SMEs in Malaysia are facing increased difficulty. Steep competition in today’s landscape means constant pressure from larger corporations with more resources and more data.
But that doesn’t mean small businesses can’t rise to the challenge! Here are four steps to becoming a data-driven SME.
Collect the right data for your business
Harness the right tools for the right situations
Take the right actions
Measure the right outcomes
1. How can you collect the right data for your business?
Having the most accurate data can help you identify the exact reasons why your business may not be reaching its highest potential.
So the question remains, how exactly can you acquire such data? Simply through Business Intelligence (BI). In a nutshell, BI garners the most relevant data for your business, allowing you to analyse what matters
Implementing Business Intelligence into your business model can help collect all relevant and necessary data regarding your business – ranging from productivity issues to human resource issues and so forth.
2. How can you harness the right tools for the right situations?
Now that you have the data collected, chances are you might not know how to best utilise it or how it can benefit your business. With BI, the data collected can help identify actionable solutions to help make a difference in your business.
3. How can you take the right actions?
Even with the right tools to improve your business, it’s likely that you won’t know the immediate next steps to make a discernible difference.
Implementing Business Intelligence is the best bet for any SME in Malaysia. Not only does it provide you with the tools to adjust and sustain your business, it also tells you how to use said tools. In turn, this will help you make accurate and measurable actions which can impact your business positively.
4. How can you measure the right outcomes?
Now that you have taken the appropriate actions, how can you be sure that it will keep your business afloat and competitive in today's landscape for the long run?
Business Intelligence will help provide you with even more insight into your business. Whether that’s minor adjustments, or new directions entirely, your data-driven SME can be closer than ever to the industry’s biggest players.
Discover how your business can be a data-driven one with our Business Intelligence Solutions here.