Large global enterprises have long been exploiting the benefits of business analytics. For startups and SMEs, however, it’s a different story. Recent research from One Poll found that 56% of SMEs rarely or infrequently check their business’s data, while 3% have never looked at it at all.
The advantages of data analytics to enterprises of all sizes are well documented. It has already had a profound impact on organizations’ ability to better evidence their decision making, pinpoint areas to cut costs, and drive profits. For startups and SMEs, the fundamental advantage is that it enables growth, which is the prime directive for most. Business analytics can uncover hidden opportunities, identify trends and patterns, problem areas and successes, that may have been people may not be able to ascertain. In the quest for growth, it is also vital that startups take risks. Looking at the numbers can help greatly mitigate against these risks, and ensure they will provide some ROI and not bring down the company.
In many ways, for smaller businesses, their size often actually means they carry an advantage over larger firms. In most cases, they face a significantly smaller amount of queries and can, therefore, focus on precise problems. The most powerful insights also mean little if a company does not have the agility to act on it in a timely fashion, and many big companies are simply too cumbersome in their operations and processes to effectively leverage data discoveries that should be acted on promptly.
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