3 key business intelligence tips for SMEs seeking to avoid project failure
Data is a fundamental part of the business world these days. Our increasing reliance on online products and services means there is more information available than ever before, with this being a vital resource that organisations need to both protect and also make use of. This is where business intelligence – or BI – comes in.
The concept offers an ideal opportunity for businesses of all sizes to analyse their data and use it to make informed and effective decisions on how they can move forward. However, if you’re one of the estimated 5.7 million small and medium-sized enterprises (SMEs) in the UK, just how can you make a strong start on the issue of BI?
Here are a few ideas on what SMEs need to consider on BI in order to ensure that their future projects are always a success.
1. Preparation is key
Small business owners will have heard this a lot during the course of developing their venture, but preparation from the outset can make a huge difference to many things – including your use of BI.
While it may be tempting to dive head-first into your data and make snap decisions based on your first conclusions, take some time to think about what you want to achieve and define some clear objectives. These can then be used to form the basis of how you use and implement BI.
As Forbes recently outlined, the concept was once regarded as ideal for compliance and risk management. However, recent research in the US by Dresner Advisory Associates revealed improving revenues was now the most popular objective for many businesses in 2019.
2. Consider your options
Once you have some sense of where you want to go with BI, it is time to consider what tools you may use to achieve that goal. Different technology and platforms to support data analytics seems to emerge almost every day, so assess a range of approaches to ensure you get one which works best for you.
One issue which is growing in prominence at present is the idea of embedded BI, which Sisense explains as the idea of adding analytics into existing applications. It is seen as a good way to keep things simple and offer a straightforward user experience, while Sisense adds that it believes its use will only grow in the years ahead with the rise of the Internet of Things and wearable devices. Could this be an option for your company?
3. It’s good to talk
So now you have a plan and the right platform in place, it is vital to take some time to talk to staff about going forward. In order to be able to fully harness the benefits of BI you need to have your employees on board with the concept, as well as ensure that they fully understand how it should be used in the long run.
Providing training and clear communication is fundamental if you want to ensure that any project is going to get up and running without a problem.
Boosting your business intelligence
Small businesses have a huge amount to consider and deal with and the idea of using platforms to sift through data may seem like a daunting process from the outset.
However, modern business intelligence tools can provide huge benefits to growing firms and even help them gain insights which ensure they can more effectively compete with larger rivals and competitors.
Getting off to the right start with BI is a vital part of using it correctly and we hope that the advice above will set you on the right path to leveraging your data and discovering a brighter future.
