Business Analytics refers to “The study of data through statistical and operations analysis. It is an evidence-based data for business modeling and decision-making.”
Companies who use Business Analytics make data-driven decisions. Insights provided by business analytics enable these companies to automate and optimize their business processes. They usually use these insights for:
- Mining and Exploring data
- Testing previous decisions using A/B analysis
- Predictive Model and Predictive Analytics to forecast future results.
Business Analytics makes it possible for such companies to automate decision making with real-time analytics. Analyzing the data more often not only increases efficiency but also helps identify new business opportunities. Business Professionals can get a more unobstructed view of what the organization is doing efficiently or can do more efficiently. A periodic review of the Insights also target the customers better with analytics.
In simple words, Business Analytics is an excellent tool to see ahead of time and make changes in your business processes to reap better profits by making timely corrections or changes. This will help you anticipate what’s coming, while Business Intelligence will tell you what happened.
What are important parameters for decision making?
- You should have access to real-time information
- For this, data sould be captured at source
- Reports and graphs should be integrated
- Key Performance Indicators should be available on Dashboard
- You shold be able to drill down, update information and see its effect
Well, our software Accounts ERP makes this process easy for you by providing your real-time Business Insights with Analytics. Data Analytics provides Business Intelligence to help you in your decision making.
Accounts ERP’s Business Intelligence dashboard and Analytics gives you a synopsis of your business and helps you monitor your KPIs (Key-Performance-Indexes). There are many shortcuts to drill-down to voucher level and to quickly add new vouchers or generate various reports.
What’s more, is that each user can configure the dashboard based on his/her KRA and privileges assigned to him/her. You could quickly create graphs and reports for sales by each Executive or Agent, Month wise sale, Product wise sale, Location wise Sale, Customer wise products sold, Expenses, Profit, and various other parameters that you want to analyze, review and act upon.
Business Analytics provides solutions for problems by determining:
- What was the cause of the problem? (Reports)
- Why did it happen? (Diagnosis)
- What will happen in the future? (Predictions)
- What is the best way forward? (Recommendations)
Once you start using Accounts ERP’s customized BI dashboard, you can focus on one of the following for your business:
- Accelerating and improving decision making
- Optimizing internal Business Processes
- Driving new resources
- Gaining a competitive advantage over business rivals
- Identifying Market trends
- Spotting Business Problems that need to be addressed
Accounts ERP Dashboard providing you the real-time analytics of your business:
Real-Time Client Based Experience:
Business Analytics forms an integral part of a business function. You can have a consolidated view of how your company is performing with real-time analytics available in the form of graphs and charts for visual interpretation of your data. Many businesses need to adopt business analytics, to carry out their business functions effectively and efficiently; this is a time-saving as well as a cost-saving tool.
When one of our clients switched to accounts ERP from his traditional software, he started making use of Business Analytics to have insights into the data provided by the software. This improved the performance of his business by giving him a competitive advantage over his industry colleagues as he was able to forecast sales based on the patterns of customers buying a particular item through analytics. He ensured that he did not lose sales due to poor planning of resources or non-availability of raw materials as his Dashboard kept him updated on real-time business flow.
For a business owner, Accounts ERP, the only one of its kind integrated business accounting software, provides two powerful tools for real-time control – Dashboards & MIS Alerts. Let’s talk over coffee to tell you more of this powerful software developed, keeping in mind three fundamentals for every SME business – tasks, time, and technology.