions and deliver to your inbox on a periodical basis without the need for human intervention. The solutions also enable you to create custom reports targeting specific data for your chosen KPIs.
2. Manage Performance
Business intelligence tools enable you to implement, manage and track KPIs. You can easily create data-centric goals like sales goals and then automatically track and manage them.
Business intelligence automation provides you with readily accessible information that traditionally takes hours and weeks to manage and track. You can also get instant updates on recent developments as it uses real-time data and dashboards. That means you can improve your operational efficiency and enhance your performance considerably.
3. Elimination of Manual Labor
Automation in any form reduces manual labor and makes the process fast and efficient. Automated business intelligence solutions don't need your employees to sit at the desk all day and type data in spreadsheets.
The solution collects relevant data and integrates into all accounts and records applicable. For instance, in an automated bookkeeping process ReceiptBank can take snaps of receipts and automatically extract the data to Xero, which will ultimately feed the Business Intelligence software.
4. Get Rid of Guesswork
Managers and leaders are sometimes left to grasp in the dark when they don't use business intelligence automation. Without insights, important decisions regarding sales, purchases, finances are made based on guesswork and turn out to be ineffective.
Business intelligence automation enables managers and leaders to adopt a data-driven approach and make effective decisions that give you a competitive edge. You can also make effective tactical and strategic decisions as the solution will analyze both historical and real-time data.
5. Get to Know Your Customers
Knowing your customers is important for any business. After all, you wouldn't want to offer the wrong product to your customers, would you?
Automated business intelligence, including machine learning, provides you with a magnifying glass to find out what, when, where and how your customers are purchasing. You can interact with the data to find out customer information and create fitting plans.
6. Quick and Effective Decisions
You need to think fast and make effective decisions to become successful in your business. But it's hard to find the time to conduct extensive research for a new product release or other developments.
Business intelligence automation is like having on-going in-depth research that is always collecting and analyzing information for quick and effective decision-making.
You can also use benchmarking tools to get an idea about your efficiency and profitability in a matter of seconds. You also don't need to be a data scientist to understand the insights as they are presented in easily-understandable dashboards, visualizations, and reports.
Business intelligence automation empowers businesses with meaningful insights that can be translated into strategic decisions and actions. You can also streamline your operations, reduce overheads and improve operational efficiency and revenues.
At Databooks, we enable small business owners to automate their bookkeeping and use business intelligence software to gain valuable insights and interact with their data. You can automate your processes and focus on growing your business. We can help your small business improve its processes and deliver efficiency gains on a continuous basis. Contact us and find out how our services can help you grow your business.
About Saulo Ferreira
Saulo is the owner and founder of Databooks. Before becoming an accountant and working at a Big 4, he founded two successful small businesses. Saulo is passionate about empowering businesses through better bookkeeping services and technology.