Identify your key data types
Mapping out a clear understanding of what data is crucial to your business is a key step to success. There is absolutely such thing as too much data – there’s no point in analysing seasonal trends if your business isn’t seasonal, for example. Take the time to lay out what’s relevant to your unique growth circumstances. Many SMEs liaise with data specialists to help make this complicated process a little easier.
Gather your data
Once you’ve got a good idea of what data you’re looking to gather, it’s time to collate it ready for analysis. There’s a wide variety of BI tools that you can use, making it difficult to choose the right one. We’d recommend using a free online software selection tool to help expedite this process.
Analyse your data
A good BI tool will also include powerful analysis features, including, but not limited to:
- Customisable dashboards that help you generate user-specific results.
- Interactive reports that allow you to drill down to the nitty gritty; it’s always important that your data is presented well to aid with engagement.
- Predictive analysis functions that identify trends and forecast future performance.
- Easy integration into other software that you already use (like CRMs, sales tools, etc.) to help build out the bigger picture.
Your analysis should focus on identifying trends that your business is seeing – analyse customer behaviour, buying patterns and relationships, gauge the efficacy of your budgets and identify any gaps in your processes.