Why Data Analytics is Unavoidable for Small Business
2 Minutes Read
“Without data, you’re just another person with an opinion.” No truer words were ever spoken.The ability to make effective decisions is crucial to an organization’s survival in this hyper competitive business environment. To thrive in this tumultuous environment, businesses need to make informed decisions and they need to rely on effective data. But is having data at your disposal enough?
As per a Forbes study, there are 2.5 quintillion bytes of data being created each day. Isn’t that astounding? So, you know you have the data. Now you must be asking yourself: is producing ample amounts of data enough? How are you going to leverage it? What tools do you need to make your data work for you? What you need is a more comprehensive means of making accurate predictions about customer behavior and strategizing around that behavior. This is where data and business intelligence (BI) come into the picture.
However, small businesses seem to remain skittish when it comes to data analytics and BI, as they believe it is only for larger enterprises who can manage the complexities of implementation and have money burning hole in their pocket.
What is Data Analytics?
Data Analytics refers to the process of scrutinizing datasets to draw meaningful patterns from them, such as customer behavior, likes & preferences.
How Can Small Businesses Embrace Data Analytics?
Unlike large enterprises, small businesses generally operate with a small marketing budget, which means you need to make the most of each dollar spent. How can you make the most out of your precious investment? Think of this way: you and your competitor are in the same marketplace, selling similar products and services and operating on almost the same marketing budget. The challenge is finding how to get a leg up in such a tight market, and the solution is Data Analytics. Data Analytics can give your business the competitive edge you need to stand out amongst your competitors.
Here are few more reasons why data analytics is a must-have for your business:
Helps to identify new opportunities & market trends
Enables predictive modelling
Helps to reduce costs
Enhances better decision making
Optimizes websites for conversion
Increases brand recognition
In order to make informed business decisions, small businesses often have to deal with the lack of data integration from multiple data touchpoints, such as their website or customer relationship management (CRM) tool. With rapid technology development in the field of data analytics and business intelligence, these services are no longer a thing that only large enterprises can afford. If you feel that you are running short on IT resources to bridge the data silos from various data sources, then now is the time to get started with data analytics. It provides self-service data integration that pulls out data from multiple sources to provide one single view.
Do You Still Think Data Analytics is Only for Larger Enterprises?
According to a Forrester Report, approximately 60-73% of data in an organization goes unused. Isn’t that a lot? Imagine how with the right tools and technologies it can be turned into informed decisions. It doesn’t matter whether your business is small or large, the common focus is always on your customers.
Here are few trends in data analytics impacting small business in 2020:
Augmented Analytics Augmented analytics will be a dominant driver of new purchases of analytics. It automates data insights by combining machine learning and natural language processing to automate the production of meaningful insights. It helps businesses to interpret complex data sets in order to understand wherever improvement is required.
Continuous Intelligence What if you could gather insights from unstructured data such as audio, video or text? Integrating continuous intelligence systems into business process enables you to continuously interpret data, discover patterns and gain meaningful insights from the data. This allows business to mix different types of data intelligently to derive new insights constantly.
Data Fabric A data fabric is a unified platform for data integration and management which enables you to manage all data within a single environment. Especially for hybrid cloud infrastructure deployments which requires to manage data access, security, control and visibility using multiple data management framework. Data fabric acts as a single and consistent data management framework.
Blockchain in Data Analytics Blockchain has gained popularity in data analytics because of its cryptographically secure distributed database technology for storing and transmitting information. It is especially used to increase the security or the quality of the data.
Final Take As the saying goes, “what isn’t measured can’t be improved.” If you’re looking to improve the bottom line of your business, then it’s a no brainer that you can’t afford to miss out on a DIY self-service data integration tool also reduces your IT dependencies. The trends mentioned above clearly indicate a swift evolution in the field of data analytics, and all organizations regardless of size should keep their eyes on it.