Companies lose an average of $15 million worldwide each year due to poor data quality, has found Smarter With Gartner in the study. How to ensure that your company does not fall under these statistics?
What is Business Analytics (BI)?
Business analytics, perhaps Business Intelligence is a technology-based process for analyzing data, with the aim of acquiring the necessary information and helping companies better:
- Understand your business and fix bottlenecks;
- Get a comprehensive overview of what is happening in the company;
- Make smarter, data-driven decisions.
With the support of business analytics, companies have easier to understand your customers and markets, improve our products and services and find new opportunities to promote business.
With business analytics, you automate previously manual processes
Different processes automation has now already become the present. If you can automate the collection and organization of data, employees can do the real thing for the company useful tasks. Saving time equals saving money.
Previously, it was necessary to collect data manually from various sources, then enter them into Excel, and only in the third step could the analyst start working. Now exporting-importing is a process times faster. Acting together with accounting software the need to create reports also disappears. By automating processes, the same work is done in minutes instead of a few days.
Analyzing data is easy and fast with business analytics
Forbes has pointed out, that analysts spend 80% of work time collecting data and only 20% of time analyzing it.
Software designed for business analytics can pull data from a variety of sources, from CRM to Excel. The most important thing here is that you no longer keep this data yourself search, sort and compose, but business analytics software presents them structured in the form of
Collected data will be synchronized temporally. In this way, the program ensures up-to-date results, thanks to which it is possible to see current trends and map the risks. For example, by analyzing the data coming from the CRM software, the company can learn about the customers needs and problems, to map purchasing behavior and bring out weak points of customer support. The company can then implement the appropriate changes to achieve better results.
Business analytics improves data quality
As mentioned earlier, poor quality data means lost money. The data doesn't just have to be there high quality, but segmented them characteristics according to what can contribute to the company's success.
The most reasonable is the collection of data to automate, then let the special software do it tidy up and unnecessary part erase. Even the best analysts are still human, and occasional typos are inevitable. When making decisions based on data, even the smallest mistake can bring a loss to the company.
Business analytics helps to better structure data
A good helper for business analytics programs visually appealing graphs and tables. Importantly, the charts can be customized with filters or indicators to suit your needs. This way they are easy to understand and convenient to present in this way within the company as well as to foreign investors.
Do business analytics yourself?
There are certainly many business intelligence training courses on the market, but our recommendation is – Let let professionals do the business analysis! At Grow Finances we use for business analytics Microsoft Power BI platform. We design and build desktops (dashboard), tailored to your specific needs and expectations by providing additional financial and management consulting.
Business analytics will help you save time and money. Mapping your resources and needs based on real data is much easier implement the necessary characteristics and make decisions.
Why start doing business analysis?
- Business optimization;
- Putting the collected data to work for you;
- Prevention of business risks through analysis;
- Understanding and anticipating customer needs;
- Increasing revenue and reducing costs.
Read more about what Grow offers business analytics about the service or contact us by phone: +372 5629 3090
or via e-mail: info@grow.ee.
Change in audit and review thresholds for the 2024 annual report
The increase in audit and inspection thresholds that will come into effect in 2025 requires companies to prepare in a timely manner.
Dec
Summary of new tax rates and changes to tax-free thresholds coming into effect in Estonia in 2025
In 2025, several taxes and excise rates will increase in Estonia, affecting both individuals and companies.
Dec
What does an Estonian company need to know if the place of service provision is Finland?
When providing services in Finland, an Estonian company must take into account tax agreements, registration obligations and possible requirements for a permanent place of business.
Dec