10 Ways to Improve Business Intelligence

Take the Chance out of Decision Making

• Make sure that all your important software systems "talk" or share data - no sense in entering the same information in multiple locations. This will help you not only be more efficient but also remove an opportunity for human error;
• Know the REAL cost of projects. Analyze labor and productivity with tools designed for that purpose - stop creating work arounds to get to the data you need;
• Track costs and revenue on internal projects, including marketing, advertising and other business processes - this will help you determine what works and what doesn't and thus, the best places to be focusing your time and resources;
• Work with a system that ensures the appropriate security for your data. Everyone probably doesn't need access to everything, but employees do need the right access at the right time;
• Use a true accounting package in that it has audit trails and enforces good accounting practices. This eliminates the possibility of transactions being deleted and will make auditors happy;
• Utilize a system that provides easy access to real-time data, be it cash position or inventory status - ideally all information should be in one system so you are not doing manual calculations outside of your software;
• Utilize electronic banking / financial processes where possible - electronic bank reconciliation, EFT for receiving and paying against invoices, EDI, sales and payroll tax payments; anything you can automate or do electronically, the more time you are likely to save and also you eliminate some areas for errors;
• Work with financial and business management software that easily allows you to dump data to Excel. Afterall, it is a tool we are all familiar with and it is very easy to use;
• Take advantage of reporting capabilities! Most financial / business management software should have a variety of ways to create, recreate and manage reports - make sure to utilize this so you are not manually manipulating data over and over again;
• Make it easy for employees to access information, whether in the office or not. Be it payroll and human resources information or customer sales history, vendor info, project information - people are empowered when they have access to the information they need.

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