Business Intelligence is a set of techniques and tools to transform raw data into relevant, useful for the purpose of business analysis. Do small businesses need it? Previously, only large companies have the resources and manpower to crunch the numbers and use the software.
Tools business intelligence are now more costly and resource intensive. Technology has evolved to be lightweight, powerful and accessible to small / medium businesses. BI has been used in a many ways like Procurement Business Intelligence (BI)
These advances have provided business intelligence solutions that do not require coding knowledge to build dashboards and review data.
It is unrealistic to expect small business owners to fret about the technical aspects when there are other more pressing issues like attending to customers and staff management. These tools have business intelligence analytic functions easily accessible, data display that counts.
Many intelligence solutions are also provided by external companies that specialize in data analysis. This can significantly reduce costs, priorities and capital for other business investments that deflected accounts. Advances in intelligence software were also faster and faster to process data.
Business Intelligence can help small businesses to compete with large companies. In the long term, it might even be able to help small businesses increase their market share and to generate income from unexpected tracks.
The analysis of the data helps business owners make informed decisions that could have an impact on the welfare of the company. The data include analysis of market trends and changing consumer behavior and appetites.