Ever feel like you’re entering the Twilight Zone when you’re looking at financial reports? When your numbers don’t make logical sense, it’s easy to get frustrated. Implementing a Business Intelligence (BI) system can help you get a full understanding of your company’s raw data. A variety of software applications can be used but no matter what you choose, you should be able to improve decision making, cut costs, and identify new business opportunities from your findings.
Steps to implementing successful BI systems:
1. Remove all old, unnecessary information from your system. You need quality information in order to get quality reports.
2. Plan ahead by determining what your goals are, what your real needs are and what you expect to achieve.
3. Develop the reports you feel you will initially need and then grow them as time goes on. Slight alterations as you determine additional needs are easy to do.
4. Always keep your overall business objectives in mind.
5. Have a training plan so that all users are knowledgeable about the system and understand how to utilize and understand the data.
Next time the numbers on your spreadsheet aren’t making sense, considering implementing a solid BI system like Microsoft Dynamics GP. With the right implementation, you’ll get the information you need.