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business intelligence should i use spreadsheets or dashboards

Business Intelligence: Spreadsheets vs Dashboards

Spreadsheets have played a vital role in the world of financial management. However, dashboards are the way of the future. You need not be spending so much time compiling data when you could have access to automated solutions that provide a way for you to visualize the data instead via a comprehensive business intelligence solution.

Spend less time memorizing excel formulas and more time interrogating the data with visual dashboards. Though you may have fallen in love with macros and formulas, the time you waste doing the day-to-day repetitive tasks could be better spent doing more important tasks. Leverage the power of automation and business intelligence solutions.

Business Intelligence: The purpose of data

Business intelligence gives purpose to your data and allows you to monitor your financials. Dashboards give you a real-time view of your financial activities and enable you to monitor and forecast changes and spot trends. The ideal BI tools offer insight drawn from accurate data sources and stored in secure data warehouses. Predictive analytics based on real-time information gives you that added confidence in making reliable forecasts.

Predictions made on your actual business information is key to the success of any business operating in the current ecosystem. Decision-makers can leverage the power of machine learning to spot trends when analyzing data. A great BI solution makes data preparation simple as it can easily integrate with your ERP software.

Spreadsheets will be a part of the business world for some time to come, the pace of business is forever increasing, and you require the most efficient tools for your financial reporting and analysis.

outdated excel spreadsheet report
What a Spreadsheet Report Looks Like
brilliant link power Bi dashboard
What a Business Intelligence Dashboard Looks Like

The role of Dashboards

With reporting and dashboard tools that are built into your financial management software, you have an accurate representation of your business financial data all in one place.

Dashboards allow you to gain comprehensive insights into your working capital, cash flow, return on equity, debt to equity and accounts payable/receivable turnover.

Why Business Intelligence?

The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information. BI software or business intelligence tools provide real-time data and presents it to you visually in the form of actionable insights. Empower your finance team with faster and more frequent reports.

Keep your finger on your company’s pulse with real-time financial data, snapshots, and early warning signs of impending financial challenges.

Ready to take your business insights to the next level with comprehensive BI, reporting and forecasting? Speak to one of our professional business intelligence consultants today on 011 792 9521 or email info@brilliantlink.co.za