Business intelligence. For many small business owners we have access to all kinds of business data, but we get lost when it comes to sorting it out and using it effectively to grow our businesses.
In a recent article from Smallbiztechnology’s own Ramon Ray, that appeared in the Wells Fargo Business Insight Resource Center, he talks to how small businesses can harness business intelligence to get an edge up on the competition. He speaks to how Business Intelligence (BI) software can help owners quickly compile and analyze information relative to sales, inventory, customer satisfaction and other key metrics, identify primary business challenges and make data-driven decisions. He also provides 5 tips on how to get the most of your data, including:
- Look at what drives a products performance
- Learn from your peers and neighbors
- Analyze the bottom line
- Find ways to improve processes
- Know where to look.