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The Future of Business Intelligence

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bi_1Imagine having the ability to view your business information on a social, connective interface designed to be customizable in accordance with your personal preferences. Envision a program that promotes configurability, mobility, and on the go information updates in order to keep you in the know whenever new data becomes available. These abilities with information analysis and transfer are the future of business intelligence for finance. Such software programs are available to businesses of all shapes and sizes.

Each year new advances in technology are allowing for even greater possibilities in business information fields. For modern business enterprises—especially those that are engaged in internet marketing and information transfer—it is vitally important to stay on the forefront of business intelligence (commonly referred to as BI) technology. In the past, a company would need to hire whole teams of analysts to meet their BI needs. Now, with the unprecedented increase in understanding of software and social media,  businesses can access information that is more accurate, accessible, and easy to understand than ever before. And the best part is, it can cost a fraction of the price.

What Makes BI so Important?

In today’s increasingly complex economy, there is more to business than simple calculations based on speculative analysis. Companies need access to relevant, accurate data in order to keep up with the consumer market trends that will dictate their actions as a business. As complexity within the global marketplace grows, it becomes increasingly difficult to keep up with all the pertinent information that requires the attention of business owners. This means that new ways of thinking about intelligence must be considered in order to adapt to the constant changes in consumerism.

Fortunately, the very technologies that have promoted the economic complexity of this day and age have also supplied businesses with the ability to access this information easily and without hassle. Software programs can help business owners connect the various specialized fields within a company in order to bring about a clear view of the enterprise as a whole. Marketing information, logistical data, supply and demand numbers, and other indispensable components of business can be compared, viewed side by side, and presented in a way that translates numbers into meaningful data.

The Future of BI is Now

Various business intelligence companies have developed such software programs in order to help business owners gain a comprehensive view of their company’s data. While there are many different advantages that come with integrating a computer application with a specific organization’s business intelligence for finance, there are a few aspects of this technology that make it superlatively advantageous. As many economists and technical experts have pointed out in recent years, technology is not slowing down, but increasing in its constant advancement. This means that old, outdated methods are becoming less and less relevant every day. However, when companies use business intelligence for finance software programs, the need to overhaul systems on a regular basis is dramatically decreased. This is because computer software can be updated from within the program—often without the need for any human interaction with the program. This means that BI software can remain relevant for a long time to come. It not only helps you as a business adapt to the changing economy, but it also undergoes adaptation itself.

In addition to the adaptive qualities of BI software, there are also financial implications that can save businesses money while increasing the effectiveness and efficiency of their enterprise. In years past, companies would either need to create entire departments to conduct analytical processes, or else outsource their BI needs to a different company. Both of these practices came with a high price and lacked the efficiency that many companies were looking for. However, now—for a fraction of the cost—businesses can access information faster and with more accuracy.

Nathan Roberson is a lifelong coffee addict, aficionado of all things punk rock, and is particularly fond of Boxer dogs as well as all things tech, marketing design and internet. follow him on Twitter @theMrobot or add him to your circles on Google +

  • http://www.silvon.com/ Pat Hennel

    “Companies need access to relevant, accurate data in order to keep up
    with the consumer market trends that will dictate their actions as a
    business.”

    The more information you have the better your business decisions can become. Why make random shots in the dark when you can make a real educated business decision? When you can spot trends before they pass you buy your brand can jump on the bandwagon while there is still time.