Business Intelligence (BI) tools are vital applications that allow business professionals to access, dissect, interpret, and create actionable reports with real-time data. These tools analyze structured and unstructured data to help businesses make intelligent, data-driven decisions. Transforming data into action is possible with advanced solutions like Acumatica BI tools.
Acumatica helps organizations make informed decisions with BI tools that offer multi-dimensional reporting, multiple display options to interpret data, and comprehensive analytics to grow your business. This article will explore how Acumatica BI tools can help you turn data into action and how to transform your business with quality BI data sources.
Understanding the Importance of Turning Data into Action
In the modern data-driven world, businesses increasingly rely on data to make informed and effective decisions. Analytics provide companies with a way to uncover customer behavior, market trends, and organizational performance, enabling decision-makers to identify promising opportunities based on accurate data.
Reports based upon data provide a factual foundation for business leaders to make strategic choices and predict future outcomes. They allow organizations to understand their current state and identify the patterns and trends relevant to their products or services.
Challenges of Turning Data into Insight
While a data-driven approach increases the likelihood of organizational success and can prevent costly mistakes, your business may face a few challenges in turning your raw data into insights you can act upon. These include:
- Handling structured and unstructured data: While analyzing structured data is relatively simple, knowing how to analyze volumes of unstructured data is challenging. Unstructured, raw data reports comprise an estimated 80 to 90 percent of data and come from multiple sources, making it difficult to collect and hinders you from creating actionable, data-driven decisions.
- Poor quality data: Low-quality data can significantly deter your organization from actionable decision-making, and inaccurate or incomplete data results in misguided actions that can damage a business.
- Limited data literacy: A limited understanding of data interpretation causes issues for many organizations. Businesses require individuals with the skills necessary to extract, analyze, and interpret data effectively, and a lack of this literacy hinders turning data into actionable insights.
Benefits of Leveraging BI Tools
Acumatica BI tools provide a complete view of your company by leveraging data with accurate insights. Rather than relying on employees to collect, report, and interpret data, BI tools instantly unlock the following benefits of Acumatica:
- High-quality and accurate data
- Efficient, real-time data streams
- Data to improve the customer experience
- Visualization of crucial business information
- Smoother operational efficiency
- Streamlined data operations
- Competitive advantage over the opposition
- The ability to make effective and beneficial data-driven decisions
Overview of Acumatica BI Tools
Acumatica Cloud ERP allows businesses to make informed decisions. The Acumatica ERP system streamlines business processes and tracks company transactions and assets, presenting critical information in reports with accurate data. Acumatica’s ERP system includes a Report Designer that allows you to edit and develop new reports relevant to your business operations.
Acumatica BI tools include several features to simplify the data collection and reporting process and streamline your business operations. The BI tools available with Acumatica Cloud ERP include:
- Acumatica Reporting: Acumatica Reporting allows you to create insightful data reports for informed decisions. These BI tools include role-based reporting capabilities, multi-dimensional reporting, and various reporting formats for ultimate accessibility. Acumatica’s Reporting software includes many features, such as a Reports Designer, report templates, and financial reporting.
- Acumatica Generic Inquiries: This feature allows you to extract specific data for analysis made available to BI tools. The Generic Inquiry feature is a reporting tool that can access your Acumatica ERP database to publish, export, or re-format the data. You can reuse these inquiries for various purposes.
- Acumatica Dashboards: Your Acumatica Dashboard is an interactive, real-time view of your company and its transactions. Role-based dashboards visualize your company’s data across various sources for a well-rounded view of your overall performance.
- Business Intelligence and Analytics in Acumatica: Acumatica provides advanced analytics through an Analytical Report Manager to interpret data and works with business intelligence tools like Microsoft Power BI to gather data from multiple sources.
- Marketplace Add-On Reporting Tools for Acumatica: The Acumatica Marketplace offers an array of other reporting tools that work alongside your current Acumatica Cloud ERP system.
Turning Data into Action with Acumatica BI Tools
Acumatica BI tools can help your organization transform data into action to improve your company’s success and customer satisfaction. However, knowing how to take advantage of your company’s data with these tools is crucial. Below is a breakdown of what Acumatica BI tools can contribute to your business and its understanding of its data.
Setting Clear Business Goals and Objectives
Effectively acting based on insights from Acumatica BI tools requires clear business goals and objectives that align with your overall strategy. These objectives should focus on areas of your company that will benefit from data-driven insights, such as improving operational efficiency, enhancing customer satisfaction, and increasing profitability.
Collecting and Analyzing Relevant Data
Once you have established goals, Acumatica’s data tools can help you gather and analyze relevant data. Acumatica’s comprehensive suite of BI tools enables organizations to collect and integrate data from disparate sources for a unified understanding of overall business performance.
Identifying Patterns, Trends, and Insights
Acumatica BI tools include interactive dashboards and analytics that allow you to explore your data for meaningful insights into business operations, customer behavior, and market dynamics. By visualizing your data, Acumatica provides insights that otherwise would have remained hidden.
Making Data-Driven Decisions
Acumatica’s insights allow you to decide based on evidence and analysis to reduce over-reliance on intuition. Acumatica BI tools allow decision-makers to evaluate their options, assess potential risks and benefits, and choose the best action to achieve their goals.
Taking Strategic Action
Acumatica data tools empower you to act based on data-driven decisions. These insights allow you to identify new opportunities, address challenges, and optimize your business processes to tackle changing market conditions, customer patterns, and emerging trends proactively for an edge over the competition.
Conclusion
Turning your data into action is crucial to expand your business, boost customer satisfaction, and win against your competitors. Acumatica provides relevant, efficient, real-time data and visualization to make better data-driven decisions.
Explore what’s possible with Acumatica BI tools with an Acumatica demo. Request your demo today to see Acumatica BI tools in action!
