When deciding to expand your business into new countries, you want to make sure that you are well prepared. Modern analytics and business intelligence (BI) tools can be used to jump-start your business in new markets, help you monitor your performance, and offer you thorough visibility to your new subsidiaries.
Analyze your leads with BI
When expanding to new markets, you are probably using softwares like Vainu, Leadfeeder, Salesforce, and others to generate leads and manage your sales. Whether you are using only one or multiple software, you can really benefit from BI solution. You can consolidate all your sales and lead data into one reporting platform and analyze what are your best performing products and who you should be targeting. You can also save money because you don’t have to get everyone their own licenses for each software.
Consolidate your financials easily with BI
You have probably become very familiar with your local accounting, payroll, and HR software, but they are not likely compatible with other countries’ regulations. This means that with every new market you need a new software. Consolidating all your data manually for reporting for each week and month means a lot of work.
With BI, you can automate all your data flows from different software and get rid of all the manual work and excels. You can easily see how your whole business is doing in real-time and can also drill into details of your new subsidiaries. You can customize your layouts and present the information just as you want without any compromises. Automated data flows also offer you transparency, you can trust that you are getting the data unedited.
Make sure you have your data in order
It is important that you make sure from the start that your new subsidiaries’ software is implemented so that it supports your reporting. Make sure that your accounting, ERP, and other software collect the data as you want to measure and report it. For example, make sure that your accounting tracks intercompany transactions separately, and your dimensions are the ones you want to follow. It is also important that you maintain master data for your cost centers, products, customers, and vendors between different software so that you can easily consolidate your data.
Juha Kapanen, Senior Data Analyst at Greenstep
Read about our Business Intelligence Solution BI Book and book a demo!