A concept invented in the 1970s, Business Intelligence (BI) refers to the use of software and algorithms to analyze data and generate actionable information to guide a company’s strategic decisions.
Business intelligence, a decision-making tool
The concept of business intelligence, for finance, accounting or management, is nowadays perfectly integrated among the tools used by the various managers and decision-makers of companies. Indeed, most of the data and information management and analysis operations that these professionals must carry out require not only a lot of time, but sometimes specific skills and collaboration between the different actors involved. However, it is the results of their work that make it possible not only to have an objective view of the company’s situation (financial, accounting, organizational), but also to create and implement the necessary measures.
For finance, business intelligence software offers the possibility of designing and implementing a strategy to manage the company’s financial performance adapted to its case. A scalable solution offers the possibility of benefiting from a work tool, a decision-making aid that will adapt to the evolution of your activities.
A multi-tasking solution
The business intelligence software must be very complete. The solution must facilitate the analysis and understanding of information as well as decision-making. This tool must also support the automation of the financial management process in order to reduce the burden on the CFO.
Normally, this kind of software has a modular architecture and a wide choice of functionalities covering all the challenges of the finance function. It is up to each company to define the modules to be integrated with reference to its needs and budgetary constraints. Finally, it is possible to develop it according to the multiplication of tasks.
In most cases, companies opt for a collaborative and intuitive tool that offers measurable benefits: simplicity, accessibility, security, flexibility and profitability.
Measure and optimize the financial performance of your company
Analyzing accounting data, monitoring the company’s financial and operational profitability, and ensuring forward planning are some of the challenges facing the Finance Department. To anticipate future cashflow needs, managers must have effective tools for 360° visibility of relevant company information and in-depth analysis capabilities.
A BI software dedicated to the Finance function allows you to:
- Reduce budget creation times;
- Carry out decision-making analyses;
- Make financial communication more reliable and faster;
- Automate the production of dashboards;
- Carry out simulations (monitoring, evaluation and analysis of indicators) in order to secure decision-making;
- Organize the data collection and validation process;
- Simplify the production of financial reporting.
- In addition, the collaborative process offered by this solution has many advantages such as time savings, transparency, simplicity, and cost effectiveness (reduced compliance costs).
Talentia Financial Performance, a complete Business Intelligence solution for Finance Departments
Talentia is known for its enterprise management solutions, providing a powerful response to the needs of all types of companies. Talentia has developed a wide range of services to optimize financial management. Solutions that adapt to the ever-changing regulatory framework. As a true partner to companies, Talentia offers a complete offer including integration, training and support to improve the productivity of client companies.