By Michael Benedict on October 27, 2016
Can business intelligence (BI) work for your small or medium-sized business? You bet. It’s not just for the big, Fortune 500 companies anymore.
What is Business Intelligence?
Simply, “business intelligence” refers to summarizing the data you capture in the course of doing business, then taking that information and transforming it into easy-to-read charts and graphs to gain insights into your company's performance. Originally — in fact even just five years ago — only the largest companies could afford the pricey and complicated tools used to perform this type of analysis. Today, many small businesses can afford these tools and get them up and running without an IT team —and they are much easier to use than ever before.
According to industry expert Dresner Advisory Services, a third of small businesses and more than 20 percent of mid-sized businesses have used BI products in the past three to five years. In fact, a study by IBM and MIT Sloan found that analytics- and business-intelligence-driven companies outperform their peers by 2.2 times.
Business intelligence software in general, and GoCanvas Business Insights specifically, can yield all sorts of insights:
The Power of GoCanvas Business Insights
Let's say you're inspecting your store, work site, or piece of equipment regularly. One inspection by itself doesn't tell you anything other than “this happened and this is what we did about it.” But the power of data is that information accrues over time. Once you have data from 10, 30, or 100 inspections, patterns begin to emerge, and you can start to be more proactive and less reactive.
For example, a dashboard allows you to analyze employees' time cards. How many jobs is each employee completing per day or per week? How much time is each employee spending between jobs? Which employees are the most/least productive?
Interested in understanding how business intelligence – and GoCanvas Business Insights — can help your company use its data to make more informed decisions, run day-to-day operations, and create better strategy? Download the free eBook, See the Moving Parts in Your Business — GoCanvas Business Insights.
What’s in this eBook?