Businesses cannot deny their need for business intelligence. Businesses of all sizes accumulate data, and many times they are stored involuntarily. From keeping track of your business to finding an old business idea, accumulated data could be used in various ways.
Data could become a burden or a boon to an organization depending on how they recognize it and use it. With Business Intelligence, you could make data work miracles to your organization’s efficiency. While businesses are used to struggling with large amounts of data, they believe BI could be just as mundane. On the contrary, BI solutions simplify data for better understanding and easier decision making.
Some argue Business Intelligence is beneficial only for large enterprises and not for small companies and start ups. Here, we would like to explain 5 reasons how business intelligence could work wonders in small businesses too.
Get more out of every one:
In small businesses today, people don different roles within the same organization as per demands. This is also a problem for small businesses. For example, a person who is good with customer relations may not be technically sound. In situations like these, Business intelligence for small businesses plays an important role by providing analytical data that is easy to understand for everyone. This way, small businesses can assign more roles to their personnel without affecting their core efficiency.
Not just from within:
Business intelligence works not only from within the organization but it also helps you to know the pulse of your audience. BI tools for small businesses have numerous ways to know what your customers think about your products or services. In small businesses today, retaining customers is their primary objective to business growth. BI tools help you to have transparent and rewarding relationships with your customers.
BI tools are also used to understand how your competitors are faring and make adjustments to your businesses to increase your customer base. This is vital for start ups and small businesses that are bent on growth to survive. When you don’t have extensive data that large enterprises have, intelligence about what your customers feel about your competitors can give your business a competitive edge.
Many small businesses are dependent on their employees who work from remote locations. To put things to scale, about 2% of USA’s total work force works from remote locations a majority of these being employees from small businesses. When your personnel are working at different locations, BI enables them to access data whenever they need it. They could take references and traces from different locations to make well-informed decisions.
Better Visual Representation:
Data may be complied in any format, but all data is not useful for clear insights. Data should be visualized to help people make the right decisions. The human mind is tuned to understanding visuals better. BI tools simplify data and help you to make great presentations and analytical charts to draw insights or to convince your customers. When every marketing pitch is made with a visual presentation, using the right BI tools could go a long way for small businesses for acquiring new customers.
As we had mentioned earlier, small businesses do not have the data bank that large enterprises have. Multinational corporations compile data from their decades of past experience to prepare predictive trends. But compared to them, small businesses have more to gain from business intelligence. Small businesses and start ups need to plan for the future to achieve optimum growth and to set realistic targets. SMBs could collect information from diverse means including POS, marketing, Social Media, and Loyalty Data to provide crystal clear insights which the decision makers could use to plan for the future.
In recent years, BI tools for small businesses have increased by leaps and bounds. In fact, compared to large enterprises, small businesses have more options and tools for Businesses Intelligence due to various industrial sectors small business have expanded to.
XCEL Solutions Corp has worked with several SMBs and large multinational corporations to provide them with state of the art business intelligence solutions. With 17+years of experience, XCEL Corp has provided affordable BI tools and solutions for small businesses and start ups across 20 different industrial sectors.
To make the best use of data that is available to you, get connected with XCEL Corp immediately.