Running a small business can be rewarding and stressful at the same time. You will want to arm yourself with all the tools you can possibly use to succeed. When you utilize the proper tools you will gain an edge over your competitors and therefore increase your chances of not only surviving but thriving too, like with EPC Group Power BI Consultants. Business Intelligence or BI is an area that can really give you an upper hand over your rivals if used properly.
In today’s world data is key to just about any businesses success rate. Data which piles up each and every day is called Big Data. If that data is simply left alone it is of no use to your business. However, if you process it and analyze it, then you can put it to good use. For instance, when the proper information is extracted you can learn more specifically how your company is operating. This will tell you what makes it run smoothly and what doesn’t. This will also make crucial decisions much easier and effective.
The technology these days of BI has the ability to help you find events and facts in real time that can help you make the right predictions, and we all know how being able to foresee the future if even a little slice of it can be of great benefit to any business. BI assists you in taking raw Big Data and putting it into comprehensive information which can be used on interactive dashboards and in turn queried or filtered to give you the most relevant insights for your small business needs.
- Statistics of BI
A survey of about 400 CEOs by KPMG showed these stats
51% use data analytics for developing new products and services
50% use their analytics drive cost efficiency and process
49% use the analytics to seek out new customers
48% use their analytics to drive change and produce a strategy
46% make use of analytics to predict and manage risks
44% use their analytics to suit customers’ needs as well as profitability, value, and defect.
- The Market
According to Gartner, there will be continued growth and global revenue for those using BI will hit $22.8 billion by the year 2020.
- BI Sector Overview
The BI sector is experiencing record numbers in growth. The latest from Forbes says there are three factors which are driving the BI market, big data, and analytics. They state that the shift in enterprise to a more nuanced approach with customers, adopting new business models and entering new markets, and improving operational performance is benefitting all businesses involved. By analyzing the above figures and facts Forbes came to these conclusions.
In today’s ever-changing small business world it is extremely important to be on top of everything from customer needs to risk management to strategic planning and more. BI is helping many companies to do this in the best and most efficient way possible.