“Without data, you are just another person with an opinion.” – W. Edwards Deming
Data science and BI is the new talk of the town. As Indian SMEs are growing at a lightning fast speed, we need to think of smarter ways to conduct business. We are living in an age of cutting edge technology particularly in the domain of data. In this article, I am gonna discuss what role exactly does BI plays for an SME, to make intelligent data driven decisions to support their business.
It is eminent that if want to make strategically geared decision making model, you will need to take help of data. Data, as some people say, is more precious than blood, in today’s generation. The entire purpose of implementing BI models into your SME is to facilitate better decision making by leveraging data. To explain how exactly application and adoption of BI helps in growing an SME, I would provide departmental analysis in details.
Department wise analysis of BI in an SME
- The HR department- It is the duty HR department, to ensure employee satisfaction, productivity analysis and tracking of payroll. BI proves helpful in all these aspects.
- The finance department- Helpful in Analysis of in-depth insights of financial data, budget tracking (quarterly and annually). It also helps in identifying in potential threats to your business health. Apart from this, financial stability check can also be tracked with Business intelligence.
- Sales department- Business intelligence can help you to check with the nitty gritty of sales cycle, funnel analysis and a lot more. It can help you with conversion rates analysis as well as revenue generated from previous sales and present sales tracking.
- Marketing department- It can help you with the current and past marketing campaigns. In which places exactly you were lagging and what are the improvements further needed. Also helps in identifying what could work and what could fail in the marketing department.
- Executive leadership- On an overall basis, you are less dependent on gut feeling, more on scientific methods to improve your position as an SME owner in the industry.
Why BI is important for Indian SME owners?
This is the question, which i have found most of the SME users asking. So lets discuss why it becomes so much important for an SME owner to get their hands into BI.
- Gaining knowledge about client insight- Be it any business, including an SME, everyone likes to get an idea of the buying patterns of their customers. This is the reason basically, companies are investing money and manpower to get a BI report regarding this. This will also give you an idea, what all products needs what all improvements. It will in-turn uplift your sales and boost your growth.
- Improved visibility- Gone are the days where you need to read a hundred page annual reports to check the progress of a company. With BI insight, you can track where your enterprise is heading towards.
- Efficiency improvement- A proper business intelligence can help your SME to track the progress in revenue, and of-course productivity. It is a lot more easier task to share inter departmental information, saving your time upon reporting, data extraction and data interpretation. It also helps in reducing redundant roles in an office, because you are aware what to do next. Also, It allows employees to focus more on work rather than thinking about the trends in market. For the latter, we have data, and we have tools to extract insights from it, called BI.
- Sales related insights – When it comes to sales, customer relationship management is a great deal. When, as an SME owner, you have customer communication and interaction with you, you have a wealth of data. you can analyse this data and utilize it for strategic initiatives. Apart from this, retaining the existing ones and tracking the new ones can also be done easily with BI usage.
- Competitive advantage- As an SME owner, you might have thought about what your competitors are doing. So in this regard, having some features of BI can actually give you a real time data analysis of what they are upto.
Final word for an SME owner
One thing which I would like to say, hiring and having an analytics team may not be that easy for you as an SME owner. In that sense, there is always an option of using software as a service ( SaaS) with all the features. TranZact is one such platform, where you get detailed analysis of all your BI reports. If you find this article interesting, then please do visit our official website of TranZact. Signing off, as Ayush, stay tuned, stay connected.