Sophisticated Data Analytics are no longer only achievable for large corporations. Data Analytics - or Business Intelligence (BI) - is becoming increasingly available to all businesses, most notably through the rapid acceptance of Microsoft’s (free) Power BI Desktop app.
This analytics service allows the data present in every business to be transformed into interactive visualisations, allowing organisations to examine data to understand trends and derive insights necessary to make informed 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’.
How can BI support growth in your organisation?
1. Strategic Planning
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 from present and historical data is essential to the growth of all businesses.
2. Business Expansion
Do you know which of your products and services are your most profitable? 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.
Image: An example of a Power BI dashboard.
3. Customer Engagement
Studying the data provided by 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.
4. Prioritise Your Focus
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.
Growing a business is a big challenge. It takes dedication, foresight and commitment. With the right systems and technology on board, your business decisions can be backed with reliable and quality data.
How can Diamond help?
Our software development team uses world-class Microsoft technologies to deliver Power BI solutions through SQL, SharePoint and even Microsoft Excel spreadsheets. Through our approach to BI, we can help to focus on capturing accurate and timely information that allows you to make informed decisions.
Embracing BI doesn't necessarily mean you're re-inventing the wheel - Business Intelligence is often crafted from existing data sources and systems, and can be complementary to your existing software and business processes.
If you would like our assistance on harnessing the benefits of Business Intelligence, call us on 1300 307 907 or contact us via the "Let's Talk" button below.