Business Intelligence (BI) solutions enable SMBs to drive their business based on facts opposed to gut feeling alone.
This is critical in today’s complex business environment, where the explosion of information has made managing such enormous volumes of data and turning it into useful information a huge challenge for SMBs.
Since data is the lifeblood of any business, it is critical that SMBs develop strategies that account for data’s core role in driving revenue-generating activities. Business Intelligence tools enable this via more efficient and customised reporting and analysis. This in turn allows SMBs to run their business based on up-to-date facts, so they can easily make informed and intelligent business decisions. This results in improved business performance, competitive advantage and long-term stability.
According to industry analysts IDC, SMBs looking to enhance their competitiveness with BI need to:
- Provide fast, consistent access to company data and deliver a “single version of the truth” to all employees
- Give decision makers the data they need to “aim before they shoot” so they can make better operational and strategic business decisions
- Stay agile in the market to outsmart competitors
- Look for a low total cost of ownership (TCO) in all technology choices
If your business can relate to the above points, then a well-designed BI solution will help you succeed and stay ahead of the competition. It will enable your business to become even more nimble and your employees even more aligned, so they can act smarter, move faster and make better business decisions. This is a critical for survival in today’s complex and competitive business environment.
The good news for SMBs is that the recent BI trends have resulted in solutions that are much cheaper and more flexible, and thus more suited for companies in this segment. The main difference between these solutions and the traditional BI solutions is that they allow the professional user to analyse his/her data without intervention from consultants. This makes sense for SMBs, since they do not always know exactly what information they are looking for. Therefore, they can adjust their KPIs as they go since the solution is more dynamic in nature.
To find out more about the latest BI trends and get five tips for better data utilisation, download our free whitepaper: