march 03, 2023
5 key benefits of business intelligence
Turning data into money is no longer something only big corporations can do. Thanks to relatively inexpensive software and easy-to-use user tools, obtaining data and analysing it to grow your business has never been easier.
In just a few years, the use of data analytics has increased dramatically. The use of big data jumped from 17% in 2015 to 59% in 2018, an increase of 42%. However, a recent survey also showed that many companies are not using the data they already have at their disposal. Between 60% and 73% of all data within a company is not used for analytics. This is a startling fact when you think about the potential benefits for small businesses.
Here are just a few of them:
Keeping costs within budget
If you’re like most small businesses, your marketing budget is limited. Using business intelligence helps you maximise every dollar by helping you get to know your customers better, anticipate their ever-changing needs, gain a competitive edge and bring innovative ideas and products to market.
Making the best decisions
Not sure how to use your marketing budget? Or which keywords are most effective? How about predicting what will be in highest demand during Christmas sales? Business intelligence uses data to make decisions and improve accuracy, efficiency and response times.
The ability to measure results against overall objectives
Business intelligence gives you a clearer picture of goals and objectives. Using data visualisation, companies can track their current and past performance against key performance indicators (KPIs), goals and targets.
Business owners and marketers can use analytics to track trends, customer behaviour and market changes. This data will allow you to stay on top of developments and dynamically make changes when supporting data indicates it’s time to do so.
The speed at which companies can collect data is now lightning fast. With business intelligence, you can identify any process or performance failures in near real time, saving time, money and resources.
Any type of business can benefit from using business intelligence. Regardless of which tools you end up choosing, a deeper understanding of your data will help you stay on budget, complete tasks on time and stay up to date.