Technology for MSMEs: Business Intelligence (BI) refers to the application of technology and practices that make way for collecting, analysing and displaying business information to enable a company to do better decision-making.
Technology for MSMEs: Effective data analysis can become a competitive advantage for any business with the right insights and deployment. Contrary to popular perception, establishing a compelling data universe is not only relevant to large-scale firms but also to small and medium-sized companies. They can also take advantage of the potential of various capabilities of business intelligence for enhanced business competitiveness.
Business Intelligence (BI) refers to the application of technology, strategies, and practices that make way for collecting, analysing, incorporating, and displaying business information that allows a company to have better decision-making in the business.
Business intelligence can help MSMEs reduce risk by better information on the expected demand cycle, customer feedback, and gaps in the market. According to a report by 360Suite, the global BI adoption rate stands at 26%. A 2019 report by Grand View Research claims that 46% of small businesses use business intelligence features like virtual networking as an integral part of their business strategy.
The primary role of BI is to extract critical insights from a mountain of data and convert them into actionable business information. Small and medium-sized companies can utilise this data to make strategic decisions, improve operational efficiency, and boost productivity.
Small and medium-sized businesses operate on a tight budget, so there is little scope for slip-ups and expensive buys. Opting for a robust business intelligence platform is critical for an MSME’s success that helps generate actionable insights.