As developments in AI and machine learning pick up speed, the need for Business Intelligence (BI) tools is also increasing. In fact, according to MarketWatch, “The Global Business Intelligence Market was valued at USD $17.15 billion in 2016 and is projected to reach USD $147.19 billion by 2025, growing at a CAGR of 26.98% from 2017 to 2025” – meaning that it’s growing at an incredible rate.
Up until recently, BI applications have only really been accessible to larger companies. As the market grows and diversifies, however, they are more available to start-ups and small businesses – and those who choose to take them on could stand to benefit greatly. But why should they?
In 2019, mindblowing amounts of data are being generated every second, and managing it is becoming exponentially more difficult – especially for businesses that are just starting out or who are a little more stretched in terms of resources.
BI tools such as Sisense and TIBCO Spotfire help to break down large pieces of data and analyse them to produce actionable insights, immediately improving efficiency in identifying areas of weakness or missed opportunities.
Data analysis is an absolute necessity when businesses are still in the growth and development stages, so having a tool to help with that is undeniably invaluable.
Better customer understanding
A report this year from Hootsuite and We Are Social found that we now spend 6 hours 42 minutes online on average every day. This goes some way to explaining why customers have lost trust and loyalty towards brands: they can find out almost anything about them online, and follow along with a hivemind that either encourages or discourages them to engage with them.
On the flipside, because people spend so much time online, it’s easier to understand what they want. BI solutions such as YellowFin BI draw together data from all platforms and various departments in order to create a more accurate view of who a business’ customers are and what they care about.
It may seem an obvious point to make, but you won’t sell to someone who doesn’t want what you’re offering – and establishing what they do want early on is an essential stepping stone towards success.
More streamlined CRM
Knowing what customers want is only half the battle – actually getting it to them is the other half. Looker, another key BI tool, analyses both web-hosted and SQL data, and accommodates more than 25 data variations in order to help increase customer satisfaction and convert site traffic into eCommerce data.
Already used by the likes of Sony, Time Out, and Deliveroo, Looker has proven utility when it comes to collating data and turning it into meaningful conversions.
A level playing field with competitors
The fact of the matter is that larger, more successful companies are already using BI tools in order to sift through big data and establish what it is their customers really want and need. By adopting the same BI tools, then, smaller companies are simply putting themselves on par with the heavy hitters (or at least moving towards it).
For a list of BI tools that are useful for small and start-up businesses, check out this breakdown from Finances Online. And for all your BI and Big Data recruitment needs, stick with We Are Data.