If you’re a small business, do you need a business intelligence solution (BI)? The hype you read about big data, Internet-of-Things and artificial intelligence all seem to point that a business without a BI tool is bound to lose. True, maybe, but not in a black-and-white sense.
Business intelligence is only as useful as the value you put into it. If you prefer street-smart antics running your two-branch business, having the coolest BI software like Sisense won’t do much.
More likely, you’ll be quick to ignore the insights generated by this tool when it contradicts your own intuition. And it will. That is the power of big data, it hides a treasure trove of insights that no human brain can process without aid. In this case, the BI tool becomes a burden, both in cost and strategic use, even as you continue to grow the business using your sixth sense culled from experience.
In the same breath, your business’s future is compromised when you stick to what’s working in the present. A competitor that learns to leverage BI to its sales will have an edge. But that’s the catch–how to learn to optimize business intelligence if you’re a small business.
Learning BI isn’t just about how to use an advanced system like Sisense; it’s fully grasping the importance of why you need a Sisense in the first place. We can start with the basics: what is business intelligence, really?
Business intelligence is the actionable insight you get from consolidating huge volumes of data pulled from different sources. This insight allows you to make a more informed decision or validate a key strategic point.
BI also commonly refers to the software products that have proliferated of late featuring advanced analytics and visualization tools. These solutions offer tools like data warehousing, data visualization, OLAP, self-serve reporting and report scheduling.
Back to this question, generally the answer is yes. Even if you don’t have big data yet like a startup, you’ll soon accumulate tons of information. If you’re not data banking, something is fundamentally wrong with the business. Why? That means you’re not optimizing other key business processes like CRM, salesforce automation, help desk and inventory management. All these generate plenty of data every day that a startup will quickly rack up data in a few months. So, on the average, small businesses will have big data to feed into the BI system. You can also read about the importance of BI in startups in our separate article.
BI solutions used to be capital intensive, but cloud computing has since levelled the playing field for small businesses. Cloud BI like Sisense offers affordable price plans that fit a small business budget. More importantly, cloud solutions like Sisense offer a scalable option for fast-growing startups. A small business is never limited with what it is using now, as it can add more features and capabilities to match its growing needs. Sisense, in fact, has a huge customer base of boutique marketing agencies, startups small companies and nonprofits.
No longer the realm of large enterprises, BI is useful to small businesses in many ways. It can be for strategic decision or day-to-day operational efficiency.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.