Business data analysis or business intelligence (BI), as it is better known, is helpful even for small businesses. It is not an activity exclusively for large companies. But, unlike the big corporations, you likely won’t have a data analyst on staff. In this case, here are tips for analyzing your business data so that you can gain new insights to propel your small business forward.
There are many software solutions available that gather data from a range of sources fast and easily for you. Often they are drag and drop tools, such as Datapine.
The dashboards are customizable and often these types of software enable you to monitor data in real time. You can even access the figures on mobile devices, such as your smartphone, in addition to your desktop computer. You can use the technology for analytics such as comparisons of internal sales to external marketing spend.
How Business Intelligence Helps Small Businesses
You may wonder, why do I need BI? Is it necessary? Yes, if you want to enjoy a long future with your small business. Business intelligence solutions provide a great way to make informed decisions quicker than you might otherwise do.
Consider a scenario, for example, where you receive spreadsheets from different employees that show multiple versions of what the numbers are for your small business. Rather than arguing over whose spreadsheet is correct, you can use BI to get the definitive answer. Save time and get accurate figures too.
Also, BI enables you to get in-depth analysis that you might not have access to, such as which products do the best in which seasons. You will also have the data at your fingertips in a software dashboard, all in one place, rather than lost in a stack of paper on someone’s desk. Perhaps most importantly, analyzing business data can provide better efficiency and effectiveness for your small business.