| The software that runs your business can tell an | | | | type of customers who could potentially be costing |
| interesting story. Every transaction that your company | | | | you money. |
| is involved with is logged with your accounts software | | | | Help is at hand though. Many of the latest add-ons for |
| and depending on your industry (and your software) | | | | the major business accounting packages in the last |
| often a whole lot more - from customer service calls | | | | few years have focused around the concept of |
| to the contents of warehouses. But what use is all of | | | | 'Business Intelligence,' which in its simplest form means |
| that information if you have no means of reaching it | | | | accessing data within your system through a range of |
| and using it? | | | | reports. More often than not these Business Intelligence |
| Many businesses rely heavily on the automation of | | | | add-ons can be purchased at a very reasonable price |
| processes and procedures carried out by their | | | | and with the correct application can fast-track the |
| accounting and business software and often the | | | | return on investment of your software investment. |
| primary objective of implementing such a system | | | | Better information means that you make better |
| revolves around improving accuracy and efficiency. | | | | decisions. |
| Whilst this is a perfectly good reason for implementing | | | | Business Intelligence makes extracting data from your |
| an IT system of any kind, often the information that is | | | | accounts software about your most profitable |
| entered into it is locked away and never used again. | | | | customers easy - as does finding the ones that could |
| This information can tell you a lot about your business. | | | | be costing you money! What's more getting |
| For example, do you really know who your most | | | | information about your debtor days, sales pipeline or |
| profitable customers are? Firstly, who buys the most? | | | | customer service performance becomes a simple |
| Who pay their bills on time? And who takes up hours | | | | task that can even be automated and sent directly to |
| of valuable customer service resource? | | | | your email or mobile phone. |
| Only by analysing your company activities closely can | | | | So if you are looking to improve the profitability of your |
| you accurately find your 'ideal customer'. And by | | | | business, see where money can be saved or where |
| finding this 'ideal customer' you can make sure you | | | | service can be improved then make sure you tap into |
| actively seek out more like them - and even avoid the | | | | the wealth of information already at your disposal. |