What is Business Intelligence? How to begin to gain it?
Created on 2019-03-01 11:31
Published on 2019-03-01 11:54
Micro, Small and Medium Enterprises (MSME) contribute huge proportion of GDP. We also notice that few of the MNCs are so big that their valuation is bigger than GDP of many nations. Every MSME tries hard to understand how the MNCs are grown from their MSME size? What differentiates them from MSMEs?
Let us look at the top 4 global companies Apple, Google, Amazon, Microsoft. If you try to analyse the Asset side of their Balance Sheet the main assets that drive their growth are missing, guess what are they? They are their intangibles like Business Intelligence.
What is business intelligence? Actionable intelligence delivered by the well built business processes that maps people, resources and their behaviors. It talks about people like customers, employees, vendors, potential customers, regulators, social eco-systems etc. It talks about resources that are used in businesses like money, time, machines, hardware, software, IoT devices etc. It talks about their behavior and relationships. And most importantly it talks about the result i.e. actionable intelligence.
The MSME can begin with CRM and then connect everything that will drive the CRM from order to fulfillment. The whole objective of your business is to manage the customer relationship from the point that he is not a customer till he is satisfied and get converted to your brand ambassador. Know your customers first so that you can build the best processes that can utilize the resources in most effective manner.
Engage qualified and experienced mentors during your Startup stage so that you create sound business model before you become MSME and can jump to CRM. In case you have started a business without any qualified and experienced Mentor then it is strongly advised to engage the mentor before you start CRM. Becoming MSME from Startup is a great challenge and if is done with weak business model, then directly jumping to CRM may create too much pressure on resources, people and time which will eventually hinder the CRM speed and even success. So better late than never, revisit your business model with qualified and experienced Mentor. A matured CRM can be a good beginning for building or hiring best ERP systems. Beginning with costly ERP system is not a recipe of success and instead huge commitment towards people, resources and processes which is highly challenging during the Startup/ MSME stage. So first build good customer relationships from order to fulfillment.
Best wishes to the Startup and MSME Entrepreneurs to build Business Intelligence that can help you to reach the global fortune 100 company.
Know more about Mentoring and CFO Services at www.thaneatoz.com/madhukartalele