Turning Data Into Profits: 5 Tips On How To Get The Most From Your Business Intelligence

Business intelligence. For many small business owners we have access to all kinds of business data, but we get lost when it comes to sorting it out and using it effectively to grow our businesses.

In a recent article from Smallbiztechnology’s own Ramon Ray, that appeared in the Wells Fargo Business Insight Resource Center, he talks to how small businesses can harness business intelligence to get an edge up on the competition.  He speaks to how Business Intelligence (BI) software can help owners quickly compile and analyze information relative to sales, inventory, customer satisfaction and other key metrics, identify primary business challenges and make data-driven decisions.  He also provides 5 tips on how to get the most of your data, including:

• Look at what drives a products performance
• Learn from your peers and neighbors
• Analyze the bottom line
• Find ways to improve processes
• Know where to look.

You can read the entire article here and find out more about how to harness all that overwhelming data and turn it into profits and increased productivity in your small business.