Data driven businesses and how they handle finances

Since technology advancements reached such an impactful level in people’s lives, transforming businesses in data driven ones is something that most businessmen are trying to tackle at the moment. Data and its amazing availability in current times alters everything that people know about business. Companies must find ways to stay up to date to these advancements and learn how to use technology to make processes faster and their businesses more effective. This article is all about data driven businesses and what is there to know about this topic:

Understanding the terminology

Some businessmen are still used to traditional ways of handling business, which is not a bad thing. But it might influence the way they stand out from the crowd. Competition is rough anyway, but how data is handled became a factor that differentiate companies from one another. From the lagerstyringssystem used to the way finances are handled, everything matters in a data driven business. Processes become faster, profit rates go up, the tasks of businessmen are fewer and human error is reduced tremendously – what’s there to add? The terminology used with data driven businesses that rely on business intelligence include reporting, analysis, monitoring and prediction. All these categories include processes that are specific for data driven businesses. Some of these are: spreadsheet analysis, ad-hoc queries, visualization tools, advanced reporting, predictive modeling, data mining, KPIs and the list can go on and on.

Paying attention to consumerization

Business intelligence is not a recent trend. The tools included in business intelligence were used 10 years ago as well, but they were less dependent on technology and how it evolved in the past few years. The sheer abundance of available data out there makes it difficult for businesses to handle it on their own. Employees can’t face all the data without using business intelligence tools or without involving technology in some manner into their processes. Automation became a necessity in this world driven entirely by data. Around 40% of the business intelligence software programs with monthly payments are controlled by business people, just for data analysis alone. There’s no need to explain why business intelligence progressed so much, considering that consumerization reached a level that influences the tech demand.

Mobility is the key

Finally, mobile technology seems to be more important than ever these days. Accessing data from all places possible is required because business owners need to stay up to date with their company’s progress regardless of the time. Smartphone and tablet sales boosted tremendously in the past year, with around 300%. Considering this, business data must go mobile and for that, software is required. Some sort of technology emerged in all industries. Even fishermen can use business intelligence as navision Norge software is available to purchase. Technology and business intelligence tools are present in all sectors of life, and they are meant to help businessmen make their jobs easier and their companies more profitable than ever.

Post Author: Tim Frawley