Self-Service BI Platforms, without human expertise, are not for SMEs
Business Intelligence (BI) is basically the art of leveraging data to make better decisions in order to drive business improvements. Most big corporations have BI tools in place, IT teams to maintain them and financial analyst teams to interpret the results. Most Small to Medium-Sized Enterprises (SMEs) cannot afford to deploy and maintain these tools, let alone have a team of financial analysts on the payroll to interpret data. It doesn’t seem fair. Why should only the large enterprises of the business world profit from insight generated BI?
Due to the time, resource, and profitability constraints that most SMEs face, very few are able to leverage the benefits of BI. Many often outsource their accounting and have no in-house CFO, or financial controllers, let alone an IT department and financial analysts available to deploy, maintain and interpret a BI system.
According to an article in Forbes, 89% of business managers believe Big Data will revolutionise the capabilities of business reporting and decision-making. Clutch states, 73% of senior executives say improving data visualizations is a strategic imperative.
Data-based decisions lead to predictive outcomes based on data trends from numerous sources being analyzed on one platform. While these trends are being embraced by big companies, most smaller companies will not be able to take part in the revolution due to lack of resources.
This situation is screaming out for a new way of delivering BI to SMEs that does not require complex deployments and additional resources in IT and finance. Some way of leverage new advancements in cloud technologies and pooled human expertise that can be shared across multiple SMEs must now be feasible.
Reasons for BI Solutions
If SMEs could leverage BI tools and resources they could realize multiple benefits:
Insights and recommendations based on data trends and variances, enable focused decisions that can have big impacts to increasing profits.
Free up Resources and Time:
Many SME owners and managers spend hours cobbling together spreadsheets to try to get some view into their businesses. A good BI tool combined with expert financial support can make this exercise obsolete. It can free up time for these leaders to focus on their businesses, decision-making and families rather than be buried in Excel.
SMEs often find presenting their business to stakeholders (shareholders, investors, bankers) very challenging due to a lack of comprehensive current and historical views of the business. BI tools can enable SMEs to present their business in an easy and complete way any time they need it.
In a nutshell:
SMEs need access to affordable, accessible, and efficient BI technology. They also require human expertise to enhance their ability to interpret and highlight data insights. BizCoach by ImpalaCloud is a cloud-based service that combines a BI platform with financial analyst support, providing a new type of service to SMEs that enable them to make decisions with the same type of data-driven insights as big corporations.