accounting

Business Intelligence

Today’s post is by Randy Russon, founder of TOPCFOS

Welcome to our Blog today! TOP CFOS offers the finest CFO accounting services to companies anywhere in the world who want to take their organization to the top. We absolutely love being a part of your success. We also love to be the catalyst behind your firm’s soaring profits! Today’s post comes from the Technology category on our website and is entitled Business Intelligence.

So, what is Business Intelligence? Wikipedia tells us, “Business intelligence (BI) is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes.” Some of the meaningful and useful information that can be found on a BI dashboard are as follows:

  1. Revenue – Month to Date
  2. Customer Satisfaction Score
  3. New Enrollments
  4. Average Position
  5. Leads by Source
  6. Deals Closed by Territory
  7. Site Visitors by Country
  8. Deals Closed by Sales Rep
  9. Cash Balance
  10. Orders by Day – Past 30 Days

Smart CEO’s understand the value of having meaningful and useful information at their fingertips. When presented in the right way, a BI dashboard can be invaluable to a business leader. So many important decisions can be made when having the right information. Another important key is having information that is current. So, it behooves the accounting department to record this information as it happens on a daily basis. The second part of the above definition talks about business analysis purposes.

When you analyze something you begin to dig beneath the surface to find out things you never knew before. This opens a whole new world of understanding, and you begin to see things in a different light. One service that TOP CFOS now offers our clients is their own customized BI dashboard. With one glance you are able to see the key indicators of your business and how you’re doing. At the same time, as good as a BI dashboard is it doesn’t provide all of the answers to the best financial guidance for your business. A BI dashboard doesn’t look at all of your financial information in depth. This is where having a good CFO onboard can be so helpful.

A good CFO knows how to examine your financial information in depth and provide additional insights about your business that you never knew existed. Along with offering our client’s their own customized BI dashboard, when you become our client we assign someone to become your own personal CFO. Your own personal CFO can help you plan great business strategies and make smarter business decisions. I don’t know who the author is on the following statement, but I love this phrase – knowledge is power. When you combine business intelligence along with your own personal CFO, you now have the best of both worlds in terms of guidance for your business.

We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO accounting services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. During the month of April, we are offering a free service to our readers. We are offering free CFO services during the entire month, all at no charge. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Leadership category on our website and is entitled Business Management – A Skill Set. And, thank you for joining us!