For far too long young business owners have been relying on their intuition to run their operations and growth strategies. However, it isn’t a profitable way to run the company. Corporations must utilize business intelligence platforms to streamline their operational efficiency and set the company on a growth trajectory. These intelligence solutions enable organizations to process insights from business data.
Significance of Business Intelligence Platform
Business intelligence platforms assist companies in maintaining stable cash flow by giving insights into sales numbers, revenue, expenses, and other data points. The software captures data from different platforms, departments, and channels, analyzes them, and produces easy-to-understand reports to give them a comprehensive view of your business. It helps companies make data-driven decisions to eliminate guesswork from their strategies.
Using a business intelligence platform like ZikZuk’s Business Finance Manager (BFM), you can improve operational efficiency, identify market trends, and enhance performance. To maximize the benefits of intelligence software, you must implement the best practices listed below.
Best Practices of Business Intelligence Platform
Bring stakeholders onboard
Your business intelligence platform will give you deep insights that will help in making key business decisions. These insights and analytics will help drive your profitability and productivity only when all the decision-makers rely on the solution to make their decisions. ZikZuk’s intelligence tool BFM helps you do this by providing the key insights right on the mobile devices of the stakeholders through the BFM app.
Enable role-based access
Given the importance of data security for businesses, you must implement all the necessary security checks including solid authentication and authorization exercises. Since the business intelligence platform will access, process, and present sensitive business information, extra care must be taken to eliminate risks. The first step of this starts with role-based access. With ZikZuk’s BFM, you can implement this seamlessly. BFM gives you multiple security controls including capabilities to configure roles and assign privileges to them.
Use insights to make financial forecasts
The core purpose of a business intelligence platform is to give you a realistic view of your financial strength. It will include processing invoices, purchase orders, sales trends, and other related data to generate valuable reports. With BFM, you can make accurate forecasts about your cash flow. It will help you in preparing a well-thought-out budget and resource allocation plan for future requirements. By factoring in customer expectations and market trends to make a future-proof plan. Using the automated reporting feature, you can spin up periodic reports to help you understand your progress in achieving your business goals.
Eliminate silos by creating a centralized hub
Traditionally, every department will manage the data that they produce. It is hardly consolidated with information generated by other divisions. It will create data silos and limits the analytical capabilities of businesses. Using a business intelligence platform like BFM, you can create a centralized hub for complete information across finance, accounting, sales, marketing, and distribution. BFM can easily harmonize data from multiple sources like spreadsheets and Tally to create interrelated data points and comprehensive insights.
Access Tally on mobile
Tally is one-of-its-kind accounting software that is a necessity for businesses of all sizes. But it comes with a major limitation. You can only use Tally when you are using a computer. It doesn’t allow you to access your financial data remotely over other devices, making you disconnected from your cash flow when you are not tied to your system. With ZikZuk’s business intelligence platform, you can streamline integration with the accounting tool giving you mobile access to Tally. With this, you can automate invoice generation, payment collection, and reminders.
Use BFM to accelerate business growth
Almost every business today is keen to take advantage of technological advancements to improve their business processes and increase profitability. It typically begins with a business intelligence platform. It helps in managing the hygiene of cash flow, reducing risk, and making smart financial decisions.
BFM is India’s best business intelligence platform empowering organizations to keep their financial performance under control from anywhere and anytime. This is due to mobile accessibility and automated features like payment reminders and real-time report creation. Get a first-hand walkthrough of BFM’s capabilities here.