BI allows organizations to get a more accurate and detailed picture of what is going on in terms of business and customers. It can do this in different ways - accurate view of costs, liabilities, risks, customer buying patterns, supplier cost-effectiveness, etc.

BI can bring visibility into the organization at granular levels and help link different aspects together. Take budgets, for example. It is all too easy for organizations to think that they have more money than they do and over-commit on budgets, only to find themselves later with liabilities that they cannot afford.

Whilst rolled up financial reports from spreadsheets can show expenditure and commitments against cost center codes, it is important to be able to drill into the figures, see where they have come from and to have some context around the expenditure. The expenditure, for example, can be viewed against progress and what should be expected next, and so enable organizations to forecast and be ready for invoices that are to come.

This is particularly important in a recession when organizations need to minimize outgoings and risks. It also enables them to plan savings in an informed and effective way.

Read More: Frequently Asked Questions on Business Intelligence?