Being able to understand how your business is performing and where it is headed are both key benefits of the use of business intelligence in small business. A gift of the business software age, business intelligence takes a million tiny bits of seemingly meaningless data and transforms them into a meaningful whole. The result is an overview of your business’s past, present and future that can be used to make tough decisions and alter course, if need be. But what is involved in using business intelligence and will it really work for your small company? Read on and learn more. The BI world has arrived.
(Editor’s note: While we usually bring you the very latest in online updates on all small business topics, because of the complexity and growth seen in the business intelligence field, we thought we’d start with some brief introductions. Even though these posts are a bit older, they’re a great way for readers to get up to speed on business intelligence, if you’re new to this topic as it relates to your SMB. Then fast forward with us into the next section as we look at how BI is affecting small business today.)
Business intelligence for small businesses too. You don’t need to be a Fortune 500 company with revenue in the stratosphere to benefit from the application of business intelligence. Would you like to know which of your products fared best last year and which cost the most in relation to return on investment? We thought so! A simple analysis of data your business may already be collecting could hold the answer. Small Business Computing
So what’s all this BI stuff about anyway? Here’s a closer look at the intelligent approach to your business and why you should care. Want to make more informed decisions about your business today than you did yesterday? What if you could harness the information your business may already have about what works and what doesn’t and use it to make more educated decisions in the future? Meet business intelligence and learn how it can change everything. Small Business Computing
Where We Are Now
It’s about to get a lot more important. A report suggests a 25 percent growth in opportunity for business analytics services through 2015 especially in offerings bundled specifically for small to medium sized businesses. That’s businesses like yours! “Many SMB business decision makers (BDMs) and technology decision makers (TDMs) are looking for data-driven business analytics and intelligence beyond spreadsheet-driven charts,” says Donald Best of AMI-Partners which authored the study. How about you? Business Wire
Tools & Products
New products bring business analytics to SMBs. Here’s a brief product preview of one particular offering from SAP. Take a look at this brief overview with basic functions, capabilities and pricing. Then for a more detailed look see the full press release at the link below. PC World
SAP announces business intelligence for small business. Here’s the full company press release on the latest generation of business analytics software that brings high level data analysis for multiple users within the grasp of smaller firms. How would you use fully featured business intelligence software at your small business? Small Business Trends
More business intelligence tools for your small company. Whether offered as SaaS solutions or more affordable stand-alone software, page through these cool selections that can deliver high powered analytics to your small business. How will these data analytics tools help you make decisions in your business tomorrow? Information Week SMB
BI for Lenders
Small businesses are not the only BI users. Lenders too are making use of Business Intelligence systems to evaluate credit histories of small businesses with whom they do business. Is your lender using business intelligence to make decisions about lending to your business? How could small businesses use similar tools to identify business partners and clients of concern in the future? Market Watch
Make sure your business intelligence solution delivers. Despite increased investment in business analytics solutions, a recent survey by the UK’s National Computing Centre suggests that 53 percent of IT decision makers considered the overall performance of these systems “no more than average.” Though the promise offered by business intelligence may be great, small business owners have always been a pragmatic bunch. Use the tools that work. Don’t be swayed by the flavor of the week. Accountancy Age
The future of business intelligence? Richard Herschel, Chair of the Department of Decision & System Sciences at Saint Joseph’s University, attempts to give a profile of an emerging field and the problems it faces on the way to becoming the kind of useful tool that businesses can rely upon regularly for information to help make decisions at every level. What is the main area of your business in which you could benefit from greater data analysis today? BeyeNETWORK
BI goes mobile. An announcement by a business analytics provider signals a trend toward business intelligence on the go. Do you need all the data your business has produced with you where ever you go allowing you to make that next important business decision? The future is here. A mobile analytics solution allows you to make business decisions based on all available data no matter where you are. Yahoo! Finance
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