Business Intelligence Features Your Small Business Needs
Tips From Business Intelligence Experts
The Global Business Intelligence and Analytics Software Market is predicted to grow at a compound annual growth rate of 10.4% over the next several years, reaching approximately $55.48 billion by 2026. Is your company taking advantage of the software that can save your small business time and money?
Business intelligence (BI) refers to the tools, technologies, and strategies employed by enterprises to collect and analyze raw data and turn it into actionable information. Small businesses often neglect to engage a business intelligence strategy, assuming the software is too expensive or that BI is a strategy reserved for bigger corporations. There’s a new host of BI platforms offering scalable features catering to small businesses, which will save you time and money. This article looks at some of the business intelligence features that are important for your small business.
Business Intelligence Dashboard
Remember the days when data for a report had to be collected by the technology department or compiled by a data analyst? With BI, all employees can access the information needed for their role in an easy-to-use dashboard, customized with relevant information. Using BI software that allows dashboard customization allows you to look at the information that’s most relevant to your company. BI brings multiple data points into one place, saving time by eliminating a bottleneck from the technology department and decreasing the potential for misinterpretation.
Key Performance Indicators (KPIs)
Each department should be able to provide their own data sources in whichever BI platform you choose. Marketing, Sales, and Finance Departments can add Web Applications like Sales-Force, Facebook, Databases, and Cloud Data. Once installed, your data sources fill your dashboard with KPIs to monitor your business’ success. These KPIs will help you track your goals and growth over time.
Say goodbye to your Microsoft Excel spreadsheet with dozens of data columns. When deciding on business intelligence software, look for built-in data visualization capability. Graphs and charts update in real-time to present data in a clear and accurate format. You’ll save time creating presentations and can use the time saved to analyze and act on the data presented.
Dashboards and data visualization technology allows you to analyze current and historical data. Business intelligence platforms also offer predictive analytics so you can understand what is likely to happen in the future.
Predictive analytics uses artificial intelligence to study past data and historical trends to predict potential outcomes and future customer behavior. Look for BI software with predictive analytics functionality that’s easy to understand so that you can take action based on the predictive analytics results.
Business Intelligence software gives insights to the employees who need them most in a format that is easy to understand and ready to present. An investment in BI technology for your small business will result in time saved for your employees and money earned when these tools are used to their full capacity.
Are you ready to take the next step to invest in your business? Let Agency Partner help you determine the software and strategy to set your business up for success.
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