Previously, business intelligence and big data were reserved for big companies with an even bigger budget. Luckily now, with new technology and software, business intelligence is available to small businesses as well on an affordable level.
However, these systems are affordable, but not cheap, and can waste a lot of your company's money, and time, if not implemented and managed correctly. When used correctly, as advised by professionals in the industry, business intelligence can have a massive impact on a company's decision making processes.
Benefits of business intelligence for small businesses include:
· Better decision making
· Access to analytics and data
· Improved efficiency
· Increase in competitive advantage
· Better customer service
· Profit growth
The above is possible simply through the correct interpretation of data as you receive it. Business intelligence means being able to understand the information and statistics given to you and make something informative out of that which allows you to make informed decisions. The days of making decisions based on a hunch or theory are over, or should be at least for they are a risky business.
BI should look at all the factors that influence your business and decision making in your business itself. Working off statistics found on the internet or other company's statistics, is just not a viable option anymore as each company's clients and data should result in different results.
Once you have relevant data suited to your business it is important to manage that data correctly. BI solutions give you the statistics and analyse your data for you, saving you time where you would be creating excel spreadsheet after spreadsheet, and allowing you more time to work on the real issues. Using data correctly can only work to your advantage and help you to improve service, efficiency, product quality, customer satisfaction etc.