In the highly competitive hospitality industry, it’s crucial to have precise and useful insights for success. Business Intelligence tools play a critical role here.
So, what exactly is a BI tool? Basically, it’s a software application meant to analyze data and present it in an actionable format, like reports, dashboards, and visualizations.
At Blent, we’ve taken things further by consolidating data (from multiple systems, with multiple currencies, and historical data), and offering multiple tools like cashflow, alarms, forecasts, and automatic sending.
For the finance team, board members, and investors, it helps them keep an eye on KPIs, anticipate cash flow, and ensure everything is under control.
For the operational team, it assists in making informed decisions by turning raw data into meaningful insights.
However, even the best system in the world can’t work if the data quality is poor. Good practices ensure good data quality (and thus, meaningful takeaways!)
If you’re planning to expand your business, open new locations, or create franchisees, it’s essential to start taking care of your data now.
Here’s why.
Why a BI Tool is Better Than Excel
While Excel has been a go-to solution for data management for years, it has several limitations that BI tools can overcome.
Time-Consuming
Excel requires manual data entry and updates, which can be incredibly time-consuming. With Blent data integration and updates are automated, freeing up valuable time for you to focus on strategic decision-making.
Unreliable
Manual data entry in Excel is prone to human errors, which can lead to inaccurate insights and poor decision-making. BI tools ensure data accuracy by automating data collection and processing, minimizing the risk of human error. It gets even more complicated if you have multiple currencies or different systems.
Static
Excel reports are static and require manual updates to reflect the latest data. In contrast, BI tools offer dynamic dashboards that provide real-time insights, allowing you to react quickly to changing conditions and make timely decisions.
Importance of Having a Good Data Strategy Before Expanding
As you consider expanding your business, having a solid data strategy becomes even more critical. A good data strategy involves collecting, managing, and analyzing data effectively to gain valuable insights that drive growth and success. The sooner you start, the less you have to do when you are in the expanding phase (and we all know how critical those periods can be).
Learn from the Past
Without a robust data strategy, you risk repeating the same mistakes as you expand. By analyzing historical data, you can identify past errors and avoid them in future operations, ensuring a smoother expansion process.
Valuable Experience
The better your data, the more valuable your experience will be. High-quality data allows you to gain deeper insights into your operations, customer preferences, and market trends. This knowledge is crucial for making informed decisions that drive success.
Exploit Data
A comprehensive data strategy enables you to exploit your data fully. With a BI tool, you can analyze large volumes of data quickly and efficiently, uncovering hidden patterns and opportunities that can give you a competitive edge.
Expert Support with Blent
Implementing and utilizing a BI tool effectively can be challenging without the right support. That’s where Blent team of experts comes in. With over 10 years of experience in the field, our experts are here to help you address any issues and maximize the benefits of our BI tool.
Tailored Solutions
Our team works closely with you to understand your specific needs and challenges, providing tailored solutions that address your unique requirements.
Ongoing Support
We offer ongoing support to ensure you get the most out of our BI tool. From initial setup to continuous optimization, our experts are there every step of the way.
Industry Expertise
With extensive experience in the hospitality industry, our team understands the nuances and demands of your business. We provide insights and recommendations that are relevant and actionable, helping you achieve your business goals. You have access to our Blent collection, more than 50 reports and dashboards ready to be used, a summary of all our experience.
