Businesses typically attempt to track their data and information using software such as QuickBooks, Salesforce, etc. Eventually companies find themselves dedicating more energy focusing on how to get information from these software solutions to cross reference rather than focusing on their primary business. Typical way of functioning as a SMB is to export data into spreadsheets.
A greater challenge is presented when people export data from systems into spreadsheets to do their analysis, creating multiple versions of analytics with no standards.
At some point a company will need to optimize for efficiency. Optimization requires understanding the business as a whole and identifying the appropriate solution for managing key information to move the business forward. By bringing systems and data together businesses have a better opportunity for strategic decision making based on the past and present with a plan forward using a holistic approach for Business Intelligence.
Costs of Inefficiency
Hiring an employee at $25/hour will cost approximately $63,000 a year without overtime hours or bonuses. Each year that cost increases added costs each year for cost-of-living per employee. This multiplies with each new employee added to manage the disparity.
Benefits of a Business Intelligence Assessment
Data collection and Key Performance Indicator (KPI) analysis are critical for any business. When a company captures data and analyzes KPI’s, it becomes more competitive and efficient to better position itself in the marketplace. A company that understands the intangibles differentiates itself from its competitors.
The best practice is to have short-term and long-term strategies by having a Business Intelligence Assessment to address business critical issues having the greatest impact to the overall business. Long-term strategies can be used to implement lower priority issues as the business grows.