Business intelligence (BI) is something that many business think is a waste of time and just another unnecessary expense. The basic premise of business intelligence is to help gather business data to help you make better business decisions. This information can then be used to help make better business decisions and it’s gathered using various bits of software that actually does all the hard work for you. One typical example of this is a CRM (customer relationship manager) which includes things like SAP or Oracle but any type of software that gathers and helps process this information could be called business intelligence.

One often overlooked example is asset tracking software. As you can probably deduce this is software that’s there to help you track any fixed assets. It’s then your job to take this information and help move your business forwards. Any inanimate physical object like phones and computers are examples of fixed assets. These will all need replacing at some point and therefore will cost your business money that you’re not going to see a direct return on. By using asset tracking software you’re able to tell straight away what your business owns, what they’re worth, when you’ll have to replace them and other sorts of relevant information. Now you know whether it needs to be replaced or whether it’s worth simply getting it repaired or even if it’s still under warranty.

Fixed asset accounting is usually done on Excel sheets and will often be done by hand. This is not just about creating work for the sake of it, you need this information for completing things like profit and loss figures and doing tax returns. Trying to work all this out by hand can be an ineffective use of business time and will often lead to human error.

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