Business intelligence tools can provide many insights and benefits for companies, including time- and cost-savings. For small and medium-sized businesses, the ability to use fewer resources for analytics that can improve operations, drive up revenue and streamline the way an enterprise is run, a BI solution can be invaluable. With business intelligence, SMBs are able to monitor the results of various strategies and policies in real-time so they can make adjustments to get a better return on investment, which has the potential to reduce spending and help the company grow.
Are SMBs ready for a BI solution?
Business 2 Community says that all SMBs should be thinking about integrating business analytics into their companies. This will allow them to track key metrics that will provide greater insight into the current state of operations, making it easy to see what is and is not working. In turn, they will be better equipped to approach various weaknesses and make effective changes to improve the business as a whole.
"Nowadays, there is a need for all businesses to gather and track more and more business data if they want to compete hard and continuously grow," Aravind Natarajan, head of marketing and business development at Zoho Reports, explained to the source.
Natarajan pointed out that SMBs typically already use cloud services, which means their business data is already conveniently stored in an easy-to-reach place. This also opens up the possibility of using mobile BI software, putting data analytics in the hands of all employees. Mobile BI applications can also help make the information more relatable and easier to understand than raw data or complicated spreadsheets, the source pointed out.
Harness the cloud
To be able to access and analyze data, SMBs will need a place to store the information they collect. For many, cloud services provide a viable and inexpensive solution. Not only does cloud technology make data accessible to employees regardless of whether they're in the office or working remotely, but it also reduces the need for hardware and physical storage.
A recent report by Techaisle looked into the growing rate of small and medium-sized enterprises investing in cloud technology, and the findings showed that cost is not the main factor. Rather, cloud services give businesses the ability to take on bigger projects and operations that they might not otherwise have been able to handle due to time and cost-restrictions, such as data analytics, big data, and collaborative BI.