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Three reasons to use business analytics software

By May 21, 2013June 11th, 2024No Comments

Making company decisions can be stressful and time consuming for any HR representative or manager, but using business analytics software can streamline the process and produce quality results. Read on for the top reasons to use business analytics software. Save time Companies have been analyzing sales and employee performance for generations, and while spreadsheets have been used frequently in the past, business analytics software saves time and energy. Putting together a company-wide model to use, organizing data and creating formulas can quickly become a full-time job. Software can save time and money, making an intricate process much more simple and user-friendly. Reduce error Put simply, spreadsheets are prone to mistakes – one wrong keystroke and an entire formula can be thrown off. When it comes to deciding whether to give someone a bonus, or to focus marketing efforts toward a specific product, accuracy is essential. Instead of relying on spreadsheets, which can be altered and ruined through even the smallest mistakes, thoroughly tested software can provide a route that is free of blunders so companies can take control of their finances and decisions without confidence. Get perspective and make decisions Business intelligence is utilized so companies can make tough decisions that can have wide-reaching financial effects. Business analytics software brings thousands of lines of raw data to life in a way that is easy to understand and reference at any time. Companies are constantly changing and growing, and as such, business analytics must be performed regularly. Instead of attempting to add on or alter spreadsheets to make sense of day-to-day, monthly and quarterly statistics, software takes in new information with ease, providing up-to-date information that helps decision-makers choose wisely. The process can lend itself to making a variety of important decisions. Analytics software can be used to quickly and effectively monitor employee performance, product sales, efficacy of advertising campaigns and incentive compensation programs, without any of the troubles associated with attempting the procedure alone.

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Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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