Analyst house Gartner predicts the global analytics market is expected to grow 5.2% each year, with Business Intelligence, the art of data analysis set to become a huge trend in the UK.
Here are 5 reasons why Business Intelligence can help SMEs with future growth:
Make decisions 5 times faster than your competition
£34 billion is spent on Business Intelligence services each year.A company that uses data and analytics well is expected to make decisions 5 times faster than the competition.
Grab your audience’s attention
Suffering from information overload? Business Intelligence uses visualisation software to present data in a simple and persuasive way. Vision is by far our dominant sense, making it one of the best ways to explore and understand data.
Explore your company’s opportunities
Business Intelligence is an effective way to explore your strengths, weaknesses and opportunities. Stay in the know, spot trends as they happen and push your business further.
Identify your business strategy
Evaluating data from different departments can help you take a step back and reflect on your business strategy. For example – this allows you to identify whether you’re getting value from marketing efforts and make adjustments.
Become a data driven company
SMEs should focus on becoming data driven to maximise success. Taking advantage of data analysis can help your business increase profitability and future growth.