Businesses need to know where they stand and how they are doing so they can do better. This is what business intelligence is, and is the key to taking advantage of new opportunities and building success.
Consider the IBM commercials about developing models for the prediction of traffic conditions in Singapore and “infusing intelligence into the systems and processes that make the world work”. What they are saying makes sense, but most business owners would likely say that it addresses bigger issues and does not really speak to them. Yet those messages are for even the smallest of enterprises because you must understand what is really happening – and how it is happening – to improve and succeed.
The ability to leverage technology to collect data and analyze it in real-time can make a huge difference, whether it is in a small business or a global system. With an intelligent approach, we can build smarter and stronger businesses.
“Together, we have to consciously infuse intelligence into our decision-making and management systems, not just infuse our processes with more speed and capacity . . . We are moving into the age of the globally integrated and intelligent economy, society and planet. The question is, what will we do with that?” former IBM chief executive Sam Palmisano
Business software and systems have reached the point where data collection (and raw business intelligence) is gathered in real-time by businesses small and large. This is where businesses can transform, replacing paper-based systems with digital workflows to enable the collection of real-time information as data for such analysis. Forward-thinking professionals realize that accounting is not simply the final resting place for after-the-fact financial data. The finance department is where collected data is turned into actionable information — and information is power. The competitive landscape for businesses of all kinds is changing, along with the progress and adoption of technology. Business owners and accountants are learning to use the tools which help them find the patterns and trends that help to forecast more accurately.
Working with NOOBEH cloud services and Mendelson Consulting, accounting professionals and business owners are implementing the agile platforms and connected technologies that help achieve the growth, efficiency, and sustainability now available for your smart business.