“The goal is to turn data into information, and information into insight.” – Carly Fiorina.
That exactly is the goal that Business Analytics fulfils to its best. Today, when we are surrounded on all sides by heaps and mountains of data, it becomes vital to put that data into efficient use to bring in a large amount of productivity and profitability. With Business Intelligence Services, which has a future to stay, the road becomes easier. It is a doable task now, to manage and maintain the heaps of information, delve deeper into those, derive insights and take decisions based on to that, to serve the business in a better fashion. Instant, fast, secure & reliable – the information is on the fingertips now, thanks to BI.
Earlier, it used to be only large conglomerates who went in for this novel technology but with the passage of time, you find even small and medium enterprises feeling the need for Business Intelligence Services to expedite their business multifold and that is becoming the trend too. You will find hardly any SMBs who are not implementing BI in their organization.
With Changing Times, BI is now a SMB’s Choice Too
We only saw big enterprises going in for BI, with a feedback of heavy cost, multiple infrastructure complications, lot of resource inputs etc. not making it viable for small and medium sized business. But, gone are those days. Today, even small businesses yearn for BI and have started adapting it and leveraging the potential of the same. There’s no looking back to digitization and data analytics now.
Today, small businesses are flourishing at a faster pace as compared to the large ones. Mobile apps have brought the globe closer and hence the reachability to information is a must for everyone now. Small businesses are able to get in Business Intelligence Services into their daily activities with efficiency, cost effectiveness, detailed insight and high end security. This has resulted into the best of future predictions, better decision making and higher performance and security. It is now feasible for the entire team to be able to go through a similar range of information be it any location, size, segment or environment, since it’s a simple execution – create dashboards / reports based on the information collected, without any need for programming knowhow. A visual treat is the best way to convince and explore any kind of information and that is what BI does the best. Saves time, money, efforts all at the same time.
As exciting and attractive it may sound, for small time business owners, it is a major decision as there is a lot of unawareness and ambiguity that is spread all over. At that time, what is most important is to analyze which and how the BI solution is simplistic and straight forward enough to display and extract the information in a visually appealing and understandable manner.
5 Areas of Use in SMEs where Business Intelligence Services Serves the Purpose Successfully
- Analyzing Sales Information for Optimization of Production Agendas
One of the major matters of concern for SMBs is the estimation of stocking the inventory and deciding on the production agenda based on the sale data. BI helps indeed, in analyzing the sales information so effectively that there is optimum production done without neither wastage of inventory of scarcity of the same.
- Envisaging Sales Info with the help of Project Records
Based on past information which usually is in bulk, there are possibilities of analyzing and inferring the future moves in terms of what sales would happen and in which geography. It may seem tough to do it initially but once the process and its parameters are set, it becomes a very easy task for stakeholders to estimate the upcoming sales in each region with each product owing to BI solutions.
- Estimating Cost Factors Based on Market Trends
Somehow this area gets neglected if not for BI. BI has helped small enterprises focus on the cost factors right from the beginning based on its collected information and thereby, predict and analyze market prices as compared to what the enterprise is offering.
- Collating Information for Customer Analysis
After all, the customer is our key target. Gaining knowledge about what our customer wants and looks for should be the prime target. And that can be garnered best by collecting surveys and feedbacks from them. Manually handling all of them could turn out difficult and that is where a good BI solutions helps in automated analysis of surveys to showcase the different needs of the customer and gain deep insights into the information base.
- Tracing of Labor Overheads
Be it production, sales, delivery or any other service, the common group that interacts is the labor. Knowing how productive they are, what costs are they incurring and how to curb that is highly essential for small entrepreneurs. Business Intelligence Services help to analyze labor related overheads and thereby take corrective steps for the needful.
Nirvana Solutions LLC, as a Business Intelligence and Analytics Services Company in USA, provides end-to-end, cost effective business intelligence services to global customers, following best practices in software development and consulting services. Our world class services and solutions add value to our customers and we have a wide experience of working with enterprise clients across the globe including Fortune 500 companies, across multiple domains, showcasing a multi-device, multi-platform, multi-technology driven approach. Our pool of skilled and talented professionals ensures quality assurance practices offering uncompromising business growth for our esteemed clientele.
Visit http://www.nirvanapps.com/service-offerings/data-analyticsto request for a Free POC to test drive our Business Intelligence Services.