Meaning ● Within the context of Small and Medium-sized Businesses, a Business Intelligence Strategy serves as a navigational tool, charting a course for data-driven decision-making to propel growth, optimize operational automation, and streamline implementation processes. ● It goes beyond merely collecting data, instead, it focuses on transforming raw business data into actionable insights that fuel competitive advantage for the SMB. ● Strategically, the process identifies the right data sources relevant to SMB objectives like market expansion, customer retention or improved supply chain efficiencies.
Scope ● The scope of a Business Intelligence Strategy, specifically regarding SMB operations, involves several key phases which allow for both scalability and targeted growth. ● Defining key performance indicators (KPIs) related to growth, automation effectiveness, and successful implementation forms the bedrock of the strategy. ● Furthermore, the scope integrates data governance, ensuring data accuracy, reliability, and regulatory compliance, factors that contribute greatly to long term business sustainability. ● Implementation involves selecting BI tools that are appropriate for SMB budgets and technological capabilities and data warehousing strategies to unify the multiple data siloes that are commonly found at the SMB scale, while facilitating cross-departmental collaboration.
