Why Small Businesses Absolutely Need Business Intelligence Services

business intelligenceYour small business needs business intelligence services in order to manage product innovation, retain customers, and take advantage of the many features provided by cloud service brokers today.

The one small problem? If you’re like most Americans who have to manage a small business without much help, you probably don’t know much about what business intelligence services even are, much less why your business needs to be using them.

With that in mind, let’s start with the basics:

  • Business intelligence tools allow you to collect and analyze data, ultimately boosting the efficiency of your business and allowing you to make better decisions, but without costing an arm and a leg.
  • Most businesses use business intelligence dashboards to help them stay organized and present their data in a way that’s easier to digest — but in its raw form, business intelligence can include everything from using a mobile app for data entries, to creating visual representations of a project’s success.
  • In most cases, this means using a cloud computing service provided by a reputable company. Cloud computing services allow businesses to store large amounts of data in a safe place outside of their normal storage areas, and it allows employees, clients, and business partners to access the same information, to work together and make changes with the data, regardless of where each person is physically located.
  • The ultimate goal of business intelligence — and the reason why so many businesses have begun focusing on it — is to use the large amount of data that the business is already generating and storing but unable to analyze. In fact, even though over 50% of businesses already use (or plan to use) cloud services, experts estimate that around 99.5% of existing data is actually never used. The reason? Most businesses simply don’t have the analytical tools to do so efficiently.
  • So now the most important part: why do small businesses need business intelligence services? More data and better decision making means you can provide better services to your clients without sacrificing productivity. And since small businesses also need to pay close attention to finances, relying on cloud services could actually save you a lot of money; about 84% of businesses that began using cloud based platforms stated that they saw an increase in savings. Last but not least, business intelligence tools allow you to store data and analyze it later; coupled with flexible cloud based services, businesses have the ability to grow, save information, and use it when they need it.

When you think about, the name itself — “business intelligence” — really says it all: business intelligence services are any tools you can use in order to understand your business better and help it grow.

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