By HostBooks Inc.

04/28/2020 “The mass diffusion of low-cost, high-powered innovation technologies -- from hand-held computers to Web sites that offer any imaginable service -- plus cheap connectivity. They are transforming how business is done." -Tom Friedman, New York Times
Of all the technology available today, Business Intelligence is a game changer. It has caused the workforce graph to remain flat while profits, productivity and the GDP have risen dramatically. These circumstances have given rise to a new breed of millionaires who swear by the efficacy of Business Intelligence.

There are valuable differentiation opportunities highlighted by Business Intelligence for those enterprises which were smart enough to install the software at the earliest possible opportunity.

Why is Business Intelligence a Game Changer?

Business intelligence as used by accountants and bookkeepers means automating what was done manually earlier. Earlier huge quantities of financial data had to be scrutinized before accountants could arrive at a decision on which action could be taken. It could be a decision which would help clients to increase income or advice to a firm whether a certain risk was worth taking.

This was not only time consuming but it also required a great number of people who had to glean the required information from the pile of data. If advice came too late, an opportunity was lost or the client suffered loss. In either scenario, the accountant’s efficiency was in question.

There was always a possibility of human error in the process of number crunching. This could lead to the client moving to another accountancy firm.

Earlier, accountancy firms were hesitant about investing in costly software as they did not think that machines could be trusted.

There were issues whether one software was suitable for all kinds of businesses.

Business Intelligence has emerged as a game changer in numerous ways:

• Today software enables the accountant to sift through all the data and arrive at a decision without loss of time.
• There is no scope for error in data produced by Business Intelligence.
• The solutions offered by Business Intelligence are practical and the demands of the market are kept at the forefront.
  
• Software is easily available and even companies which had no faith in machines have come to realize that Business Intelligence software is not expensive. This change came about when they realized that after the initial expense, Business Intelligence was cost effective and yielded greater profits.
  
• Accountancy firms which gave wrong decisions, advice which came too late or not enough warning of impending financial disaster caused clients to move to other more forward thinking and technology savvy firms. When Business Intelligence software was used, client retention and satisfaction was 100% higher. This proved to be a game changer where it came to justifying the cost of the software.
  
• When clients are retained or added, business Intelligence software no longer is considered too costly to be installed.
  
• Managements came to understand that machines could be relied on and software was not taboo to accountancy firms.
  
• Most accountancy firms turn to Business Intelligence which gives them out of the box solutions with which they can make credit worthy decisions.
  
• Business intelligence is a game changer because it enables accountants to make predictions about the market even when it is volatile.
  
• Business Intelligence is highly rewarding as it studies the firm’s resources and goals before making these predictions.
  
• Surveys have shown that technology challenged firms lag behind in comparison to their peers which have taken up modern technology.
  
• There may be many bright and talented people working in an accountant’s office, yet human error is likely to happen.
  
• Often talented people also fail to see the exigencies of the market. Business Intelligence is capable of seeing how the market will function and give predictions accordingly.
  
• Business intelligence is also a game changer because it comes equipped with compliance. Returns need never be late or incorrect because of this inherent quality. When there are changes in the tax structures, the company which installs the software holds the responsibility to upgrade it.
  
• Audit, which was an onerous and time-consuming task is easier with Business Intelligence.
  
• Business Intelligence is also beneficial when it comes to being eco-friendly. As contrasted with earlier times when accountants’ offices were a sink hole for paper, today the environment in such an office is almost paperless. When Business Intelligence is used, the quantity of paper used is negligible.
  
• Benefits of a paperless environment are numerous and well known.

Changing scenario

As compared to a year ago, it has been seen that there is a proliferation of organizations moving to Business Intelligence. Such organizations which have moved to Business Intelligence have a competitive edge over those organizations which still follow outdated methods of accounting.

A global survey involving 4500 people at different management levels reveals that business Intelligence that technology, ‘haves’ have greater clout in the industry than the software ‘have nots’ in terms of methodology and analytics.

Cloud computing has made Business Intelligence easier to use.

1. It is inexpensive and cost effective.
2. It adds greater value to growing businesses.

Clients are impressed by an accountant who uses Business Intelligence and can offer them services anywhere and at any time.

Business Intelligence proved a game changer to Raol Gristiano. Raol is one such accountant who uses business Intelligence software that is on Cloud. When he met Simon Shard, a prospective client in the client’s office, he did not have to carry a briefcase bulging with paperwork. All the data he needed was just a click away. In spite of very senior and experienced accountants being in the fray for that project, he clinched the deal effortlessly. All his calculations were on point. His market predictions seemed credible as they were based on Business Intelligence.

Raol works out of a one-roomed office and his staff consists of two other people only. He saves a lot of money on wages and rent for office space. His major expenditure was on his Cloud based Business Intelligence software.

The money invested for the technology got recovered very quickly and is proving a game changer for him so far as clientele is concerned. His technology driven work lands more projects than he can handle. He has the freedom to choose his clients and projects!