Companies have shifted focus to creating data and using digital technologies to make better decisions and increase efficiency and productivity. While data gathered on various departments and sectors can be of great use to a business, many rely on finance and accounting services to analyse and present the data in a clear and concise manner.

This is where real-time analytics and business intelligence come in. They ensure that the data gathered by statutory reporting services are presented in a manner that makes them easier to understand and make use of.

Real-time analytics

The process of analysing data as soon as they enter the system is called real-time analytics and this process transforms data into actionable strategies immediately, which in turn allows teams to act immediately.

A financial management service may use various tools and software to present the data in a clear manner that is easy to analyse and understand. The visual presentation of data is important when making informed and accurate decisions and a trusted business advisor may use real-time analytics to spot emerging trends and act accordingly.

Real-time analytics ensure that companies are informed on these emerging trends so that they can take control of a situation as it occurs.

Real-time business intelligence

Outsourced financial management services use analytics and data processing tools to gain insight into relevant data as they are created and collected. This process is called real-time business intelligence.

A reliable financial business partner may suggest a course of action based on information they receive but the effectiveness of this is affected by how long it takes for the company to collect and present the data.

Real-time business intelligence ensures that information and data is analysed to gain insight immediately after they are created. This means that company secretarial services UK or an accountant in Ilford can make a decision without any delay.

Reputed financial statement services make use of business intelligence dashboards to present the visualised data and this lets the company directly interact with the data and generate insights in no time at all. In addition to this, a software may make use of smart data storage solutions which ensure real-time business intelligence.

Real-time analytics and business intelligence is used in several sectors and industries, including IT project management, retail, and healthcare. Due to the benefits of these practices, regardless of the sector or industry, you may show interest in outsourcing your finance and analytics to reputed finance and accounting services.

These services may provide you with a trusted business advisor, reliable financial business partner, accountant, and various company secretarial services. They may cover areas like bookkeeping and reporting and financial reporting services may also include real-time analytics and business intelligence.

Uses

If you are considering real-time analytics and business intelligence when outsourcing your finances, you may want to know the uses of these activities.

One of the main uses is informational relevance, whereby you gain access to relevant and fresh information through real-time analytics. Reputed finance and accounting services ensure compliance in real-time analytics and business intelligence and this is extremely important as non-compliance with regulations may result in penalties.

Real-time analytics and business intelligence can also result in increased innovation. A reliable financial business partner may suggest innovation that can push the business forward. However, these suggestions may make use of analytics that are provided as the data is created and collected. Not leaving room for delay and relying on data will push a company to be more innovative with how they deal with trends and information that is analysed as they happen.

This creativity and innovation can widen the scope for growth and expansion in your company and increase overall productivity and efficiency.

Latency is a huge issue organisations face when working with data. Due to a lack of technology and resources, a company may be unable to collect and analyse data immediately after they are created. This delay can have a huge negative impact on a company.

However, real-time analytics and business intelligence allow the financial management service to whom you are outsourcing your finances to study data that is collected as soon as it is created, ensuring that decision-making takes place immediately.

This will increase the efficiency of your company but also give you an upper hand over your competitors who may not be using data for immediate decision-making yet and may not be spotting and reacting to trends and events as they happen.