Forward thinking organisations are taking advantage of advanced analytics techniques to improve opportunities for business growth, innovations to be highly competitive and become market leaders.
Data analytics isn’t just for large corporations. Small businesses benefit from analytics technologies too. Data & analytics technology is quickly transforming nearly every industry by providing actionable business information and because of its effectiveness, even business leaders who are generally slow to adopt new technology, are now more curious about how data technology can be leveraged to drive business sustainability.
Businesses of all sizes – even small ones – want in on data analytics, and there’s a good reason for it; according to the Georgia Small Business Development Centre, companies that leverage big-data analytics tools enjoy 15% more sales than companies that do not.
Importance of Reporting and Analytics for businesses
Data Analytics plays a vital role in various organizations across verticals, Retail, Banking, Healthcare, Oil & Gas, Manufacturing amongst others. Here are some of the ways businesses can use data to gain a competitive edge:
- Identify leakages and gaps within the organisation
- Design new products and services
- Conduct 360-degree customer reviews
- Identify and prevent fraud by discovering patterns in transactions
- Optimize pricing strategies
- Make smarter business decisions
How can small businesses utilise data?
Nearly 51% of small business owners believe that data analysis is a must, but only 45% perform data analyses, according to a report published by the Service Corps of Retired Executives (SCORE). Furthermore, 73% of small business owners confirmed that finding new customers is a top priority, while 63% ranked retaining existing customers as a top issue.
Data analytics can help small business owners meet their goals. Many business owners believe that they do not have the required time to track analytics, but it takes only a few moments of studying to learn how to use and mine data to gain a competitive advantage. You probably already have more than enough information to start a data initiative without even realizing it. For instance, you can source information for data analysis from the following places:
- Email marketing applications
- Sales receipts
- Social media
- Website
- Streamlined data from connected devices
- Publicly available data
- Stored data in Data lakes
Imagine the value that can be extracted from the information mined to create a whole new experience!
Final Note
Small businesses using reporting and analytics can make data-driven business decisions that could help increase the bottom line. As a result, it’s essential to use the right tools and methods for your data analysis.
While the non-technical staff is able to get a high-level understanding from data, organizations still need the expertise of specialists who are able to extract full value from the various data sets across your organizations, and that’s where a technology company like Descasio comes in.
Using a combination of reporting and advanced analytics tools, we are able to provide statistical summaries, break down data, help you understand the patterns in your data using advanced machine learning techniques, and most importantly, provide reasons why the patterns occur. With all this information you will be able to uncover insights that may reveal the future of your business environment in line with your business strategy and goals.
Find out how you can begin your reporting and analytics journey today, hi@descasio.io
