Data analytics is a strong game changer in the way businesses operate. Despite the positive impact that data analytics can have, most SMEs give it a pass by.
Most SMEs feel that they have too little data to be analyzed. Well, little data does not really mean that it does not need analytics. No matter how less the data may be, its analysis and reporting can be critical for your business. It’s time to give up the hitch and join the big data movement. Here is why SMEs should start thinking about data analytics seriously:
Data grows fast: Data is created every second and at some point in time, your small business will have data more than what you can handle manually. It is advisable to switch to data analytics now so that you can sort and organize your data right from a nascent stage. Also, starting early means that you can begin with a simpler data visualization tool that is cost effective and scales with your business.
Partner Management becomes easy: While you may have less data, but what about other partners, suppliers and vendors you work with? Your complete supply chain is dependent on data flowing in from them and with no data analytics in place, it can become quite a mad house, literally! Whether you are and OEM or take services from different vendors, have data analytics in place would enable you to keep a clear sight of how each of your partner is performing, who is giving you most business and where do you have the most outstanding. These insights are critical for taking business decisions.
It’s getting cheaper and easy: Data analytics and visualization tools do not cost a bomb anymore. The beauty of these tools is that they really simplify your data for you and make it easy for you to act quickly.
Further, cloud based systems have made it even more easy. With no hefty investments, they give you data analytics power that is critical for any growing business.
Big data is definitely not JUST for large organizations. There is a LOT that SMEs can gain from it. So get ready for your big data journey and to unravel some unexpected insights that may help you grow your business exponentially. It’s time that SMEs begin to reap full benefits from simple analytics and power their business with faster, informed decisions.