4 Signs your SME Needs Business Intelligence Solutions
If you’re managing a small business, you may be among those who believe that business intelligence (BI) is only for conglomerates and corporations. But that is just one big misconception.
BI has been around for several decades now, and large companies are finding them very useful when it comes to handling huge volumes of data. As startup owners, you may think BI is irrelevant for you since the volume of data you are handling is significantly smaller than those of large companies.
That is where you’re wrong. Here are four signs that your small business is in dire need of business intelligence solutions:
You find big amounts of data intimidating
We currently live in a digital, connected and data-driven world where vast amounts of data continuously flow from different sources, and it’s up to companies to decide how they will use this sea of information to their advantage. Big data could be intimidating, especially for SMEs.
If you are finding yourself overwhelmed by large volumes of data, then now is the time to make use of the various BI tools for SMEs that are available today. BI solutions will make it easy for your company to handle big data, allowing you to efficiently fish out which ones are most relevant to your organization.
Read Next: 4 Key Capabilities of Modern Business Intelligence Tools
Data analysis and interpretation feel tedious for you
With massive data coming from a lot of sources, handling big data can take a lot of work. For large companies who have the time and resources, this is not a problem. But for SMEs who do not have the same luxuries as them, the tediousness of data analysis and interpretation can put a really mean weight on the limited resources they have.
This is another problem that BI tools can address. With BI tools, turning a pool of data into useful information becomes significantly simpler and faster. This will save you a lot of time and resources, allowing you to allocate more of them into more important aspects of your business.
You are unsure of how to utilize your limited finances efficiently
Having issues with limited time for the job? Lack of manpower in your operations? Insufficient resources? If you’re facing such challenges, you’ve got your work cut out for you.
So as an owner, the most rational thing to do is to utilize every single resource efficiently, making sure that every area of the business produces optimal results.
However, some business owners are unsure as to how they would approach this. With the benefits of business intelligence solutions, this becomes more manageable. They allow you to focus more on your resources and decrease the costs incurred. In addition, they also provide you with an overarching view of the different areas of your business, allowing you to find out which ones are performing well and which ones are not, thus helping you maximize your resources efficiently.
You are not hitting your sales targets
In any organization, it’s important to have targets and goals, especially when it comes to sales. Setting them defines the direction that you want your business to move forward to and is also a way of measuring how successful it is. But what if you’re not hitting your sales targets?
Using BI solutions provide you the information you need so you can achieve your sales targets. With your customers for example, BI tools produce data that allows you to organize them into segments, which also helps in developing strategies specifically designed to cater to the needs of each segment. This, in turn, translates to higher sales for your company. BI tools also help business owners set realistic and data-based goals that are important in retaining customers.
Harnessing big data pushes companies to make well-informed decisions, that's why business intelligence is important in managing a business. And it’s not just for large companies anymore; with software and hardware becoming more affordable, there now exists BI tools designed for SMEs.
If you haven’t tried any BI tool yet, or if you’re seeing any of these signs, then now’s the perfect time for BI!
Interested in business intelligence for small business and other business solutions involving data? Get in touch with the financial experts at D&V Philippines, and get your copy of our Business Analytics whitepaper to learn more about Business Analytics and BI tools and how it can make a significant impact on your data!
This post was first published 28 April 2016 and edited 17 May 2021.
Edited by: Maria Katrina dela Cruz