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Despite managing to evade the worst of the pandemic, Australia remains affected by the global economy which is facing a slow and uneven recovery. According to the Lowy Institute, one of the country’s leading think tanks, “The emerging post-COVID world will likely be less open and less liberal, permitting Australia fewer options and requiring choices that are more difficult.”
Businesses have adapted to the current state in different ways, but the usage of business intelligence software to make critical decisions is one common denominator. While business intelligence and data analytics have been used in the past, the pandemic has accelerated its widespread use, especially among small and mid-sized enterprises (SMEs).
In the US, the State of BI and Analytics Report 2020: Special COVID-19 Edition revealed that SMEs are adopting analytics more than large enterprises. Small businesses utilize analytics across various departments: 68% in operations, 56% in finance, 50% in sales, and 45% in the product.
The same study stated that 55% of businesses, both small and large companies, are using analytics to improve efficiency, 45% depend on data to forecast business outcomes, and 47% rely on their data to find out how to better support their customers.
It comes as no surprise that organizations have recognized the need for business intelligence and data analytics, especially with the following reasons it aids businesses in the emerging post-COVID world:
- Companies can make data-driven decisions and create action plans for their employees and the organization.
- Businesses can pivot to the needs of customers and proactively serve them in the new normal.
- Under greater limitations, businesses can find ways to make the most of constrained resources.
- Organizations can predict the impact on their finances and other metrics and adjust KPIs accordingly.
For SMEs looking to venture into the world of data analytics, Microsoft Power BI is a free and user-friendly option that packs a powerful punch. Intermittent Excel users can navigate its intuitive interface. Power BI is a versatile tool that connects a wide range of data sources and cloud-based applications, then collects, analyzes, and visualizes this data into smart insights through easy-to-understand reports.
Thinking of optimizing Microsoft Power BI for your business? Contact us to find out how we can help you discover actions and opportunities within your data.