There's an old saying that reminds us "the only thing you don't know is what you don't know." Without this type of tool at the heart of your enterprise, "what you don't know" is a lot more than you probably realize.
The Data You Need, WHEN You Need It, WHEREVER You Need It
Data, on its own, is meaningless. It's little more than a series of 1s and 0s sitting on a hard drive somewhere. But inside is a powerful story - one that sets the stage for the future your business - just waiting to be uncovered. But how, exactly, discover that story?
At the same time, we've entered into an era where so much data is being created on a daily basis, it can be difficult to even know where to begin - to say nothing of how hard it is to make sure you're uncovering every last bit of insight contained inside.
So how do you put those massive volumes of data to work for you, instead of feeling like you're always swimming in a sea of data as you are now? Thankfully, the answer is simple:
It's a category of software called Corporate Performance Management and tool called BI360. And—it's one you're definitely going to want to know more about.
What is Corporate Performance Management?
But before we dive into the nuts and bolts of BI 360, it's important to first gain a better understanding of an equally important topic - Corporate Performance Management, or CPM for short.
Simply put, a CPM solution is one that allows you report and analyze data without advanced planning models, to meaningfully improve your company’s ability to move forward. It AUTOMATICALLY gives you visibility into trends and patterns that would have otherwise gone undiscovered. Not only can you double down on what is working and eliminate what isn't, but you can do so instantly WITHOUT any additional effort on your part.
It's a way to dive beneath your data and uncover the true narrative hidden inside, unlocking powerful insights that allow you to make smarter and more informed business decisions at the same time.
Overall, the right CPM solution can be a way to:
- Get to market faster. A good CMP solution can help you gain better and more efficient access to time sensitive data, all in the name of making better decisions as soon as possible.
- Superior forecasting confidence. The right CMP will allow you to put forth forecasts that are more relevant and more accurate thanks to the updated, real-time data you now have access to.
- Eliminate frustrating (and costly) delays in the decision-making process by reducing financial close and report cycles. The faster you understand the situation you're dealing with, the faster you can make the best decision possible and capitalize on opportunities instead of watching them pass you by.
BI360 is in the category of Corporate Performance Management software.
Real data insight regardless of your industry
It's easy to see how a tool like this can come in handy. Take these industries for example:
- E-commerce organizations can use it to unlock customer-level reporting, finally enabling them to understand the specific products that are driving their business at specific intervals for specific customers and product types.
- Educational organizations can use the data and insight provided to better engage with department heads and administrators in setting goals, along with properly assessing funding needs.
- Healthcare organizations can use it to track patient satisfaction and assess service needs to reduce wait times, paper and provide less rushed office visits.
- Insurance companies can use it to control costs and performance via a single suite that lets them track metrics for sales, marketing programs, claims and more.
- Sporting goods companies can use it to understand the products that customers can't get enough of versus the ones that are just sitting on store shelves, unsold.
- Fast food businesses can track sudden increases or spikes in consumption patterns on a store-by-store level, making sure that they always have enough of their signature dish and that they don't run into an unfortunate situation where they literally run out of their main competitive advantage.
That, in a nutshell, is what BI360 is all about.
Unlocking the Power of BI360
This, of course, is where BI360 enters the conversation. BI360 is an industry leading, cloud-based CPM software suite not only designed for companies of all sizes.
Think about how tying multiple databases throughout your organization into a single version of the truth. Imagine a single tool that gave you access to not only world-class financial reporting, but also budgeting and sophisticated analysis. BI360's budgeting module gives you a complete data entry interface to capture not only strategies but also goals, budgets, forecasts and even what-if scenario models. It also offers modern, dynamic reporting with many ready-to-go integrations to some of the world's most widely used on-premise and even cloud-based ERP systems.
On top of that if you’re running Macola 10, ES or Progression, you can take advantage of the integrations which Algorithm has created that will allow you to keep your information if you move to Acumatica Cloud ERP or Exact Globe Business Software. That means your investment into your legacy ERP system won’t get wasted.
One that offered push-button access to ALL the data sources that drive your company's profitability. One that didn't just make it easier than ever to access and analyze all of your invaluable data - but that gave you a new level of confidence in your decision-making along with it. One that didn’t require an advanced degree in mathematics or quantitative analysis!
On its own, the insight generated by BI360 is invaluable. When used in addition to an ERP solution, it can be used to make your reporting and your ability to act proactively that much better. But regardless, this much is clear: The analytical benefits that only BI360 brings with it are ones that you cannot afford not to have in your operation.
Drop us a line
Getting started down the path of making data mean something is pretty straightforward—let’s have a conversation. Discover the raw power that BI360 brings to the table, email or call us today and we’ll show you not only how cool data can really be but also how empowered your business decisions become as a result!