Most of us don’t normally associate Business Intelligence (BI) with small- or medium-sized businesses (SMBs). The huge investment required to hire data-delving specialists makes us think BI is only for larger organizations. But this is no longer the case. BI makes data management more efficient. Given that your business probably creates and holds more data than you realize. It’s time you start harnessing data that will help you to make more strategic business decisions.
You’ve already got the data you need
It’s easy to underestimate the amount of data your SMB already has at its disposal. In every area of your business, the software packages you use everyday are packed with reams of information. By talking to key stakeholders, you can get an idea of the kind of data you already have. You can think about using BI tools to transform that information to help your decision-making. No need for you to invest in time-consuming data generation from scratch!
Self-service BI tools are plentiful — and affordable
The emergence of self-service BI puts useful business analytics within reach of smaller business owners. In fact, there are numerous free self-service BI tools. Microsoft Power BI is a powerful application that’s pleasingly user-friendly, and most businesses will find the functions they need in the free version. Zoho Analytics has a low entry-level cost, too, and the slightly pricier yet still affordable Tableau is another option that’s worth exploring.
It’s easy to start
BI is an intimidating term, especially for the average business owner. But by taking small steps, it’s easy for anyone to start. Before you know it, you’ll be enjoying the benefits of intelligence-based insights. It will enable you to make better business decisions.
Most self-service BI tools come with built-in suggestions for reports that businesses commonly run and find useful. Other worthwhile statistics to explore include the percentage of your clients who cancel within a set period. In addition to, website landing pages, most profitable individual product, highest revenues dates, and which clients bring in the most profit.
Truly harnessing data is how companies like yours can make smarter decisions that increase efficiency and profitability. For instance, having self-service tools available means SMBs can afford BI. To find out more about putting in place the tools that can help you do smarter business, just give us a call.