Over the years of operations, SMEs collect large amount of data about their markets, customers, operations and finance, but most often they find it very challenging to get timely and accurate business insights from it to optimize their business performance and increase profitability.
Business Intelligence (BI) is the hottest buzzword talked about in every industry vertical and considered to offer a unique advantage to organizations of all sizes. However, most SMEs shy away from making the investment in a business intelligence (BI) solution on the pretext that is very expensive and complex to deploy.
In the past 2-3 years the BI industry has undergone a significant change and has developed powerful, affordable analytics solutions that can help the SMEs get a higher return on investment and be more profitable.
Pre-Built Analytics is one such solution that can help SMEs unlock the potential of their data and make informed decisions that positively impact their company’s top and bottom line.
Some of the Typical Challenges Faced by SMEs:
- Data exists, but lack insight into market, customer, and product trends that could help run the business more effectively
- Silos of data exist within the organization, but lack a complete and consistent view of all information to assess overall Business performance as well as cause and effect relationships
- Reliance on data export to Excel, where it’s manipulated, cut / paste into reports for presentation. This process is repeated for updates
- Manual information processing is time consuming, costly, error prone, subject to individual interpretation, inflexible, and limited to periodic intervals
- Information is not timely, consistent, or reliable
- Information reaches decision-makers when it’s too late to make a change
- Stakeholders are unable to spot emerging opportunities and risks in time
It is the right time for SMEs to overcome these challenges by deploying a pre-built analytics solution to get accurate and timely business insights for making informed decisions in the operational, strategic and tactical areas.
Features of a Pre-built Analytics Solution:
Analytics in a Box System
Unlike custom BI applications, pre-built analytics generally are packaged solutions that include all the technology components and the underlying industry specific data model. For SMEs this is a bonus, as they do not have to worry about acquiring the technology components and data models separately.
Organizations that do not have the technical skill sets can benefit greatly from a pre-built analytics solution as most vendors offer to deploy and manage the solution, thus lowering the total cost of ownership.
Fully Integrate Data from Multiple Resources
Pre-built Analytics can help enrich your data by integrating it with data from different sources, consolidate it and provide up-to-date business intelligence
Pre-built Analytics offers a fully interactive pre-built dashboard, which makes the presentation of data intuitive and easy to understand.
The dashboard provides a comprehensive view of multiple business indicators and important metrics to help SMEs make quick and informed decision.
Pre-built Analytical Reports
Pre-built Analytics offers a set of powerful pre-built analytical reports that empower decision making with accurate information, in summary or detail. Business users can get better visibility into risks, problem areas and critical issues, allowing them to take proactive actions.
5 Compelling Benefits for SMEs to Deploy a Pre-built Analytics to Optimize Business Performance
- Pre-built Analytics is a cost effective and complete business intelligence system in a box, built using proven BI technology components
- Do not require huge financial investment and can be deployed in on premise or private cloud environment
- It is typically industry specific and allows at-a-glance visualization of key performance indicators and metrics and detailed analysis of data as well
- Helps generate faster ROI by giving access to accurate and timely insights required to help you optimize business performance and increase revenues
- The pre-built nature of the solution makes it easier to deploy in a short period of time making it a low risk investment