CFO’s are aware that an organization’s financial health is based on up-to-date and accurate data. A BI practice can help enterprises stay competitive and financially stable by offering quick access to detailed cash flow insights, expense management optimization opportunities as well as the ability to make informed decisions related to profitability & costs and tie all of this back to the performance of the business.

Business intelligence is imperative for the finance teams as it helps them in consuming BI-driven insights. Also, finance professionals become highly efficient at their jobs & become evangelists for a data-driven culture as well as trusted partners to the rest of the company.

“Amongst myriad uses, BI tools empower organizations to gain insight into new markets, assess demand and suitability of products and services for different market segments, and gauge the impact of marketing efforts,” says Naveen Perla, National Head, Satco Capital Markets

Some of the benefits of using Business intelligence in finance

Implementing the BI software is the opposite of relying on fundamental, one-dimensional 1D reporting. BI renders a manageable way to correlate and visualize large amounts of disparate data from multiple sources to reveal financial operational insights and make them available to anyone in the organization.

Reduced risks

By using business intelligence tools enterprises may mitigate risks, track financial behavior as well as to detect fraudulent activities in near real-time. These tools can be used to merge internal data along with information on the current industry as well as market trends. For instance, analyzing credit portfolios and checking if there are any occurrences/indicators of delinquency. It’s a proactive way of mitigating accounts payable risk.

As an all-in-one business intelligence platform that facilitates organizations as well as customers for making better data-driven decisions, Good data offers users that comprise advisors, lenders, banks, & analysts an easy-to-use interface that allows for building custom dashboards & reports. This platform integrates traditional Business Intelligence tools as well.

The platform helps in detecting anomalies, better-assessing risks, and increasing the speed of decision-making as well. It also helps in measuring and preventing fraud with data-driven rules & decision making.

“The need to create customer insights and relevant marketing messages and experiences is dependent on data. All interactions with the customer – the brand, advertising, marketing, channels, and the user experience – will be driven by data,” says Akshaya Gaur, Founder, Aayan.

Integrated analysis & real-time visibility

Business Intelligence solutions that include NetSuite SuiteAnalytics, gather the data related to finance and operational data for producing timely dashboards & reports, and facilitate integrated analysis across numerous information sources as well as software suites. This real-time visibility enables the organizations to not only identify issues but also the opportunities and trends and do a lot of research for some more information.

NetSuite SuiteAnalytics reporting and dashboard solution offers built-in, real-time, KPIs and dashboards. With its embedded analytics feature, it helps companies to perform actionable analysis and obtain meaningful financial as well as operational insights into the organization's performance across numerous teams & departments.

Faster insights & better decision making

It is important for enterprises to turn their data into enterprise-wide, interactive visualizations for faster insights & better decision making. Furthermore, organizations should be able to gain control over their data, have control over their experience and be able to customize to the preference as well as unique requirements of various kinds of users. Therefore, organizations need an enterprise-level BI solution that is designed on an open API, making it adaptable to match the requirements of a large variety of use cases.

Dundas BI is an exceptionally flexible, end-to-end business intelligence platform that helps in simplifying the whole analytics process and lets all users both visualize & analyze the data. The Dundas BI an enterprise-level BI, data analytics & dashboard software is used in the Banking & Finance sector to help in making the right decisions. This platform is used for building and utilizing interactive dashboards, scorecards, reports, etc. this platform is designed based on open API, which makes it adaptable to meet the requirements of a wide variety of use cases.

Increased profitability

While talking about profit, it is better to retain the present clients instead of going to acquire new customers. Business intelligence tools help in storing sales & marketing teams with the current information on clients. They can determine the most profitable as well as loyal customers to market new services & products, also take information from Business Intelligence to convert less profitable clients to more profitable and upsell & increase customer lifetime value.

Competitive edge

BI can be leveraged to compare products to rivals for discovering many ways of strengthening competitive position within a particular market. for instance, the banking & finance sectors are noticing huge benefits from Business intelligence tools which facilitate them to tailor their products by drawing on the data that is available to them. This data can be used for monitoring market trends for predicting customer behavior, making sure the current/existing products meet the requirements of the clients and planning new investments.

Business Intelligence into external as well as internal factors which affect the organization’s bottom line. There are some dashboards as well as analysis categories that indicate the present state of the business partner.

In future

Business intelligence is highly effective when it combines data that is derived from the market in which an enterprise operates with the data from the organization’s sources to business data that include financial as well as operational data. Either without proper data or with very little quality data the implementation of any Business Intelligence fails and it does not matter how good the business-driven motivation is. Therefore, it is important to conduct data profiling before implementing BI.