Business intelligence: the need of the hour!
Posted by LauraDerbyshire on May 21st, 2020
Business intelligence is the set of techniques and tools for transforming raw data into useful and meaningful information for business analysis purposes. Do small businesses need it? Previously, only large corporations had the resources and manpower to cut numbers and use software.
Business intelligence tools are no longer expensive and require resources. The technology has evolved to be lightweight, powerful, and accessible to small and medium businesses. These advancements have provided business intelligence solutions that do not require coding skills to create dashboards and explore data. It is unrealistic to expect small business owners to worry about technicalities when there are other more pressing issues like serving customers and managing staff. These business Intelligence tools have analytical functions that are easily accessible, displaying important data.
Many intelligence solutions are also provided by external companies that specialize in data analysis. This can greatly reduce costs, with priorities and capital diverted to other business investments that matter. Advances in intelligence software have also made data processing faster and faster.
Business intelligence can help small businesses compete with large corporations. In the long run, it could even help small businesses increase their market share and generate revenue in unexpected ways. Data analysis helps business owners make informed decisions that could affect the well-being of the business. The data includes analysis of market trends and changes in consumer behavior and appetite.
A lot of these solutions are now geared towards a younger crowd. It is designed for collaborative decision making, visualization, and analysis of iterative scenarios. Younger entrepreneurs want business intelligence solutions that are easy to use and do not require extensive training.
However, to use these solutions effectively, there must be enough quality operational data to actually process. If the data set is small, all you need to do is look at it to determine the results, then business analysis tools are not for your business.
Cloud computing is a word that many people use today. But it is a reality. Business intelligence solutions based on cloud computing have gained popularity among small businesses due to their self-service analytics. Requires minimal IT intervention.
Before embarking on these intelligence solutions, it is important to determine what data you want to collect. You must know the questions you want to answer, not just get the latest sophisticated software. Otherwise, it is a monumental waste of time and resources while fighting in the dark.
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