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DATA & ANALYTICS BLOG

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How Small Businesses Can Leverage Business Intelligence

Posted by LPA Software Solutions on Oct 26, 2021 10:26:00 AM

When Business intelligence (BI) first entered the scene, only large companies were able to enjoy its benefits. This was primarily because implementation required building data centers and hiring IT experts, which can be too expensive for small to midsized businesses.

But times have evolved, and today, BI technology can now be accessed anytime and anywhere using a smartphone. Experts are offering business intelligence consultation services to businesses of all sizes keen on making the most of BI. What’s more, eliminating the need to build additional data centers and hire people has gradually decreased the costs of BI and made it more accessible to small and emerging businesses

This article will explore the meaning of business intelligence and how it can benefit your small business.

What is Business Intelligence?

Business Intelligence (BI) utilizes technology and services to transform complex data into actionable insights, which can be used to make more informed business decisions. Using BI tools, businesses can access data sets and present analytical findings in the form of graphs, charts, dashboards, and other visualization types.

Here are a few ways small businesses can incorporate business intelligence solutions into their processes:

  • Measuring and Analysis of Sales Performance

Business intelligence provides marketing analysis tools that enable small businesses to monitor product performance and client feedback. This gives them visibility on what strengths to highlight and what weaknesses to improve on. Additionally, BI tools provide insights on trends and opportunities to help businesses increase their return on investment (ROI).

  • Mitigating Financial Risks

BI software translates data into information that can guide companies on the best ways to maintain a healthy cash flow. Also, most BI software has a tool that can be used to automatically adjust a company’s budget to keep their bottom line at a good level.

  • Improving Customer Satisfaction

Business intelligence helps companies better understand their customers by providing rich information on customer preferences and behavior. Through BI software, businesses can track engagement levels, “likes,” follower count, comments, and customer sentiment. It also gives them demographic information like age, gender, and location. These types of data can be crucial in redesigning your marketing strategy to better meet the needs of your target audience.

  • Saving Time

Data shows that employees spend 552 hours or 69 days a year completing administrative tasks—that’s one-third of the working year. This is valuable time that could have been spent on more important things like improving management and operations processes. BI tools boost productivity and save time by automating manual data analysis and reporting tasks.

Tried-and-Tested Business Intelligence Solutions

Drive your small business to success with business intelligence solutions from Leveraging the Power of Analytics (LPA). We help clients from various industries manage and leverage their data to make swift, effective, and growth-driving decisions. Through our business intelligence consultation and implementation services, we tailor BI solutions to address your organization’s specific data needs.

Reach out to LPA at (866) 783-9900 or fill out our online form to learn more about our services.