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If there is one business software application small business owners should launch an investment today, its Business Intelligence (BI) software. Why? It’s because BI makes hard types of analysis easy for small businesses. The job of the data scientists can now be performed by ordinary employees because modern BI software introduces new and less complex approaches in data analysis.
With BI, small business can now transform its business data into useful information easier, faster and more accurate. Moreover, small business executives can now make strategic, tactical and operational business decisions with more confidence all because of Business Intelligence software.
If forecasting sales and marketing numbers is on top your small business priorities in 2015, then BI software is the right solution for you. Thousand of big companies have already tried these Top 5 BI for Large Business and they were successful.
But you don’t have to be big to understand the concept behind Big Data and Predictive Analytics, technologies that empowers BI. With thousands of online resources, research studies, surveys, reports, white papers and software experts from companies like ITQlick that can help you better understand BI, it’s about time that you take the big leap in business computing.
So how BI software can benefit your small business? In general, BI software could address your data management needs and decision support processes. It could also improve your business monitoring and performance strategies. More specifically, here is what BI software can do to your small business.
BI can improve sales and negotiations. Most BI software solutions have basic Analytics and Reporting features that your sales, marketing and project management teams can fully rely on.
Your sales team can access sales trends, customer preferences, and demand forecasts in real-time with the help of features like Ad hoc Reporting and Geospatial and Location Intelligence. Your marketing team, with the aid of Web and Social analytics, can better manage its marketing campaign activities.
Project management team can negotiate well with vendors with the help of Advanced Reporting. With Mobile BI capabilities and Collaboration tools, they can immediately access previously managed contracts and proposals which can serve as useful references during the negotiation process.
BI can help identify new business opportunities. BI software solutions are fully equipped with Business Performance Management features like Scorecards, Budgeting and Forecasting, Financial Consolidation, Planning, and Risk and Performance Management.
These features allow c-level executives at the basic level identify the business’ core strength, weaknesses, opportunities and threats (also known as SWOT). At the higher level, the same features allow executives to conduct competitor analysis, customer demographic analysis, and in-depth market research, all of which are crucial in identifying new and better business opportunities.
BI helps eliminate wastes of all kinds. Data Management features of BI software such as Data Discovery, Data Governance, Data Mashup and Modeling, and Metadata Management allow companies to explore and identify specific areas inside and outside the organization that are overlapping, inefficient and non-productive.
With the help of features like Interactive Visualization and Reporting, it is now easier to validate information related to losses, defects, overspending, overstocking, and other aspects that waste company time and resources.
It is evident from reports that a significant number of small businesses are already seeing the big potential in BI software. About 50% of SMBs today are eager to leverage the data they’re producing to gain a competitive advantage. These are the businesses which have a budget of $20,000 or less.
Our software analysts and experts here in ITQlick have analyzed more than a dozen BI software solutions in the market and we’re seeing some promising trends in this industry. One of them is the growing popularity of cloud-based BI.
Many SMBs and large enterprises are now adopting solution in the cloud since it promotes better collaboration inside and outside the organization. Another trend is that BI is going more mobile. Mobile BI addresses the needs of business users (most especially those who supports the Bring Your Own Device or BYOD movement) demanding access to information anytime, anywhere.
BI software application is a solution that allows small businesses gather, store, access and analyze their data to aid in better decision making. And because BI software solution has these advanced and robust features that can help your teams better manage the day-to-day business operation, without a doubt, BI software can truly benefit your small business.