The analysis of data has always been helpful to companies as it helps them to move forward and make better business choices. Business Intelligence (BI) is often associated with large corporations, but small and medium sized businesses can also utilise BI software to stay informed and make positive data-driven decisions. In this article, experts at Syntax IT Support London explain why now is the time for small businesses to utilise Business intelligence for growth and success.
- Competitive pricing
Small businesses generally shy away from BI because the software and infrastructure required is expensive. While this is true, cloud computing and Software as a Service (SaaS) has meant the introduction of more affordable offerings. Small businesses don’t have to use expensive BI tools from large vendors to perform good data analysis and generate insights. They can instead utilise commercial tools which are inexpensive or even free. If you do desperately want to use a top BI application, software comparison offers competitive pricing so it is not out of the question.
- Better budgeting
With access to the right data, small businesses can budget more efficiently by discovering where their money is well spent and where they are getting less value. Business Intelligence does the analysis for you, so you can work out where to cut costs and how to invest wisely for higher returns in the long-term.
- Expansion and growth
Small businesses must utilise data to expand and grow. BI can identify the best-performing aspects of your business and indicate demographic trends relating to geography, population and age. This means you can pinpoint your target audience and expand your business by focusing on specific groups and a reas. You might have some idea of what you need to do to grow already, but relying on instinct can be risky. Use BI and reduce risks by ensuring that important business decisions are always backed up by data.
- Online presence
As potential customers typically engage via smartphones and social media, it is incredibly important for your company to have a good online presence. BI lets you monitor the success of social media posts and determine how well your current strategy is working. Learn what kind of posts your audience respond to and target users better to boost engagement.
- Visual representation
BI tools can take your data and present it to you visually for better understanding. Sometimes business decisions do not become clear until you’ve seen your data in a certain way; this is because the human mind is tuned to understand visuals more easily. Clear graphs and charts can also help you make great presentations to convince clients and customers. You don’t have to read through endless lists of numbers anymore – let BI tools do some of the work for you.
- Always be ready
Unexpected market changes can damage businesses irreparably, particularly in the early stages of a new venture. You must learn to adapt to changes and be prepared to alter strategies in line with current trends. This can be difficult to do alone, so why not invest in some help? Using BI means you can take advantage of analytics to anticipate seasonal changes in demand and prepare yourself before new trends emerge. Analyzing customer patterns is helpful and keeps you one step ahead of competitors.
Small businesses must learn that intelligence tools are not only for the benefit of large corporations. Using BI can prevent your business from getting left behind and allows you to target potential customers more successfully. Growth depends upon the use of data and BI is more accessible than ever, so now is the time to take advantage.