Large businesses often serve as a guide to business intelligence software and how it can benefit the business. As a result, many small and medium-sized businesses believe it’s not quite as useful for them. Once you understand how the software works, you’ll see that it’s highly beneficial when used properly.
Understanding Business Intelligence Software
The purpose of business intelligence software is to analyze all of your business data. Instead of using multiple programs to organize and analyze all the data a business collects, BI software combines numerous tools into one solution.
Businesses use the tools to create reports to help the business better understand opportunities, strengths, and weaknesses. Each business may use the tools differently, depending on their needs.
Guide to Business Intelligence Software Benefits
Most small-to-medium sized businesses are under the impression that they don’t collect enough data to need a powerful software solution to analyze it. Every business collects data and you could be missing out on quite a few benefits if you’re not making the most of that information. A few benefits include:
- Make faster decisions – Companies are five times more likely to make faster decisions.
- Make informed decisions – With organized data, you don’t have to guess about what to do next.
- Understand your customers – Analyze data to understand customer behavior and how to respond to it.
- Improve efficiency – Instead of gathering data from multiple programs, employees access one source for all their needs.
- Understand your business – Reporting tools give you valuable insight into your business’s performance and even future outlook.
Looking to large businesses as your guide to business intelligence software is a great way to see the benefits in action. Just remember that those benefits apply to any business, no matter the size.
A Guide to Business Intelligence Software in Action
There are already numerous small businesses embracing the analytical power of business intelligence software. The incredible thing about these solutions is you can use the data in different ways to benefit your business. Rely upon other small and medium-sized businesses as your guide to business intelligence software to better see how to incorporate it into your own business.
Compagnie Financière Tradition went from using unwieldy spreadsheets to business intelligence software to quickly analyze employee performance for contract negotiations. Instead of taking months to analyze data, it only took moments.
Business intelligence software isn’t just limited to specific industries. For instance, retail businesses use the software to track inventory shrinkage and to better identify new procedures for preventing theft of common items. The apparel industry uses the fast analysis to keep on top of the latest fashion trends.
Mutual Distributing Company in North Carolina serves a guide to business intelligence software in a mobile format. The company’s sales team utilizes the mobile function to quickly create reports and PDFs for customers and even keep track of sales even when they’re not in the office.
As this report shows, there is a growing demand for business intelligence software solutions in every industry and every size business. From restaurants to college admissions, if there is data being collected, there is a need for a solution to gather and analyze it all.