Business intelligence and analytics software were once the exclusive purview of big business, and while that's changing, many small business owners still feel as though that kind of capability is still too complicated and expensive to be within SMB means.
Laurie McCabe, analyst and co-founder of The SMB Group, shares some of the results of her company's 2011 SMB Routes to Market Study, which shows how SMBs view and use BI and analytics today and their plans for future use. In addition, the study lists conditions that indicate your business has a data analysis problem, and what to look for in a BI solution.
Most small and medium businesses (SMBs) can relate to Albert Einstein’s famous quote that “Information is not knowledge.” Many SMBs have plenty of data, but find it challenging to get the insights from it that they need to run their businesses more effectively and efficiently.
Businesses have always needed the ability to track and measure critical success metrics in a quantifiable way. The problem is that when there’s too much information, people find it difficult to fully comprehend it and make decisions. In fact, more than one-quarter of SMBs in our 2011 SMB Routes to Market Study indicated that “getting better insights from the data we already have” as a top technology challenge.
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