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Thu 30 Jul, 2009 12:33 am
Contrary to assumptions of many small and medium sized business owners, business intelligence is not a fancy word meant for boardrooms of large corporates - it is as important for smaller businesses as it is for larger. In fact, considering that smaller businesses have exposure in just one or two areas and much lesser financial resources at their disposal, optimizing performance based on business intelligence becomes all the more critical.
It is also a myth that business intelligence can only be accomplished by allocating huge budgets. Thanks to the efforts of professional business intelligence solution providers, even small business owners can now have economical access to financial benchmarking and other business intelligence tools.
By making judicious use of business intelligence tools, finance directors and small business owners can track and improve upon critical aspects of business performance including liquidity, efficiency - turnover, profitability - ROI and growth.
@Robert,
And the purpose of this topic is what exactly?
@jespah,
My question, exactly. I keep looking for that valuable link. It has to be in there, somewhere.
Hi all,
The purpose of this topic is to introduce 'Business Intelligence tools' and understand how it helps to increase profit for business.
Now, in a recessionary economy, there is a sure slump or stagnation expected in demand for almost all types of goods and services, so the volume is unlikely to go up. The prices can only go down in midst of low demand and competition so both the multipliers on which revenues depend are likely to shrink i.e. most companies are bracing for a deceleration, if not, decline in revenues.
This is where cost-cutting, production efficiency and smarter financial management can help.
Increasingly, business analysis and financial benchmarking tools such as Business Scorecard and Industry Metrics are being used by industry leaders seeking to sustain and enhance profitability.
As one of you mentioned there are several providers and fintel is one among them.
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