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Business Intelligence Considerations To Help You Make Better Business Decisions

Submitted by Teo Graca | RSS Feed | Add Comment | Bookmark Me! | IBC print

Most small business owners have figured out by now that competition is tough. The problem usually comes from the fact that she can't figure out exactly what's needed to get to the top.

Preserving the status quo may not be enough. Pouring funds into the latest technology available can be a wonderful boon -- or the last straw that sends the business into bankruptcy. In this feast or famine world, it seems like the majority of small business either (a) don't have enough technology or (b) have every new technology ever created as soon as it's created.

Regardless of the technology spend, though, there do exist some relatively new technologies that every business owner can utilize. This technology answers questions like:

How can businesses identify important trends?

How can businesses find existing demands?

How can businesses make better decisions, faster?

And this technology is the crystal ball of our time: business intelligence (BI).

Buying BI software can be one of the most rewarding investments that a business makes. By utilizing data-mining, reporting, and querying, BI allows businesses to understand, manage and then respond to specific situations. BI software gives key decision-makers, as well as staff, the ability to use important business numbers in a way previously unimaginable.

BI helps them determine:

· Which customers appear profitable -- but aren't?

· Which customers are truly profitable?

· Is the business close to, or far from, achieving critical milestones?

· When is the optimal time to launch a new marketing objective?

· What was the best-performing product/service in any given time period?

Unfortunately, BI software can cost more than some small businesses can afford. But fortunately, there are BI services available on the Internet at a relatively reasonable cost. Although there are many to choose from, it's important to do your due diligence before selecting one.

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