Business intelligence (BI) software is being leveraged in so many ways for so many companies. For example, when your Amazon account suggests items you may like to purchase, they come up with these items through predictive analytics. Business Intelligence makes sure the big decisions in your business are the right decisions. If you think your small business doesn’t need to use BI software, think again. Trends develop, and if they are not analyzed, you could be leaving important insights on the table. These insights can be used for anything from creating an effective process, to understanding your customers’ behaviors to indicating when you should hire.
The data collected by your business can be powerful but only if you the right processes and technology in place to leverage it. Small businesses that understand the power of data and implement solutions to expose valuable insights gain an advantage over their competitors.
This is what you need to know about Business Intelligence today:
1. Gain Market Share
If you can compete with the larger shops because of your business intelligence software, you could gain market share. Your data can provide insights into trend analysis to keep you ahead of the curve. For small businesses, this can be a game-changer. If you can understand the trends and the needs of the consumer better than the larger shops, you will begin to hone in on their business.
2. Business Intelligence is becoming more User-Friendly
Traditionally, BI and analytics activities have been owned by a firm’s IT department. Companies more advanced in analytics may have even hired data scientists to uncover the deep insights they are looking for. The goal of modern BI software is to offer business analysts and end users the ability to develop insights without leaning heavily upon technical resources. This means a bit of business savvy and software training make insights accessible across your organizational.
3. BI is becoming more Affordable
If price was holding you back before, know that you should take another look. Vendors are making the software more affordable to cater to a wider audience. Newer technologies, such as open-source and cloud applications are making BI affordable. Small businesses are taking advantage of this new-found affordability and are able to leverage platforms that can help them reach their potential.
4. BI is becoming Mobile Friendly
For your mobile workforce, this is perfect. Many SMB’s find a mobile BI platform to be more practical than a traditional platform on your laptop or computer. You have powerful analytics in your hands at all times with a mobile platform.
If this has you convinced that you are ready to go for business intelligence software, be sure you know what you want to get out of your data before you invest. Answering questions should be at the core of your quest when it comes to business intelligence. At GadellNet, we hear several common BI questions:
• When should I hire?
• What is my anticipated cash position 45 days from today?
• How happy are my clients?
• Am I utilizing my teams as effectively as possible?
• Who are my high performers?
• What is my ROI on a particular investment?
• Is my marketing initiative working?
• Will we grow this year?
Come up with the questions that you want to answer. These answers, in turn, should help you reach your strategic goals. Your small business stands to gain incredible insights that will help you understand and predict trends and provide ways to increase your operational efficiency. Putting your data to work will pay off quickly. If you have specific questions on how to get the BI implementation process started, contact our consulting team.
author: Adam Steht