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Business intelligence software has helped with some of the clamor and clutter of data in recent years. They provide useful dashboards for WIP and revenue planning data sets. However, BI simply isn’t enough as it stands. It doesn’t represent a true solution to data management problems, only a band-aid.
Simply put, the problem that BI solves is only presentation. The data used still needs to be acquired, collected, consolidated, and confirmed by your financial analysts. It doesn’t do enough to aid in the process. In some cases, it can add to the workload and margin of error by adding another layer of data entry. On top of all of that, the data the dashboard displays may not even be of use. An elegant presentation of numbers doesn’t add any significance to said numbers. Your analysts may spend hours inputting data that doesn’t reveal the key insights your company needs to know.
What companies need isn’t a dashboard that regurgitates the same numbers in a prettier format through a painstaking process. What’s needed is a product that analyzes and interprets the data you input to deliver meaningful insights. Your company deserves a dashboard that shows them what the numbers mean, not just what they are.
With all of this in mind, let’s take a look at how Briq makes BI an obsolete software, and how implementing it will save your financial professionals time, effort, and money.
Automated data consolidation
It’s well known in the industry that a bulk of the work in construction finances is triple-checking your numbers. A single misplaced digit can cause a cascade of inaccuracies across financial documentation. That’s why the finance team spends a painstaking amount of effort cross-referencing and acquiring their numbers before inputting them anywhere.
Business intelligence only adds to this problem. It doesn’t exist as a true consolidation platform, but as another data entry software for the explicit purpose of presentation.
Briq achieves the same result without demanding any additional effort. It does the work of pulling all the information together automatically, so you don’t need another layer of data entry or countless additional consolidation spreadsheets. When information is updated on a WIP, the data flows into your project forecasting and straight to the dashboard. Once you’ve put in the numbers, Briq will do the work for you.
With Briq, the process is as seamless as the product, saving your analysts hours of labor. You’ll only ever have to input a number once.
Connection to all your software
The reason Briq can achieve the aforementioned data consolidation is based in its connectivity. Your best employees likely have a list of logins and a browser full of tabs, as they spend hours just acquiring the data from the various platforms the data exists on. This process slows down the data consolidation process considerably. That’s why Briq is built to connect to all the services and software you know and love to save you time.
Briq’s goal is to make it so that your company only needs to input a number once. By connecting to all the software the company is already using, Briq is capable of delivering consolidated information from across different platforms. The function of a BI is already served by Briq as a feature of the product.
An integrated financial automation platform eliminates the need for additional BI software. With all of your data already in one place for analysis, dashboards and key visualization of information are easily achieved. After all, why bring a paper map to the car, when you can install a GPS?
Custom user interface
Briq describes itself as a platform instead of a product for a reason. Other services have limited tools and default software that can only be used within the interface it came with. The dashboards businesses can create aren’t made to suit their needs. They’re made to work within the constraints of their BI software.
At Briq, we believe it doesn’t have to be this way. In fact, it shouldn’t. This is why Briq’s interface is fully customizable and personalized to the needs of your business. There is no default format or specific, awkward setting your team will need to learn. Briq offers you the tools to decide how you want your dashboards to look, and what information you want to be included. From forecasts to previous projects, down to subcontractor cost history, Briq lets you do exactly what it is you want with your data. The platform's interface will fit your business’s needs and unique strategic analysis, not the other way around.
Business Intelligence as a feature, not a product
Data dashboards are a useful tool, but they won’t stand the test of time as individual products. It doesn’t make sense to have a separate, disconnected software collect manual data inputs acquired from other software. A data collection software that offers no insights or analysis on that data is just a glorified spreadsheet.
A financial automation platform fulfills the same role as business intelligence as a part of its system. Information flows automatically to your desired dashboards. That information is then analyzed and compiled into a presentation that’s meaningful to the goals of the company and the people looking at it. The packaging of that information shouldn’t be an additional cost. Business intelligence needs to be a feature, not a product.
Construction companies need more from the services they pay for to remain competitive in the modern marketplace. They need Briq. Contact us today and schedule a demo to find out how Briq will fit into your business.
