While small and midsize businesses (SMB) have witnessed rapid growth over the past few years, the truth remains that there is always scope to improve and realize better profits and returns. So, to no one's surprise, countless options in the market claim to help SMBs do just that. Moreover, though most of them are qualified to deliver on their promises of better business, there's one tool that presents extraordinary potential: Business intelligence. BI takes raw, unprocessed data and transforms into insights to serve the business' interests; sourcing, structuring, evaluating, and then transforming data into coherent, conducive insights that empower SMBs to address the challenges they face.
Unfortunately, change is never readily accepted, and so is the case with BI. A study found that 11 percent of companies view business intelligence as not only a roadblock but also a possible issue. Data also revealed that 3 percent of businesses avoid taking up BI altogether. Despite the resistance, BI has found takers -- takers who have reaped immense benefits already. Also, thanks to the influx of small scale vendors, BI has become accessible to SMBs as well. On that note, let's take a look at some of the leading BI trends that SMBs would do well to adopt.
1. Self-service BI offerings: A global research company believes that self-service business intelligence tools will soon deliver better actionable outcomes as compared to those achieved by business intelligence specialists. So, you know BI is virtually crucial at this point. Self-service BI solutions are better suited SMBs at the verge of implementing BI adoption since they not only integrate into daily processes but also allow companies to concentrate on perfect business results.
2. Data governance: Don't forget about regulations governing data, especially personally data -- regulations like GDPR. It is crucial because this can significantly affect decisions of business that is seeking to make use of their users' data to attain valuable business insights. Being up-to-date with regulations as well as any changes to them will help SMBs bypass any potential legal issues. Also, they should make sure that both the vendors as well as the BI solutions they offer comply with relevant regulations because, without it, a business will risk being slapped with hefty fines.
3. Artificial intelligence: Research suggests that 38 percent of companies are already using artificial intelligence solutions to fortify their business decisions. It is because it can deliver insights at a mind-boggling pace and identify trends that analysts may have overlooked.
Another study about business intelligence found that three elements play a vital role in the successful adoption of BI in a company: operations, sales specialists, and executive managers. Once you have this aspect taken care of and have thoroughly understood the trends that affect BI, such as the ones we have listed above, you can quickly welcome trusted business intelligence services into the fold and watch them get to work, taking your business to newer heights and delivering superior results.
Kaushal Shah manages digital marketing communications for the enterprise technology services provided by Rishabh Software. This article explains how business intelligence helps SMBs to solve business-related problems, make informed business decisions, and enhance performance.