Small businesses are able to benefit from utilizing data analytics by having a reduction in operating costs, improvements in business processes, and ultimately increasing revenues. Having accurate data analytics is the core to harnessing the power of that data.
Dedicated internal resources are required to ensure that your business is able to maintain a data centric approach to data analysis. Data collection tools are required. Small businesses often have the tools and the internal resources – the catch is utilizing what they have consistently and appropriately.
Data collection with the appropriate tools is relatively straight forward and internal resources are able to keep up with the collection aspect. Cleaning the data is often where the bottlenecks take place. Internal resources may be pulled to other urgent or important tasks, and the data clean-up is shelved or put on the back burner. When that occurs identifying patterns and then making predictions based on those patterns is stalled.
Bringing on external resources to assist with the data clean-up – removes the initial bottleneck. Once that occurs internal resources are then able to get back to the process and identify clear patterns thereby enhancing their ability to make predictions that will benefit the overall operation.
The predictive aspect of data analytics has the capacity to enhance customer service, improve vendor relationships, provide a better picture of new product development, and the identification of new markets for products or services. Typically, small businesses are able to realign processes quickly and make the strategic changes necessary to improve their overall production and revenue base.
If you are backlogged in the data clean-up process of having your data work for you – consider bringing in a contractor to assist you with the process.
Marie-Helene, Effective Placement & Faery Godmothers
