Business Intelligence (BI) and Analytics is no longer just for large corporations. BI is becoming increasingly available to all businesses, most notably though the rapid acceptance of Microsoft’s (free) Power BI Desktop app. Data present in every business can now be accessed and used more easily to make better business decisions.
Previously, data would be manually imported (or sometimes linked) into spreadsheets, with custom calculations providing the feed for subsequent analysis and charting. Each bespoke model was then maintained by the creator – until such times as their role changed or they left the company. The alternative was enterprise grade BI tools, with the accompanying cost and complexity.
Today, using a tool such as Power BI, employees with some training or an analytical mind can create models that will deliver interactive visuals and actionable insights from data that is currently ‘invisible’.
The onus remains on business owners and managers to understand the data being analysed in order to draw valid conclusions – but the threshold for access to this world has been lowered considerably.
Here are some ways business analytics can help you expand your business the data-driven way.
The right data coming from the right sources can clarify where you should be focusing your resources. The right BI will allow you to view the world objectively to help prioritise the activities your company needs to thrive.
2. Business Expansion
Do you know which of your products and services are hitting the right notes, and where? Business Intelligence analytics can pinpoint your business strengths and weaknesses; and indicate trends by geography, population or other demographic indicators to help expand and grow your business in the right direction.
3. Customer Engagement
Studying the data provided by your business intelligence can help hone your customer engagement strategy not only through your social media and marketing presences, but via direct contact with your customers. BI will show you the big picture, then let you drill down into customer-specific data, to improve your engagement with customers by having all the relevant data about them close by to offer better service. BI can also improve direct one-on-one contact, by revealing historical needs as well as trends in their buying behaviour.
Perhaps one of the best payoffs for small businesses that invest in good business intelligence is the ability to accurately and appropriately prepare for the future. The days of relying on gut instinct alone in planning for the future are gone. The ability to view measurements and insights is essential to the growth of all business today.
Growing a business is a big challenge. It takes dedication, foresight and commitment. With the right toolkit on board, the task will be that much easier!
How can Diamond help?
Every business, small or large can benefit from Business Intelligence (BI). Each BI technology has its own strengths and weaknesses and it’s important to get the right advice about what best fits your business need. If you would like to learn more about BI and how we can help you get the most out of your data, contact us today. To contact us simply complete the form below or call us today on 1300 307 907.