Do you know what Business Intelligence is? This concept has the task of analyzing a vast amount of information produced by a company and making it useful, guiding decision-making at a strategic level.
When we talk about this subject allied to the accounting sector, we see in this combination a great competitive advantage, since accounting is naturally responsible for various data.
The truth is that BI emerged as a way to assist in the arduous decision-making process of an accounting department. Chugiat Udommana, an Entrepreneur with bachelor’s and master’s degrees in accounting, knows very well the role of BI within a company, especially in the sector we are discussing.
According to the specialist, who is currently at the helm of a Thai restaurant located in Ocean City, with important roles of ensuring high quality, meeting standards and service levels, BI can be used for operational efficiency, Customer Relationship Management (CRM), performance monitoring, and even predictive analysis.
“BI tools can optimize operations by identifying inefficiencies in processes, such as supply chain management, personnel, and inventory control. This leads to cost savings and overall efficiency improvement. Additionally, BI systems integrated with CRM tools help understand customer behavior, preferences, and feedback. This data is valuable for personalized marketing campaigns, loyalty programs, and improving customer satisfaction,” adds Chugiat.
Still on the subject, the entrepreneur says that using historical data and advanced analysis techniques, with the aid of Artificial Intelligence (AI) and automatic processes, for example, BI helps in demand forecasting, trend identification, and even future sales prediction.
“Automation and artificial intelligence (AI) contribute significantly to a business in various ways. AI algorithms can analyze vast amounts of data, including sales numbers, customer feedback, and operational metrics. This analysis provides valuable insights into customer preferences, market trends, and areas for improvement. AI algorithms can also optimize pricing strategies, analyze sales performance, and identify revenue opportunities, leading to greater profitability for companies,” emphasizes Chugiat, who has volunteered as a receptionist at the American Red Cross and in the WSU International Service-Learning Project.
Blockchain in Accounting
Still on the subject, Chugiat made a point of talking about blockchain technology, which is currently revolutionizing the accounting market, providing its users with a secure and transparent way to record transactions.
The specialist, who has multifaceted expertise with a true entrepreneurial spirit, also mentioned that the technology significantly contributes to the accounting aspect of a consulting business in various ways.
Chugiat continues: “Blockchain reduces the need for manual reconciliation and audit processes, leading to cost savings for consulting firms. The automation and efficiency provided by blockchain technology streamline accounting operations and reduce administrative costs. Additionally, the technology creates a transparent and tamper-proof ledger of all financial transactions. This transparency builds trust between the consulting firm, its clients, and other stakeholders.”
Still on blockchain, it can be said that it operates on a decentralized network, making financial data accessible from anywhere in the world. This global accessibility facilitates collaboration with clients, partners, and stakeholders worldwide, increasing the efficiency of consulting services.
“Blockchain technology revolutionizes accounting practices in consulting firms, promoting transparency, security, efficiency, and cost-effectiveness in financial operations. It empowers consulting firms to offer reliable financial services and add value to their clients’ businesses,” concludes.
