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Report: 55% of Businesses Have Not Invested in a Business Intelligence Tool

October 21, 2020 |

In today’s ever-changing business environment, there’s no time to guess what’s right for your business. Knowledge is power and that’s why having access to the right information is critical for faster, data-driven decision making across your organization. But according to survey results published in the recent 2020 Vena Industry Benchmark Report, it seems a majority of businesses are still not providing stakeholders with key data at their fingertips in order to make better business decisions for today and tomorrow.

When 350 global business leaders from a variety of industries were surveyed for the report and asked about investments made in data and data-driven decisions, 55% had not purchased, nor were actively using a business intelligence (BI) tool. This means most finance professionals are still spending a lot of time gathering data and organizing it rather than focusing on the stories behind the numbers to make more informed decisions and help navigate businesses through change.

What Is a Business Intelligence Tool?

A business intelligence tool, as the name implies, is a tool that helps you analyze your data so you can make smarter business decisions. It’s like converting your data into a constant business review—discovering your company’s successes, setbacks and areas for improvement—so your team can make smarter and faster decisions that benefit the overall organization. Consider BI the essential tool to have in your finance team’s toolbox so they can spend less time looking for the data they need and spending all that extra time gained being the data analyst experts you need them to be for your business.

Benefits of Business Intelligence Tools for Finance Professionals

When your business is not able to adapt to rapidly evolving market conditions fast enough, there’s a lot at stake for your company. But without quick access to relevant data across your company in one centralized location, your team is left making business decisions on guesswork rather than on what’s best for your organization, putting your overall business at risk.

An easy-to-use BI tool will help automate your budgeting, planning and forecasting processes and integrate your data into a single source of truth. It will also support descriptive and predictive data analytics within your organization, eliminate the guesswork in decision making and minimize potential risks for your business. Once your team is equipped with accurate and up-to-date information, they’ll be inspired to dive deeper into the numbers, identify business trends and turn operational data into real-time, company-wide insights that are actionable and that will help move the business forward.

BI capabilities will also give your company a competitive advantage, enabling your team to create at-a-glance, pixel-perfect dashboards and data visualizations in minutes to give your data more meaning. When you can easily tell your financial reporting story using engaging, interactive visuals, your team will be able to collaborate on—and further share insights that were garnered from ad hoc analysis and reporting—and take appropriate action in decision making.

With all this data at hand and with a clearer understanding of what’s working and what’s not in your business, you and your team can spend more time doing what you do best—charting your company’s journey to growth. A BI solution will help you and your business stakeholders determine the best routes moving forward.

Learn how Vena can help you accelerate your budgeting and forecasting processes.

Download Vena’s 2020 Industry Benchmark Report here.

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