Companies have the opportunity to learn more about their customers than ever before, as online data can provide plenty of insights about the people who buy their products and services. However, it needs to be used properly. While the sheer volume of potential metrics can be overwhelming, proper business intelligence is a necessary tool for success. For small businesses, a strategy founded on business intelligence is an advantage over larger competitors, as smaller companies are traditionally better able to pivot and adjust their processes based on real-time results.
What are 6-business intelligence must-haves for every small business? Read below to find out.
A Clear Vision
Companies today can measure pretty much anything, making it far too easy to get bogged down in unnecessary numbers. Take the time to define what you hope to accomplish by using analytics. Set benchmarks, identify KPIs, and most importantly, understand why you’re deciding to focus on those areas.
Once you start measuring your company’s KPIs, you’re going to want to keep tabs on them with regular reports. Figure out a time to review and act on your data, and share that information across all areas of your business. In addition to those standard reports, it’s necessary to dedicate some time to gather data that’s relevant to the current market climate.
Reporting takes time. Dashboards on the other hand, offer the ability to see a quick snapshot of your overall business health in real time. The information is usually presented in easy-to-read charts or graphs and can help busy entrepreneurs gain valuable insights in minutes that could ultimately shape corporate strategies.
Use your overall business goals as a base for what to measure and take a deeper look at your data. Examine all areas of your company – from the sales cycle to your website – to get a clear vision of the workflow. This will help you to understand what’s working well, and what could be more efficient going forward.
Test, test, and test again. You’ll be able to confidently move your company towards its goals using data-backed decisions. Leverage your data to understand what’s happened in the past in order to help predict what could happen in the future. Use that information to tweak processes and achieve your business goals.
Your data should be delivering actionable insights for your company. Use analytics to understand what’s working for your business and what’s not – that way you’ll know which projects are worth your time. Take the insights you’ve gained through reporting and adapt your strategy to what’s happening in the moment. Regularly checking in with data gives your company the chance to head-off potential trouble as soon as possible.
We can help your small business build a business intelligence strategy and start making the most of your customer data. Contact us today to learn more.