Three Myths Behind Small Business Government Contractors and Business Intelligence
In a world dominated by big data, it is essential for small business government contractors to understand their data. Capitalizing on data analytics can drive an organization forward. However, as data evolves, inaccurate perceptions loom large. Businesses of all sizes deserve to know the transformative power of the existing, yet often buried, information contained in their data.
THE TRANSFORMATIVE POWER OF BUSINESS INTELLIGENCE
Business intelligence (BI) is the process of data analysis, used by organizations to discover trends or patterns in datasets to make more impactful and accurate decisions, to increase efficiency and productivity related to business goals and strategies.
A variety of BI concepts are utilized through intuitive, interactive, and customizable dashboards, key performance indicators (KPIs), and ad-hoc queries linked to central locations, providing the ability to dive deeper into the data.
While there are many thoughts and ideas surrounding BI, it is critical for small business owners to understand the importance of data utilization. This blog explores how Deltek Costpoint Business Intelligence can help small business government contractors analyze and understand their data.
MYTH #1 BI Is Technology
A common misconception is that BI refers to costly and complicated technology. Call it what you will, BI does not have to be costly or complicated.
BI integrated with your project management and financial solution makes use of your data model, which forms the core for your analysis. Costpoint’s commitment to powerful data analytics to help government contractors of all sizes transform their business through the power of integrated BI, is clear in the over 100 canned reports and numerous customizable dashboards that provide needed information in a few clicks, whether preparing to be audit ready, glancing at the executive dashboard, or projecting project profitability.
Through the integration of the data model, BI helps businesses transform and analyze their data.
Helping project leaders and company executives see the whole story of their business's performance, Costpoint Business Intelligence, also known as Costpoint Enterprise Reporting (CER), brings speed and accuracy to understanding and acting on your data. Small business government contractors now have the power to discover new trends in both project and company performance, turning organizational data into knowledge and actionable insight – saving time and money while making informed decisions that move the needle.
MYTH #2 BI Is Data Visualization
Many assume that the word “dashboard” is interchangeable with BI.
Realistically, BI includes dashboards as it stretches across people, processes, and tools to organize and store data – presenting configurable and meaningful metrics and KPIs to end users in many formats.
Costpoint BI has the ability to extract organization, account, and project data, providing real-time insight into performance – to help monitor profitability and control costs across the project portfolio through embedded reports, ad-hoc reporting, analytics, and built-in interactive reports and dashboards.
MYTH #3 BI Is a Large Investment
When small businesses leaders hear “business intelligence”, they think “cha-ching.” In the past, BI solutions required significant technology, people resources, and financial support, making this a difficult investment for smaller businesses to justify.
Additionally, employees of small businesses often wear many hats and struggle to create and interpret reports during their “free-time”. It can be tough keeping schedules, numbers, and projects in check.
With Costpoint BI, you can save time on pulling, creating, and analyzing reports that will ultimately help you reduce operational risks, increase revenue, and better business outcomes. It also enables users schedule reports to any customizable frequency. Now you will never forget to run that monthly sales report again!
Costpoint BI is fully integrated with the Costpoint solution – packaged and priced just for small business government contractors through Deltek Now. It is also available on premises or in the Cloud.
Check out the Designing Dashboards for Powerful Project Analysis webinar to see how Costpoint Business Intelligence can help you and your team ask and answer critical questions quickly and confidently with accurate, real-time, down-to-the project level data.