Surrounded by ever-changing technologies, Business Intelligence (BI) is a useful solution to utilize existing data and schemas used by a company to readily anticipate the future acquisition of information and implementation of new business models.
Enterprises and small businesses alike use BI to share information internally to easily collaborate and simplify sharing to optimize both time and operational information accumulated by different sectors of your business to ultimately gain insight into your business performance and recognize opportunities. BI can also be used with scalability and flexibility in mind for your business by prioritizing the building and maintenance of business models, analysis, and reporting. In the Sales sector of your business, for instance, Customer Relationship Management (CRM) plays a big role in the structure of the maintenance of the large amount of data accumulated through interactions with potential and existing clients. That accumulated data could be shared with other sectors of your business to build in-demand solutions to common problems that are encountered by a majority of your clients-which could be lost in translation if the data were not shared and accessible by your employees. Online Transaction Processing (OLTP) Systems, utilized by eCommerce businesses, does well to retain information from purchases but lacks a comprehensive way to scrape that data for analyzing and reporting. Enterprise Information Integration does well to serve as a sieve to be managed by Business Analysts and other employees to select what information will serve your business in the long run.
BI solutions can reflect your business’ understanding and responsiveness to problems in both existing and potential clients’ industries. It’s important to gather data and make decisions based on that data to learn and measure the results of implementation of new models based on that data! BI also helps to secure information by combatting fraud, mitigating risk for loss, and information abuse. It’s best practice for BI solutions to be constructed with analytical efficiency as a priority, to embrace historical data instead of overwriting it, to manage both data and meta data, and to build structures for accessibility for multiple internal employees, instead of only one or two.
When you consider business intelligence for small business, the return on investment stems from the fact that business intelligence accommodates growth. Business Intelligence reassures your business’ need to retain data as it offers insight into future trends and new methodologies that will help your business to grow!