An important skill of a modern entrepreneur is information literacy. You need to be able to quickly collect and correctly analyze data in order to benefit from it. Everyone decides for himself how to do it: on his own or involving business analysis specialists. In this article, we’ll talk about what business intelligence is and how it can help make your business successful.
Any type of business requires constant analysis of information. It helps to transform accumulated data into concrete conclusions, based on which effective decisions can be made. The results of business intelligence (BI) help business owners or managers to generate and implement actionable ideas that allow them to earn more by reducing transaction costs. BI involves not only data analysis, but also performance management, predictive modeling, and more. Given the level of business development and its scale, various business analytics technologies are used.
Tools for Business Intelligence
Each stage of business development uses its own, most convenient business analytics tools. They simplify the entrepreneur’s life, save his time, and help find ways to optimize the company’s activities. At the beginning of starting their own business, entrepreneurs use simple data accounting tools (Excel, 1C) that work on the “do it yourself” principle. But as the business grows, there is a need for more serious analysis, and this requires other tools for studying and visualizing data, as well as the help of specialists — business analysts.
A business analyst (BA) is a specialist who optimizes business processes through the use of information technologies. His task is to identify the problem and find ways to solve it. In other words, a business analyst keeps a “hand on the pulse” of the company’s internal business development and responds to changes in the “pulse”. By the way, there is a relevant and interesting article on the Forbes website regarding the benefits of business analytics in the field of entrepreneurship.
The Importance of Business Intelligence
Let’s consider the value of business analytics on a simple example with the implementation of tools that collect data from the 1C platform.
- You use 1C accounting to carry out business activities.
A business analyst with the right set of tools can connect to your 1C and set up access to the full range of business information from your smartphone. You will be aware of what is happening in the company at any time.
- If the company has representative offices or branches in different cities, it is more difficult for the owner to control all processes.
A business Analyst, using the necessary tools, will be able to consolidate the flow of information and present it in a format convenient for you. You will be able to monitor all processes from your mobile device.
Services for Business Intelligence
The main task of business intelligence is the optimization of the business management process, the development of business activities, the search for new opportunities and options for the company’s exit to a higher level. Technologies offer a significant variety of competitive solutions. One of them is business intelligence services.
They perform the following functions:
- keep records of expenses and income;
- perform management accounting;
- provide marketing and sales automation;
- form reports (in particular, reports for in-depth analysis);
- carry out planning, etc.
There are various services for business intelligence:
- One category (the simplest) works according to the principle of a calculator: you enter data and the system immediately gives the result.
- More complex ones integrate with CRM/ERP systems, banks, Excel tables or receive information using a chatbot.
- The most advanced ones are fully automated, so they are much more convenient to use. Information is collected directly, so the business owner does not need to spend time searching and entering additional data to obtain the required information.
Automated Business Intelligence Services
The use of automated services simplifies the life of an entrepreneur, helps to make decisions faster. There are many universal platforms that equally effectively solve the tasks of bold young entrepreneurs and more conservative experienced business representatives. With the help of similar services, you can track:
- main business indicators;
- operational activities of the company;
- the efficiency of business lines;
- employee efficiency;
- receivables and payables, etc.
There are many modern tools with simple and understandable functionality even for an inexperienced user, which help to quickly learn and start working even with complex types of analysis, creating excellent visualization based on various types of data.
Business Intelligence (BI) is a vital skill for today’s entrepreneurs looking to succeed in their business ventures. By analyzing data and turning it into actionable insights, BI enables business owners and managers to generate and implement real ideas. This process covers not only data analysis but also performance management, predictive modeling and more.
As businesses grow, the need for more sophisticated analysis tools and support for business analysts becomes increasingly important. Business analysts optimize business processes with the help of information technologies and promptly respond to changes in the company’s development. Automated services make an entrepreneur’s life easier by enabling faster decision-making and enabling tracking of important business metrics, operational activity, employee performance, and accounts receivable and payable.
Thanks to modern tools and services, even inexperienced users can easily learn and work with complex types of analysis, creating convincing visualizations based on various data sources. Overall, BI plays a critical role in the success of any business and entrepreneurs must master this skill to gain a competitive edge in the market.