How small businesses are redefining their business intelligence using Excel?
Many business leaders believe Excel to be a key component of business intelligence. With the appropriate access to data, it can be an exceptional business intelligence tool.
What is Business Intelligence (BI)?
Business intelligence refers to a process for analyzing and presenting data in order to assist managers or executives to make informed business decisions. When we talk about business intelligence we talk about a wide variety of features, tools, and applications that help businesses collect data, analyze it, develop reports, and make it accessible to appropriate audiences.
Why do small businesses need BI?
Every business – especially small businesses, need ways to minimize operational risks, decrease cost, and to deliver improved – all of this is possible with Excel. Because of increasing demands from customers, a successful business needs to be increasingly responsive. There are many reasons why a small business would need BI, some of them are:
- Making predictions of the future of the business
- Improving communication
- Strengthening performance
- Better data and risk analysis
- Creating effective strategies for pricing
- Making quick and informed decisions
- Simplifying complex processes
- Better customer relations
Small businesses have recently started using Excel and made it an integral part of their organization. It is used for various purposes; some establishments use it for creating status reports, memos, trends, and
other business related data. Excel offers users to organize any type of data in any way they want. A major benefit of excel is the fact that it has a flexibility feature. This makes it easy to use when it comes to completing normal tasks. For more specialized tasks a person needs to have experience and knowledge – but this too can be done by first-time-users with the help of companies like Adnia Solutions.
Businesses commonly use Excel for finance related processes and activities. Excel makes it easier for smaller businesses to calculate yearly or quarterly progress reports. Moreover, it lets businesses keep a record of sales and various reports – this not only makes statistical work easier but also enhances professionalism. These are the following ways small businesses have redefined themselves and their business intelligence
by using Excel:
- Financial Accounting
- Product Sales Records
- Customer related data
- Tracking ROI (return on investment)
– Small or medium-sized businesses use Excel to manage account activities. By creating checkbook ledgers businesses can keep a track of all financial transactions. Additionally, accountants can compare income and expenditure.
– Excel allows small businesses to keep a complete track of sales. This helps owners produce strategies to improve sales and maximize profits. Moreover, this gives a clear and precise idea of the progress.
– Using Excel to keep track of customer names and other information,
small businesses can create a customer base.
– Excel helps collecting data on ROI accurately. This means that the owner has the exact data of investments made and profit earned.
All in all, Excel has proved to be an excellent tool for business processes. It is essential especially for small businesses to carry out routine tasks and eventually progress into the industry and compete with larger competitors. To read more more interesting articles like this, please subscribe our email newsletter.