The calendar has flipped to a new year, and everyone is busy making resolutions. Are you putting your small business first? One way to move your organization to the next level is to think of it as a booming, thriving business, worthy of investment, analytics and strategic planning, especially if you are growing a side business or just getting started.
Business Intelligence (BI) is a technology-driven process of data analysis that helps business owners boost performance. CEOs of large companies rely heavily on data analysis and business intelligence to measure where they stand and plan for where to go, but assessing those same factors at a smaller level is just as important. Tools, apps, software, and consultants can help you determine how to involve business intelligence into your overall plan. But what exactly does it measure, and what are the trends for 2015?
How BI Helps Business
Combining methodologies and applications, a BI program looks at both your internal and external systems, prepares reports, visual data and even a dashboard to help you quantify and understand the results of an analysis. Potential benefits of a BI program include:
- providing numeric facts for better decision-making
- tools to help you streamline internal operations
- ideas on how to leverage your business strengths over your competitors
- help in identifying market trends
- potential for problem-solving
- clearer ways to drive more revenue
Business Intelligence Trends for 2015
A whitepaper recently released by Tableau, one of the many BI software developers, hits on trends in business intelligence for this coming year. In summary, they expect a greater relationship with data, between both high-up decision makers and employees across the board. Using data to grow your business will become more mobile, social, and community-building. Look toward more integrated and user-friendly solutions to managing data, and prepare to see more fact-based infographics and visuals to link data to every-day happenings in business and community.
Are you considering using business intelligence to help grow your business? Data analytics and management software can benefit your bottom line but can be costly. Contact Bizlender to learn how a business cash advance or alternative solution to a traditional small business loan can help you invest in technology for tomorrow.