Small Businesses & Data Analytics: too small for that?

Data Analytics has been previously utilized by big businesses with much success that has necessitated the small businesses to embrace it.

A company’s internally generated data is a key asset that needs to be leveraged in the same way as any other corporate asset. However, the perceived complexity of the field can be overwhelming: there are many terms being bandied around, such as analytics, big data, business intelligence, predictive analytics, etc.

Although small businesses do not have big financial resources to invest in hiring agencies or specialized employees or they think analytics is just for huge companies, they could instead use various free data analytic tools that are free to use: Data Analytics has nowadays cheap solutions which can however bring quality value results even to small businesses (i.e. ‘Google Analytics’,’MS Power BI’).

Analytics helps them determine the effective ways through which they can use visitors as sources of new leads and sales. Small businesses can also use data analytics to tailor their services and products to a particular target market niche.

Before starting is important to understand how small companies should implement analytics solutions in their business: the correct word is in stages, starting with small steps, and building upon them as they achieve proficiency.

This approach allows the organization to learn on a small budget, and the mistakes are not expensive. Hence, in the crawl phase, the objective is to get comfortable with BI/analytics technology and implement the aspects that have an immediate impact on day-to-day decision making.