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Business intelligence software is a combination of data analytics tools, such as spend analytics software, designed to analyse data related to your organisation. Designed to assist business owners in accurate decision making through clear and concise analysis, the need for business intelligence software has never been so high.
Technological benefits of Business Intelligence Software
There are non-technological benefits to business intelligence software such as improved organisational culture. However today we will be focusing on the technological side of the software, and how it can help an organisation. Read on as we take you through our top benefits for business intelligence software.
Interactive Visibility
Traditional reports can be difficult to show exactly the information that you are looking for. With businessIntelligence software you are able to configure your software to give you the viewpoint that matters to you. Even better, its often fully interactive with options to drill down and drill out. With great visualisation capabilities you can create intuitive data visuals that are simple to understand and easy to interpret.
Whilst spreadsheets and forms may still provide information needed, charts, graphs and infographics are more engaging and quicker to interpret. For spend analytics in particular, seeing trends via interactive graphs in real time is a more efficient way to spot opportunities and assist with decision making.
Advanced Data Analysis
Business intelligence software has a far greater capacity and capability for dealing and analysing data. Software can render a vast amount of data that just isn’t possible with more traditional methods or slower programs. With more extensive data, this business technology can maximise the information that can be made available to your organisation.With spend analytics software specifically, your organisation will be able to see historic data, visualise trends and even establish benchmarking. Business technology now enables you to identify where money is being wasted, and help you resolve that through insights on information such as return on investments.All through advanced data analysis, accessible via these business tools.
Spend Analytics tools
We’ve spoken before about the benefits of Spend Analytics and it’s important to note that one of the largest benefits of business intelligence software is the spend analytics tools that are accessed through it. The identification of existing spend that this business technology allows provides improved cost control, forecasting and financial planning. Spend analytics software gives organisations the information they need to conduct future business planning activities. It means that any future decision will be done so with the data from the spend analytics tool taken into consideration. This reduces any potential risks that come from decisions made through assumptions or limited data sets.
Improved clarity
Business intelligence software not only offers organisations the ability to make decisions, it provides the clarity needed to make these decisions faster and with more confidence. Typically, decisions surrounding pricing and competitors would take significant time to research and prove. When using software, the technology enables rapid, informed decisions through insights and forecasting tools. The technology is designed to make opportunities noticeable to users and provides the data to back up any decisions with confidence.
For customer-led organisations, business intelligence software gives insight into customer behaviours patterns.The software can determine customer response and purchasing behaviour, helping decision making for marketing and ROI of stock. You will gain the clarity in customer activity that you need to make the best decisions. Ultimately, when used to its full capacity, it can help in both keeping and attracting customers.
Track KPIs and establish benchmarking
Benchmarking is often one of the core capabilities users look for in business intelligence software.Traditionally a more complex process, this technology simplifies the process, providing actionable information and reports that are easy to digest. These reports then offer accurate, real time data that organisations can use to evaluate against its KPIs or trends over time. All of which keeps you ahead of your competitors.
Business intelligence software can give you increased awareness of KPI statuses through notifications and alerts. The business technology can monitor and keep track of KPIs by evaluating values versus specific targets set by the user. This allows the user to follow up and consider resolves or solutions.
There are countless advantages that come with business intelligence software and it continues to grow. With its powerful combination of features, the software provides organisations with a competitive edge that could make a huge difference in standing out from its competitors.
How Can We Help?
Looking for spend analytics software that encompasses these benefits? Look no further.
At Athena Commercial, ourArrowhead software offers SMEs the ability to gain transparency over their entire company spend through a simple and user-friendly interface. Alongside our software, our experience procurement officers can guide your team through the entire spend analytics process.
Ready to get started? Get in touch with us today.
