Over the years, large companies have benefited from business intelligence but the associated costs have made it difficult for small and mid-sized businesses (SMB) to achieve similar results. However, there are many ways in which SMBs can improve their productivity with business analytics. Although they may lack the resources to have an internal analytics team, there are software solutions which can provide the following benefits:
Small businesses can compete with larger ones
The ability to access and analyze large volumes and types of structured and unstructured data – such as data from social media, commercial transactions etc. is revolutionizing business processes and transforming entire industries. This upheaval and transformation levels the playing field for companies of all sizes.
Better alignment with strategy
SMBs are more agile than their enterprise counterparts, which enables a rapid and comprehensive use of BI tools across the organization. With some customization of the software it’s possible to provide the information needed to continually monitor performance against their strategic goals and long-term objectives.
Empower employees with self-service capacity
Self-service BI lets users gain the insight they need to make informed decisions without having to ask their IT department to help every time they need a new report. Self-service BI tools for SMBs also deliver significant long term cost savings and productivity improvements.
Availability of mobile BI
For some SMBs, mobile devices are the best choice for the delivery of Business Intelligence to employees. For example, providing real-time information to a sales team through their mobile device can improve productivity by enabling them to complete the pricing analysis they need in order to successfully conclude customer negotiations without returning to the office.