As the market’s competitiveness increases, access to reliable information on the enterprise and the area of operation is becoming increasingly necessary for the business to continue to grow in a sustainable way. Taking into account the importance and complexity of the information, it is possible that relying only on Excel spreadsheets makes both data analysis and its interpretation more difficult.
In this context, the use of Business Intelligence software may be a more appropriate solution. Although most professionals are used to working with conventional spreadsheets, they become disadvantageous when compared to a system that better meets the needs of the company.
Keep reading and understand why Business Intelligence may be the best choice for your business!
Excel is a system that allows the inclusion of a number of information and, with its applications and formulas, makes the process of analyzing and presenting them easier. The problem is that there is no way to filter the data entered; so if they are incorrect, it would jeopardize their analysis.
Regardless of how dedicated the employee is, when he needs to deal with a large number of information and include them in the spreadsheet, there is a real risk of a mistake being made, and that needs to be considered. A decision made based on incorrect data may be harmful to the company and result in serious damage.
The Business Intelligence system, in turn, accesses data directly from its original source, such as ERP software, for example. Since it does not use intermediaries, the software eliminates potential human errors and increases the security of the process.
The preparation of a traditional spreadsheet requires that the information be manually included by an employee, which takes up time that could be used in more productive tasks for the business.
Since it accesses the information directly from the source, Business Intelligence software provides an actual time gain for the company, giving employees the freedom to dedicate themselves to activities more aligned with the business purpose.
Although Excel is a means to present information clearly, the preparation of a spreadsheet takes time and, thanks to the intermediary of third parties, is subject to errors. The Business Intelligence system is an effective solution to these problems, which in itself already represents a significant efficiency gain.
However, the software still has other advantages, such as presenting information in a more intuitive way, so that the manager can understand them more clearly, which makes data analysis easier and allows him to make his decisions more safely.
When comparing the two systems, it is easy to see how Business Intelligence offers more interesting solutions for companies than Excel. By using it, the manager has access to information on the various company departments with greater speed and clarity, and can identify potential problems and solve them before they become serious.
The analysis of data from the sales and service department also becomes more practical, so that it is possible to find ways to improve the product, its supply or distribution, thus increasing the number of sales and, consequently, the business’ profitability. This gain of efficiency in data analysis is repeated in all areas of the enterprise.
Therefore, the implementation of Business Intelligence software makes the company management process easier and more productive, which makes it a better choice than Excel!
Now that you understand what the best system for performing data analysis in your company is, get to know other types of financial software and choose the best one for you!