4 Ways Business Intelligence can Improve your Finances
In the stiff competition of today, gearing your SME to a more solid ground demands a deeper understanding of the role of business intelligence (BI) in your finance and accounting functions.
If your business is barely making ends meet, you just might be heading straight for trouble. As savvy and seasoned business owners would agree, an irregular cash flow is a surefire sign of an unhealthy business performance. But if you’re ready to utilise BI solutions, you can optimise the use of BI tools to leverage cashflow management.
Benefits of Business Intelligence tools
Be intuitive about your budget
A more accurate budget is one of the greatest incentives that business owners of today can get through big data. Being able to come up with a sound budget gives you the upperhand in filling the missing gaps where your cashflow is concerned. Take advantage of this and be amazed at the extent of your business intelligence ROI in the long run.
Manage your debts
Every business has its own set of loans and liabilities to settle — that part is not a cause for worry. The tricky part is not in the debt itself but in the mismanagement of such debts. If you fail to settle these on time, the consequences will soon come in the form of skyrocketing interest rates.
The good news is that you can avert these situations through the benefits of business intelligence tools. With the help of BI tools, you can do a better job of managing your cash inflows against your outflows, hence enabling you to manage your debts better.
Strategize your investments
If the truth be told, there are a myriad of investments that business owners like you could opt to put their money in. The question now is, how will you know if an investment is worth pursuing or not?
Through business intelligence solutions, you can have your most pertinent financial information within your reach, helping you come up with strategic business decisions in the long run.
Do a health check
A financial health check, that is. Being familiar with your current business net worth as well as the strengths and weaknesses of your business finances could lead to a significant boost in your critical business numbers.
By integrating business intelligence and analytics in managing your finances, you can have a better way to determine where you stand financially. This improves the status quo, paving the way for a healthier business financial position.
Ensuring a smooth and regular cash flow is essential for every business. The role business intelligence plays in finance is a ticket in keeping your SME operating, even in the face of inopportune times. So make use of available solutions- such as BI tools - to breathe life into your business finances.
Ready to get a great headstart in using BI tools to improve your cash flow? Find out more about our specialized finance and accounting services and how we harness big data when you read our Business Analytics Whitepaper. You can also get in touch with our experts at D&V Philippines.
This post was first published 26 May 2016 and edited 21 June 2021.