Business Intelligence Takes Over Latin America

 

LatamReady is delivering the finest in Enterprise Resource Planning (ERP) software to over 10 Latin American countries with their partnership with Oracle+NetSuite. They provide One Key to Open LatAm via NetSuite combining compliancy for the specific and specialized financial requirements for companies operating in Latin America.  LatamReady SuiteApp helps Latin American organizations with ERP software that supports tax laws and localization requirements so their operations run smoothly and are reliably in order.

With features like cloud functionality (both for users and developer potential) and the acceleration of the advancement to a global stage, every Oracle+NetSuite client knows they made the right choice with their ERP software. LatamReady SuiteApp makes this already versatile software accessible to Latin American clients, prepared to handle the singular standards and practices of their countries of origin.  And now LatamReady and Oracle+NetSuite has improved their product in the realm of reporting.  Welcome to Business Intelligence.

When it comes to a company’s finances, reporting is paramount.  Clear, consistent documentation elevates an organization’s reputation in both their industry and their marketplace.  Oracle+NetSuite already has a reputation of providing their clients with efficient and strategic financial business software. Oracle+NetSuite is the #1Cloud ERP option for a US+ Multi-Latin ERP implementation.  Combined with LatamReady and their years of experience working in the multi-Latin field with companies all over the world, they’re an impressive partnership. The LatamReady SuiteApp together with Oracle+NetSuite dominate the US+Multi-Latin ERP space as the most trusted and comprehensive ERP.  Now they’ve taken it a step further by providing the best in financial reporting with a Business Intelligence module.

What is Business Intelligence?

Business Intelligence (BI) refers to data collected by specific technologies and applications designed for the collection, integration, analysis, and presentation of business information.  It is carefully aggregated, detailing trends and developments within a client’s current operating state.  This type of reporting allows corporate executives and other decision-makers to make informed and balanced determinations for their organizations in real-time.  

The most common kinds of Business Intelligence systems are:

  • EIS – Executive Information Systems
  • DSS – Decision Support Systems
  • MIS – Management Information Systems
  • GIS – Geographic Information Systems
  • OLAP – Online Analytical Processing and multidimensional analysis
  • CRM – Customer Relationship Management

Business Intelligence tools are becoming forerunners in assisting companies make the important decisions for everyday operations and the future of their organizations.  For companies who are familiar with Business Analytics, BI is different.  Where BA would be a predictor of trends and recommends actions to take, Business Intelligence accurately delivers the user useful, internal data of what was and what is.  There is no “could be” or even “will be”: BI is straight-forward with its assessment of a company’s current financial standings.  Growth for a company relies on using predictive analytics, but maintaining a strong current industry presence will rely on Business Intelligence.  Together they work hand in hand to provide an organization with the most potent data available.

Another term that’s easily used alongside Business Intelligence is Competitive intelligence.  Competitive intelligence is defined as the process of gathering and analyzing intelligence about a business’s external environment, such as the market landscape for a particular industry or a business’s competitors.  BI takes the data from within the organization to give insights of what’s being done internally.

And in Latin America, this type of reporting is necessary.  There are countries such as Peru that is requiring more transparency within a company’s general ledger and day to day practices.  Mexico, Argentina, and others are preparing for e-invoicing, a sales practice that contributes large amounts of data daily.  The data these countries’ businesses will soon begin to compile will be a well-spring for auditability and discovering industry trends that will launch their companies forward.  BI Tools will be able to provide accessible, user-friendly reporting to make sense of the influx of data, and provide the information timely.

How will That Help our Business?

Business Intelligence tools access and analyze data sets and present analytical findings in reports, summaries, dashboards, graphs, charts and maps to provide users with detailed intelligence about the state of the business.

With BI tools a company now has the ability to accurately use the data output they produce in real time.  No longer are they in the dark as they plan for the present; Business Intelligence reporting catapults their organization to be able to use analytics in a new way.  This is a more robust method of interpreting a company’s data.  And when there is inclusive reporting, the ability to do the following becomes clear:

  • Measure: decipher how close an organization is to reaching business goals, create a true prediction of performance metrics.
  • Collaborate: Data sharing will connect different areas of the business to quicker achievements and cohesiveness between departments.
  • Knowledge Manage: be alerted immediately when trends show up of both a positive and negative nature.  

LatamReady is prepared to usher in their Latin American clients to the new world of Business Intelligence.  With BI’s reporting capabilities, Oracle+NetSuite clients will be able to develop sales reports, key performance indicators, custom reports and more.  LatamReady equips clients in over 10 Latin American countries with compliancy, but BI will take them farther.  With BI these clients will become more competitive, proficient, and leaders in their industries.

BI is the new feature of an already excellent product.  Oracle+NetSuite is a global ERP system, but with LatamReady it has been brought to the forefront of Latin America’s marketplace.  They’ve been offering cloud service for even longer.  The reason Oracle and NetSuite came together was because of their shared vision that cloud computing was the future of business.  They were the first in a highly competitive industry to introduce an ERP that could handle this new marketplace of cloud, internet business, and a phenomenal output of data.  

