It’s more important than ever to keep track of your business
The coronavirus pandemic is having an impact everywhere, and for businesses, it’s especially important to get a clear picture of how their operations are being affected. It’s also important to figure out what the company can do to create the best possible conditions given the situation they’re in. At Releye, we conduct this analysis for our own operations, but we also consider what advice we can offer our customers—how should they respond? One of our top recommendations is to gain a solid understanding of their business, which means building a robust Business Intelligence (BI) system.
Our talented BI consultant, Kristjan Stephensen, shares his thoughts on why a well-functioning automated BI system is more important now than ever.:
“Companies that have or are implementing BI as a strategic component of their daily operations gain greater insight into how the crisis is affecting the company and also benefit from faster and better planning and decision-making processes. The secret lies in how data is collected, processed, and analyzed so that decision-makers and the organization become smarter and can act more quickly. Ordering a one-off report that takes a couple of days to produce no longer works. A report that isn’t updated regularly also quickly becomes outdated in the current climate, where nothing is business as usual anymore. By automating such processes, you gain greater insight, can make better decisions faster, and are also less dependent on key individuals who hold the information.”
“What we’ve seen from financial reporting is that it has taken far too long for many companies to release reports, make important decisions, adjust their figures, and so on. When everything around us is changing so rapidly, this must be done immediately and be based on reliable data.”
What is the situation like in your organization? Do you have the insight you need to make the right decisions?
Getting started doesn't have to be that hard—here are our tips:
1.Identify the most critical data needed to make daily decisions.
2.Ensure access to this data in real time or near real time through integration or file transfer.
3.Create a simple report that highlights key data points. It is critical that it updates automatically and is accessible to the relevant people, without the need for involvement from analysts or IT departments.
4.Start simple and quick with the most critical aspects—then increase the complexity as you go.
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