Business owners know that data and technology play an integral part in the sustainability of any business. This brings a lot of questions like what kind of data do businesses need to analyze and what is the right technology needed to facilitate business growth? What are the best tools out there needed for business? Coming up with the right answers can be a daunting task, especially for smaller businesses that might not have the budget, personnel, and technical knowledge for implementation. It is possible for small businesses to gather relevant and actionable business intelligence to help them reach their targets and leverage business intelligence.
What is business intelligence?
Business intelligence is the process of transforming data into valuable information that can guide decision-making, identifying trends, and giving businesses the growth needed. It involves implementing the right tools and processes to gather, organize, visualize and interpret data. The end goal of all these processes is to get a complete view of the business and its different areas. There are different ways in which businesses can use business intelligence. It can be used to analyze financial data to track revenue, profits, and other KPIs. It can be used to analyze customer preference and behavior. Can be used to track sales and marketing performance. Can be used to identify which operations need to be optimized.
An eCommerce company can make use of BI to find out at a glance their most popular products among consumers. This can be the case if customers are experiencing common problems with their products or services. There could also be delays with issues dealing with delivery. You might also want to streamline your sales process and decide to make use of BI to automate reporting of sales performance. You can analyze sales data in real-time to allow you to optimize your sales and lead generation strategies. You could also decide to create a dashboard to monitor customer satisfaction and identify what are the most common causes of customer churn in efforts to prevent it before it happens. Many businesses make use of BI tools to keep track of their financial metrics in real-time and track on areas where they are hitting or missing their targets.
There are many different business intelligence tools that can be used. Tableau is one of the leading providers in the BI and analytics market and can make a great choice for many small and large companies. It is a user-friendly application where users build dashboard and visualization data making it easy to find data they need all in one place.
Another great tool is the looker. It is an easy-to-use application for data analytics and a platform that helps companies explore, analyze and share real-time analytics. It also allows users to create custom dashboards for easy data visualization and makes it easy for stakeholders to have access to the most relevant data in real-time.
Another important tool that can be used is cluvio. It is a tool created with startups and small businesses in mind. Allows users to easily analyze data and create interactive dashboards that can be shared with your team. With this tool, your team can keep track of important KPIs, receive notifications based on the conditions you set as well as custom reports.