That’s truly the future of ERP software and Oracle+NetSuite has the scores to back up their software.  With cloud computing, they’re making their clients leaders in their industries.  LatamReady SuiteApp makes all of this resourceful ERP software easily implemented in Latin America.  They are the top tier of compliancy and accessibility within the Latin America industries.  

So They Started with Cloud; How Does BI come in?

Cloud capabilities allows the use of BI in real time and from anywhere with an internet connection.  To be able to access a company’s data at any time in any place is invaluable.  The transparency alone allows the data to be trustworthy, easy to manage, and provides C-level employees the faculty to make quick decisions when necessary.  BI tools are primarily designed to enhance and improve business processes, and LatamReady SuiteApp and Oracle+NetSuite are bringing them to Latin America.

For instance, let’s discuss practical applications of Business Intelligence.  This is not an ephemeral data-driven theory.  There are real, concrete ways that BI is utilized.

  • Gain in-depth insight into customers:  By reviewing BI on what current customers are doing, how they’re spending, etc. decisions where to put resources and focus can be made in a timely fashion; no wasted resources.
  • Detecting/Correcting Budgets: BI tools will efficiently use a workforce’s energy, by reducing time spent on data entry, and also providing checks and balances for any discrepancies as budgets are used to reach goals.
  • ECommerce: the business happening globally via the internet is fast and promising.  Companies want to be able to analyze the data as it comes in real time.  To do so BI is ready to provide quick, accessible reports when needed.  

How to Use BI Tools

The actual specifics of using Business Intelligence relies on highly on the software itself.  Luckily Oracle+NetSuite has this covered.  To easily maneuver through an organization’s data warehouse, the BI portal must be:  

  • Usable – This means the user should be able to easily find what he/she needs.
  • Content rich – It should have functionalities such as access to all areas of the business.
  • Clean – It should be easily understandable and not more complex than needs be.
  • Current – It should be updated regularly and compliant to their industries’ needs.
  • Value oriented – the portal should be such that the user feels it is a valuable resource to work on.

And the intuitive nature of Business Intelligence reporting via this portal is what makes it so accessible.  It’s moving out of the realm of IT and into the boardroom.  And Oracle+NetSuite and LatamReady SuiteApp is ready to facilitate that change with easily understandable and usable data in one comprehensive system.

The Future with LatamReady SuiteApp & BI Tools

It’s easy to see that Oracle+NetSuite and LatamReady have another promising module on their hands.  They’re combining their knowhow of Latin American financial practices and providing a brand new way to their clients to process their data.  It can’t be underestimated the ability to analyze data received in real-time.  As we grow into a more global marketplace where transactions are quickly handled machine to machine, data has increased exponentially and the only way to stay competitive is to be able to understand it fully and quickly.  

To become industry leaders, corporations must use the most advanced tools available to them.  Business Intelligence is racing through the business world as it creates the viable scenarios for clients to make quick decisions for the good of their company.  To be on the forefront of using those tools, Latin America is going to take every advantage and work with LatamReady SuiteApp and Oracle+NetSuite.  The opportunity is too great to be missed.

CITATIONS:

Scalize, Leandro, and Leandro Scalize Leandro Scalize is a Latin American ICT consultant at Frost & Sullivan. “Big Data and Analytics in Latin America: The Long Road to Gold.” Nearshore Americas, 27 June 2016, www.nearshoreamericas.com/big-data-analytics-latin-america-long-road-gold/.

Data Warehouse 4 U. “What is Business Intelligence?” Data Warehouse 4 U, 2008, http://datawarehouse4u.info/What-is-Business-Intelligence.html.

KlipFolio. “What is Business Intelligence?” KlipFolio, Unknown, https://www.klipfolio.com/resources/articles/what-is-business-intelligence.

Joshi, Avantika. “What is BI Portal?” Quora, 20 April 2016, https://www.quora.com/What-is-BI-portal.

Pratt, Mary K. “What is BI? Business intelligence definition and solutions” CIO, 1 September 2017, https://www.cio.com/article/2439504/business-intelligence/business-intelligence-definition-and-solutions.html.

Rayner, Nigel; Anderson, Robert P.; Van Decker, John E. “Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises” Gartner, 17 August 2017, https://www.gartner.com/doc/reprints?id=1-4AGG8O0&ct=170817&st=sb.

NetSuite.com. “Business Intelligence.” Business Intelligence, BI, Business Analytics – NetSuite SuiteAnalytics, www.netsuite.com/portal/products/business-intelligence.shtml.

Captio. “Some Practical Examples of the Use of Business Intelligence.” Captio, 19 August 2015, www.netsuite.com/portal/products/business-intelligence.shtml.

“5 real life applications of Data Mining and Business Intelligence.” Cloud Data Integration Software | Matillion, 2 June 2015, www.matillion.com/insights/5-real-life-applications-of-data-mining-and-business-intelligence/.

Guest, Oracle. “OracleVoice: NetSuite And Oracle: It Started With A Shared Vision Of A Cloud Future.” Forbes, Forbes Magazine, 6 Oct. 2017, www.forbes.com/sites/oracle/2017/10/05/netsuite-and-oracle-it-started-with-a-shared-vision-for-a-cloud-future/#393006423ebc.

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