The Women Entrepreneurs Business Support Centre hosted a webinar on the topic of Business Intelligence Solution (BIS) to educate and empower women entrepreneurs about the advantages of using data-driven insights to enhance their business operations. The session featured keynote speaker Mohammad Nakibul Alam, Senior Executive and Data Analyst at Icreation Limited, who introduced the importance of BI systems and their potential impact on small and medium enterprises (SMEs).
Date: October 8, 2024
Organized by: Women Entrepreneurs Business Support Centre
Participants: 40
Key Points Discussed
1. Importance of Business Intelligence for SMEs:
Mohammad Nakibul Alam highlighted the crucial role of BI systems in improving decision-making processes. He emphasized that transforming raw data into actionable insights enables businesses to identify trends, evaluate performance, and implement strategic initiatives effectively.
2. Benefits of the Sales Dashboard for SMEs:
- Sales Forecasting: Entrepreneurs can use historical sales data to predict future sales patterns.
- Performance Tracking: A Sales Dashboard provides a comprehensive view of daily, weekly, monthly, quarterly, and yearly sales performance, including profit margins and product-specific sales data.
- Identifying Business Loopholes: The dashboard allows business owners to detect operational gaps and make strategic adjustments to boost performance.
- Customer Analytics: By leveraging customer analytics, entrepreneurs can build a loyal customer base and reduce social media advertising costs.
As the Associate Professor of the Department of Marketing and International Business, Dr. Farzana Nahid added valuable insights, highlighting the wider benefits of Business Intelligence for SMEs, particularly in streamlining decision-making and fostering growth. And Adnan Ahmed who moderated this session also added the importance of using Artificial Intelligence in Business.
Key Entrepreneur Insights
Many participants, including Afroza Naznin Shumi, Lameya Mitu, and Rudronil Das Gupta, expressed a strong interest in integrating BI systems into their business models. While the concept was new to several attendees, there was a notable eagerness to adopt these tools to enhance their operations and improve decision-making.
Conclusion
The primary objective of the webinar was to introduce women entrepreneurs to the potential of Business Intelligence systems in driving growth and resilience in the current challenging business climate. By integrating BI solutions, entrepreneurs will be equipped to better navigate future challenges and make informed decisions that align with their business goals.