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How to help your midsize business thrive in a tough economy
Delaney Turner 270003RQ8K Delaney.Turner@ca.ibm.com | | Tags:  bi midsize_companies
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Today's guest blogger is Christine O'Connor from the Business Analytics software team.
If there is a silver lining in today’s turbulent economy, it is that midsize businesses are getting serious about business intelligence to support growth and profitability. Eighty three percent of CIOs are planning to add business intelligence (BI) and analytics capabilities to increase competitiveness, according to a 2011 IBM global study of more than 3,000 CIOs and decision makers from midsize businesses.
These leaders know that BI can be instrumental in helping their businesses thrive in turbulent times.Business intelligence is especially strategic now because it can give everyone in the organization the insights to identify cost cutting opportunities, strengthen the customer base, find new sources of revenue and improve productivity and efficiency. For small and midsize businesses, however, the challenge is finding a BI approach that matches their limited resources, expertise and budgets.
Most organizations stand a better chance of succeeding with BI if they approach it gradually, rather than trying to solve all of their challenges at once. By starting with the capabilities they need right away, such as reporting or dashboards, and adding more advanced tools as their business and needs evolve, they are better able to stay within their resource capacity and budget, and generally realize benefits much more quickly.
There are three basic levels of BI, and where organizations choose to start depends on whether they need to make decisions based on what has already happened, what is occurring right now or what is likely to take place in the future:
This “think big, start small” approach is the ideal way for midsize businesses to plan a growth path for more advanced BI while becoming leaner, faster and more resilient than their competitors. It will not only position firms to weather the current economic uncertainty, but will also ready them to seize new opportunities as soon as conditions improve—and that’s a winning strategy from any perspective.
Read about the evolutionary approach to BI and learn how to make business intelligence an established competency in the latest newsletter featuring research from Gartner
Discover how IBM Cognos Express, the integrated BI and planning solution designed specifically for midsize businesses, provides a low-cost, low-risk entry point to business intelligence.