Employees of companies can use customized business reports or templates to effectively monitor KPIs through various data sources, including operations, sales, and other financial data. The business reports are made in real-time and make use of relevant data, allowing the business to act rapidly. These generally include simple to understand visualizations, such as tables, charts and graphs.

Companies can effectively gauge key indicators such as employee revenue, staff productivity, cost control, procurement habits and other department-specific and company-wide indicators. It allows them to uncover weaknesses and strengths.

There’s no doubt that the ability to manipulate and manage a big amounts of relevant data is a huge competitive edge. Understanding the competitive landscape and your position within that landscape is key to long term success. Using quality business data analytics allows companies to proactively plan, forecast, and budget taking into account competitive factors and gain or maintain competitive advantage.

Raw data quite often contains inaccuracies and discrepancies. Organizations that are able to effectively gather, update and analyse data are far more likely to be successful which is as a result of higher quality data. With the help of business intelligence software, companies can gather data from a variety of sources for a wider and clearer picture of what’s going on in their business.