For young start-ups lacking an in-house IT team, the notion of investing in software systems might seem an unwarranted expense. However, Business Intelligence (BI) software has changed. Not only is it increasingly affordable and accessible, but it is also becoming an imperative tool to deliver that competitive edge.
There are three fundamental reasons why BI can help SMEs:
1. Technical advantage
Development in the Software-as-a-Service space has allowed organisations to reduce expenditure. By shifting the cost and maintenance issues of running an in-house network to an external service provider, companies are able to streamline without compromising on quality. What’s more, cloud-based BI affords young SMEs the flexibility required in early stages of company growth.
With more user-friendly and easy to navigate software, companies no longer need to embark on lengthy, and often expensive, in-house training schedules. Non-technical users can independently access data-analysis tools, rather than seeking out-of-house experts.
3. Financially feasible
BI platforms are now cheaper than ever before. Rather than a luxury, or a tool reserved for larger organisations, BI platforms are allowing SMEs to work effectively with a skeleton team – before they have the financial backing to scale-up.