How Does Business Intelligence Can Help for SME Growth

 Small and Medium Enterprises or SMEs have for long contributed to the economic growth of a nation. This is despite a severe lack of infrastructure and necessary funds. According to the World Bank, SMEs account for over 50 % of the total employment all over the world. Most SMEs are now however embracing the latest technology to have a competitive edge over their competitors. The aim is also to witness a hitherto unseen growth. Business Intelligence or BI is one such technology used by many small and medium-sized businesses for analysis of data and several other reasons. However, before digging deep into how business intelligence can help SME growth, let's know what BI is all about.


What is business intelligence?


Business Intelligence or BI is a set of processes and technologies that can give you meaningful information by converting raw data that you have collected from various sources. Today, this technology has found its application in many sectors including healthcare and information technology.


Ways BI Can Fuel SMEs Growth


Saves Time By Automating Reports


Many business intelligence tools nowadays also do report automation that saves much time that goes into the manual entry of data. Moreover, this also eliminates the chances of errors that happen due to human fatigue. Remember, a business irrespective of its size demands a variety of reports on a weekly, monthly, quarterly, or yearly basis. There are also some BI powered tools that take care of report scheduling and can be easily integrated with popular databases for easy import of data for quick report generation. Thus, you can make better utilization of your available resources and employ them in other business areas instead of this mundane task of report generation and scheduling. In a small business that is in most cases run by a single person or has only five to ten employees, Business Insights of business reports prove handy in the long run.


Accelerates The Pace Of Decision Making


When you use business intelligence, you get not only a detailed analysis of your collected data but also rare business insights. Some of these are the name of the high-performance employees within a specific period, products that are sold in high volumes in a particular geographical location, customer buying pattern, and so on. All these insights vastly help in accelerating the pace of decision making. In most SMEs, decision-making is not easy because of a lack of data in hand but business intelligence does not let this happen. By embracing BI, you can take quick and accurate decisions like never before.


Comments

Post a Comment

Popular posts from this blog

VISA: Powering the Future of Global PaymentsIn the modern world of digital finance, VISA stands as a cornerstone in the global payment ecosystem. As a trusted network that connects consumers, merchants, financial institutions, and governments across more than 200 countries, VISA has revolutionized how we handle money. From simple card swipes to secure online transactions, VISA’s infrastructure ensures speed, security, and convenience in everyday financial activities. Founded in 1958, VISA started as a credit card program by Bank of America. Over the decades, it grew into a multinational corporation with a mission to make electronic payments accessible and reliable worldwide. Today, VISA handles more than 200 billion transactions annually, worth trillions of dollars. Its secure global network, VisaNet, is designed to process over 65,000 transaction messages per second, making it one of the most powerful financial networks in the world. VISA's success lies in its ability to adapt and innovate. In addition to physical debit and credit cards, the company has embraced digital solutions such as mobile payments, contactless cards, and tokenization for added security. The rise of e-commerce, fintech, and digital wallets has only fueled VISA’s relevance, as it provides APIs and tools that developers and businesses can use to build seamless payment experiences. Security is a top priority for VISA. Through technologies like EMV chip cards, fraud detection systems, and AI-driven monitoring, VISA protects both merchants and customers from cyber threats. The company also educates users on safe payment practices, contributing to global financial literacy and security. Looking ahead, VISA is investing heavily in innovations like blockchain, cryptocurrency partnerships, and embedded finance. By collaborating with central banks, fintechs, and technology platforms, VISA aims to remain at the forefront of the payment revolution. In conclusion, VISA is more than just a credit card company—it’s a technological backbone for the global economy. Whether you're buying a coffee or making a multimillion-dollar business transaction, VISA’s mission is to make the experience fast, secure, and accessible for everyone.

 In the modern world of digital finance, VISA stands as a cornerstone in the global payment ecosystem. As a trusted network that connects consumers, merchants, financial institutions, and governments across more than 200 countries, VISA has revolutionized how we handle money. From simple card swipes to secure online transactions, VISA’s infrastructure ensures speed, security, and convenience in everyday financial activities. Founded in 1958, VISA started as a credit card program by Bank of America. Over the decades, it grew into a multinational corporation with a mission to make electronic payments accessible and reliable worldwide. Today, VISA handles more than 200 billion transactions annually, worth trillions of dollars. Its secure global network, VisaNet, is designed to process over 65,000 transaction messages per second, making it one of the most powerful financial networks in the world. VISA's success lies in its ability to adapt and innovate. In addition to physical debit an...
Read more

What Could The Best Male Improvement Pill at any point Propose To You?

  Nowadays, you could peruse a ton of stories, news reports and conversations about the best male upgrade pills on the web. Others would discuss the pill as being very successful, but at the same time there's certain individuals who griped about the harming aftereffects that the pill gave them. What's more, despite the fact that there are a considerable amount of men who admitted to have experienced the harming impacts achieved by the utilization of these pills, clients are as yet not put off by buying the pills. So on the off chance that you are among those clients who are uncertain about whether to purchase the pills or not, read the accompanying underneath to find out precisely exact thing the male pills can furnish you with. What Includes the top Male improvement Pills? The best male pills are the ones that are produced from predominant quality fixings in a GMP confirmed lab and that the organization that makes the pill probably followed the severe quality confirmation stra...
Read more