To provide your business with a performant system for the presentation and analysis of your financial and operational data
What tool do you use for the presentation of your business data?
Does that tool provide you with reliability, speed and accuracy one of its fundamental function: a support for decision making?
Does that tool allow the convergence of your whole business operational and financial data?
At BJC, we can advise you in business intelligence, including the deployment of a tool that we can adapt for your business: the Power BI software.
What is business intelligence?
The Business Intelligence is a set of methods and tools to collect, analyze, and present relevant data for strategic or operational decision making in organizations. It aims to transform raw data into useful and actionable information for decision makers.
In fact, business intelligence can enable companies to benefit from a comprehensive and in-depth vision of their financial situation, their costs, their revenues, their margins, their cash flows, etc.
It can also help organizations to comply with accounting and tax standards, to respect legal and regulatory obligations, to improve their risk management and internal control, or to develop action plans and forecasting scenarios.
Accurate data for better decision making
The analysis of reports generated by Power BI could for instance allow you to:
- Optimize financial and operational performance by modifying processes, products or services;
- Improve profitability, reduce costs, identify opportunities and risks, and to comply with legal and regulatory requirements;
- Innovate and differentiate by leveraging the potential of data to create added value;
- Increase customer satisfaction and loyalty by better meeting their needs and expectations;
- Reduce costs and risks by detecting anomalies, opportunities for improvement, and by finding incoherences or elements that could be potential indications of fraud;
- Valuing internal and external data of the organization, which can be transformed into strategic information to optimize the performance, the competitiveness and the innovation.
Some key steps in business intelligence
- Define the goals: before starting to collect data, it is important to define the goals of your business. This will help you determine which data are important and how to use them to make informed decisions;
- Collect the right data: it is important to collect the right data for your business. Data collection is about gathering data from internal or external sources to the organization, such as transactional systems, databases, files, surveys, social networks, etc.;
- Integrate and clean the data: this is about consolidating, cleaning and structuring the collected data. The data can be “dirty” and contain errors. It is important to clean the data before using it to make decisions;
- Data analysis: applying statistical, mathematical or computer techniques to extract knowledge, trends, correlations or predictions from the integrated data. The analysis can be descriptive (to understand the past or present), diagnostic (to explain the causes or factors), predictive (to anticipate the future) or prescriptive (to recommend actions);
- Data presentation: this is about visualizing and communicating the results of the analysis in the form of dashboards, reports, graphs, and key performance indicators (KPIs).
Business intelligence is therefore a strategic lever for organizations that want to take advantage of their data and adopt a data-driven culture.
At BJC, we can provide you with customized and tailored solutions for your specific needs in terms of data analysis and reporting.
Do not hesitate to contact Francis Paquet, Eng., EEE, for more information!
The first meeting is of an exploratory nature and offered free of charge.
