Expert answer:“BI Tools: Performance Management in Small Busin

Solved by verified expert:The Methodology paper is a research paper about “BI Tools: Performance Management in Small Businesses” This paper must include the reasons and justification for approach, a minimum of 15 peer-reviewed references, and follow the section outline below. Method MethodologyResearch DesignDescribe and define the anticipated research approach or strategy to be used and how this approach is appropriate for this researchParticipantsDescribe the anticipated sample population (number, gender, age, socio-economics, etc.) including how you will obtain permission and consentInstrumentationDescribe any instruments you anticipate using to collect dataProcedureProvide the detail about how you anticipate conducting the researchData Processing and AnalysisExplain, in detail, how you anticipate processing and analyzing collected dataSummary Note: Lots of diagrams, charts, graphs needed to be added into the paper. 14 pages (diagrams or any charts would not be included) 0% plagiarism 15 peer-reviewed references published within the past 5 years. Paragraph in-text citation (each and every paragraph need to be cited) 100% quality work neededI need 0% plagiarized document with 100% quality work.Each and every paragraph need to be cited.Diagrams, charts and figures need to be cited.%, Ratios need to be cited in the paper.Try to avoid long sentences.I need APA format paper Note: Look at the attached document to get an idea on the topic (don’t rewrite the document).
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Running head: BI TOOLS: PERFORMANCE MANAGEMENT IN SMALL BUSINESSES
BI Tools: Performance Management in Small Businesses
Introduction
In advanced economies such as the US, small businesses make up a significant
percentage of the business population. Additionally, they constitute a sizeable portion in
emerging economies. Countries such as Brazil, Philippines, India, and Malaysia have small
businesses comprising of up to 60 percent of all companies. Small business is known to play an
essential role in the creation of employment opportunities and economic development. Research
agrees that large developed countries have their economic background from small business. For
instance, 90 percent of job creation in the US are from small businesses. The governor of South
African Reserve Bank Tito Mboweni, in a keynote address, recognizes that small businesses are
the key to development in Africa.
Evidently, small businesses play a role in developed and even a more significant role in
developing countries. However, they face numerous challenges. The small business person often
identifies a couple of issues when asked to identify the problems in a survey conducted by the
accounting group Grant Thornton in 2002 the main findings were reported from 6000
independent small business across 19 counties. First was the problem of finding and retaining
customers. Lack of proper direction and planning in the market. Poor marketing. Additionally,
they experienced difficulties in balancing quality, the cost of finance and regulations and finally
expanding the business.
Finding and retaining customers
Gandhi expressed the importance of not attracting but also retaining customers even
before the emergence of the digital economy. According to Gandhi, “A customer is the most
BI Tools: Performance Management in Small Businesses
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important person in any business. Mainly because they do not depend on the company. On the
contrary, the company depends on them”. He emphasized that customers are an essential part of
the company. Without customers, the company will lack the revenue to continue its operations.
Therefore, it is crucial for the company to ensure that they are treated right and their needs
satisfied. A company can retain its old customers by not only providing exceptional services but
also continually innovating its products.
Poor marketing
Marketing is diversified, and there are numerous ways in which the company could
market its goods or services either through direct, social, offline or online. According to recent
data, social media was the highest in-demand skills in Australia in 2015 followed by digital
marketing. The challenge with marketing is to ensure that the company’s story is told correctly.
Additionally, it is difficult to efficiently choose the medium used in conveying the information
that would adequately reach the targeted niche. Lack of proper direction and planning in the
market and Difficulty in balancing quality and growth. Can be categorized as lack of appropriate
managerial skills.
The high cost of finance and regulations
Recent findings show that 47% of respondents said they had not benefitted in any way
from government policy on SMEs such as black empowerment programs. This observation is
like that of Kaufman, Kraay, & Mastruzzi who opined that cumbersome legal procedures and
unattractive tax regimes militate against the SMEs operations in Africa. The interviewed
Respondents felt that the government was not doing enough in protecting SMEs from cheap
imports which crowd them out of business in the process. Ramis (2012) observed that SMEs
BI Tools: Performance Management in Small Businesses
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exposed to stiff competition from either internally or externally the country have a higher
likelihood of collapsing than those protected from competition.
Despite the critical role they play in the development of countries, small a business must
cope with the numerous challenges which differ from country to country Certainly, these
problems could hurt the success of the company, therefore, hindering its good survival in the
market. It is therefore imperative for developmental organisations with the help of the
government to put in place adequate strategies to not only address, identify, manage but also
reduce the negative impact of the challenges facing small business to ensure that they have a
better chance of exhibiting growth, profitability and success.
Research Questions
The primary objective of the research is to look for the various challenges facing small-scale
business and find out ways in which implementation of Business Intelligence tools can aid in
solving the problems.
•
Business Intelligence tools beneficial in enhancing the performance of small business?
•
Does Business Intelligence help in make better decisions in small business?
•
Does Business Intelligence save time and resources?
•
Using Business Intelligence, is the information present in small business accessible 24/7?
•
Does Business Intelligence help in protecting sensitive and critical information in small
business?
Hypothesis
BI Tools: Performance Management in Small Businesses
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The type of BI tool implemented by a company depends on the type of problem faced by
the company. Today’s business environment has evolved such that the challenges are like large as
well as to small and medium-sized enterprises. The problems faced include the growing volumes
of data flowing into companies and their complexity and disparity; there has been an increasing
demand for business information within the organization; the shrinking time window for making
decisions.
BI helps in making future decisions by defining and measuring the metrics and Key
Performance Indicators (KPIs). Under these conditions, managers are looking for ways to
improve the decision processes and business performance significantly. The surveys show that
SMBs more often leverage business intelligence (BI) as an effective and efficient solution to
empower decision makers. According to Gartner, Inc., “BI and analytics have grown to become
the fourth-largest application software segment, and their worldwide revenue reached $13, 8
billion in 2013, which is a 7% increase from 2012. The market had forecasted it to reach $17, 1
billion by 2016”.
Before an enterprise decides to implement a BI idea, it should know what kind of benefits
it brings to organizations and its environment and when these benefits would be visible and
countable. There are the following benefits delivered by BI: it helps to transform raw numbers
into information as a strategic asset. It provides a better insight into operational data. It aids in
the reduction of costs of business reports and analyses. It offers self-service in analytics; it assists
in the improvement of valuable business data delivery (to the right place, at the right time, to the
right person). It is better and faster decisions that help improve efficiency and growth of SMB.
BI Tools: Performance Management in Small Businesses
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Allows speedier adoption to rapid changes in the business environment; it aids sharing
information and knowledge.
Employees in small business can have a view on the internal and external data which
would help in forecasting future trends through the deployment of predictive analytics. This can
be delivered through their IT networks to PCs, laptops, tablets, and smartphones. In short, they
will access, collate and combine their corporate information in new ways to improve the way the
company works which will aid in counteracting the challenges faced by the business.
…
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