Episode 59: How To Know When Your Business Is Ready For Business Intelligence Software (And What To Do With It)

As the founder and CEO if 5000fish, I spend most of my time selling Yurbi, a dashboard and reporting solution.  Far too often, I find small and large businesses looking to buy BI software before they are ready.  In this episode, I’m going to break down how to know when you’re ready for BI software and then give you a process to follow to get the most from it when you are ready.

Topics Discussed (Time Stamped)

02:01 Today’s episode talks about Business Intelligence
02:39 Almost 19 years doing business intelligence
03:15 Starting a set of webinars to help lead generation and sales funnels
04:22 Webinar as more educational and not product specific
04:59 We tend to not make use of the data in our business
05:45 As the entrepreneur of the business, everything sort of runs through you
06:57 The importance of having a process applied to technology in business growth
07:20 Making the data more accessible to your team
08:06 How Yurbi came about
08:57 Small businesses are looking for technology before having the right process in place.
09:35 Some products are just giving you eye candy metrics
10:40 The two used main cases for your business
10:45 1. Operational data that your team needs to run smoothly
13:55 The myth you come when you buy a software
14:13 2. What the levers of their business would be
15:15 The myth that the software is going to make sense of the data for you
16:24 The trigger point that you need to move to BI solution
18:18 Metrics that you should try to find in your business
19:10 Leading vs lagging indicators
20:40 What are your leading indicators
21:12 Monitor your lagging indicators
23:19 Examples of Leading indicators
30:35 Quick recap

Quotes Worth Sharing

Adding value to your customers and even if they are not good fit for you, if you give them some value they will spread the word and you'll get some good return from that Click To Tweet Don't go ahead and waste your money on technology until you have the right process in place Click To Tweet If you outgrow the Microsoft Excel/Google sheet solution, then you are ready for BI Click To Tweet

Resources Mentioned

Thanks!

Thanks for listening and checking out the show notes,  any feedback, comments, or questions, send me an email at david@techsmartboss.com

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