dAre you one of those entrepreneurs who are thinking to start a new business? Well, I am pretty sure you want it to be successful. In this fast-paced business world, it is necessary for you to have the insight and data needed in order to take the right decision at the right time. And to help you take the optimal decision, Business Intelligence (BI) is the key. It helps business professionals to drive their enterprises’ success, combining technology, analytics and knowledge. Some people think that BI is only needed for large companies. Wrong! As technology has rapidly developed BI tools are not only powerful and lightweight but also easier to access. If you want your business to survive in this competitive world, your business should be BI and analytic based. And, if you are confused how to start a business intelligence and analytic based business, follow these simple rules:

DELIVER DIVERSE TOOLS:

While you are running a business, you must make sure that all the necessary business intelligence tools are available. These tools are designed to fulfill various needs of the customers, and can be fully operated and adjusted by them. Using this self service BI tools, you can analyze thousands of data sources on your own. However, you must choose the right tool in order to address problems of many departments. For instance, CSV files or SQLdatabase can be used for sales departments, whereas for marketing, Facebook and other social media platforms can act as useful tools. Or you can get some packaged software offered by some BI software providers. However, before applying those on your business do cross check them to make sure those will be suitable for your business.

KNOW YOUR CUSTOMER:

One of the most crucial tasks to consolidate your position in the customers’ mind is to know them first. Do thorough market research and find out what your customers actually need. To acquire and maintain the ground of loyal customers you need to forecast their needs. With the help of business intelligence, you can gather data on your customers’ behavior and structure them in an evident form for easy and quick analyzing. And once you know your customers, it will be easier for you to make the right decision.

 

ANALYZE YOUR DATA:

You can’t run a successful business if you give up analysis of your data. You don’t need to hire an IT firm and wait for a long time until they analyze your data. Using self-service BI tools you can analyze your data online and get the reports immediately, saving it in a neat and clear format on your personal drive. It will allow you to analyze data in real-time, providing your company a competitive advantage.

BE COOPERATIVE WITH YOUR CLIENTS/PARTNERS:

To run your business successfully, you need to take care of those people you are doing your business with. Yes, I am talking about your clients or business partners. In this fast growing business world, sometimes they need to pull some information or data that needs to be available to them. For that, you must cooperate with your clients. The more you cooperate with them, the easier it will be to access their vital information, which is necessary to run a business.

ENSURE DATA SECURITY:

No business can run successfully if the data is not secured. To protect your data, you must move your business data to a secure data storage facility. Some BI tools offer secured data warehousing solutions. Cloud storage solutions are becoming popular because of the security reasons. However, you must be careful that the cloud service provider ensures strict data security and conducts regular security audits.

BE PRUDENT:

So, you are starting a business today. Where will it stand after ten years? If you don’t pay heed then you are putting your business at risk. You must think about your future growth. Well, you don’t have any crystal ball to tell you about the future, so you need to assume it by yourself. For that, you need to be prudent. You need to analyze your past and present performance and growth of your business, to find the key to the future growth.

Doing business is not difficult if you can use the right tools. using proper use of the BI tools, you can run your business smoothly. You have lots of information coming to your company every day. Don’t just store them; use them properly to make the right decision about your business.

 

Bron: thetechnews.com

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  • januari 01, 2014 Business Intelligence | Archief 2905

    ITIL Adoption

    The IT Infrastructure Library ITIL- germinated in the UK with the goal of creating a set of universal standards for delivering high quality IT services. Twenty years later, growing application complexity, increasing demands to improve service levels and…
  • januari 01, 2014 Business Intelligence | Archief 2497

    Data Warehousing Tools Market Surges

    The data warehousing tools segment is as healthy as ever, growing at a double-digit clip and generating enormous annual revenues.
  • januari 01, 2014 Business Intelligence | Archief 2680

    Five IT Predictions

    Gartner highlights new trends and technologies that will influence the way that IT departments operate - and the way companies do business - in 2007 and beyond.
  • januari 01, 2014 Business Intelligence | Archief 4021

    Majority of Information Obtained for Work Is Useless

    Middle managers spend more than a quarter of their time searching for information necessary to their jobs, and when they do find it, it is often wrong, according to results of an Accenture survey released today.
  • januari 01, 2014 Business Intelligence | Archief 3765

    5 Ways to Bridge the IT Communications Gap

    Watch for warning signs. Maybe your organization is discussing cutting the budget or outsourcing some part of IT. Or the volume of work continues to grow but you can?t get head count increases. Perhaps you rarely have lunch with other business executives, let…
  • januari 01, 2014 Business Intelligence | Archief 2555

    Leverage IT to Cut Costs and Boost Business

    Over the past several decades, companies have invested considerable resources in information technology, based on the promise of enhanced business performance.
  • januari 01, 2014 Business Intelligence | Archief 2621

    Siebel Rules CRM

    Siebel hence Oracle- has the CRM lead in five of eight verticals evaluated by research group IDC looking for SAP
  • januari 01, 2014 Business Intelligence | Archief 2534

    Markt voor BI Software groeit met 19% binnen 2 jaar

    De vraag naar business intelligence software blijft onverminderd groeien. Waar op dit moment nog 43% van de organisaties gebruik maakt van BI software, zal dit nog voor het einde van 2008 toenemen tot 51%. Dit blijkt uit onderzoek van Heliview Research onder…
  • januari 01, 2014 Business Intelligence | Archief 3423

    Business Analytics ? A Market in Transition

    The business analytics BA- software market?comprised of data warehousing tools, business intelligence tools and analytic applications?has been growing steadily even as spending on business software has slowed in the past five years.
  • januari 01, 2014 Business Intelligence | Archief 3138

    IT Outsourcing Potential Costly Mistake for Small Enterprises

    Small enterprises risk spending an incremental 75 percent on outsourced IT functions versus keeping them in house if outsourcing is not managed properly, a recent impact research study from Info-Tech Research Group reveals.
  • januari 01, 2014 Business Intelligence | Archief 2582

    CIOs Urged To Reduce Environmental Damage From Data Centers

    Escalating use of power-hungry data centers is helping boost emissions from electricity-producing plants and contributing to global warming, Gartner said in a recent report.
  • januari 01, 2014 Business Intelligence | Archief 2487

    Analysis: Keep Up With the Trends Changing Data Management

  • januari 01, 2014 Business Intelligence | Archief 2843

    SAP ERP Ascendant

    In the ERP world, which expects double-digit investment in the near future, SAP reigns supreme Oracle growing faster, though