Today’s business environment has a huge range of old-school companies and new-age companies. Some have depended on data from their first day of existence, and others are fighting to modernize their business operations. Competitors and newcomers are scaling their businesses rapidly with data analytics and data science. They’re able to pivot strategies on a dime depending on what their data is telling them.
Why Data Analytics?
Data might sound like a topic and problem for bigger businesses, but it’s not! Smaller businesses are more vulnerable than ever to lose business to competitors who fully utilize the data they collect and their industry collects. With new software tools available for businesses of all sizes and in all industries, data is flowing. But if you aren’t using the data that’s available to you, someone else will beat you to the punch when new opportunities become available.
The outlook isn’t too good though right now for small businesses when it comes to data. According to SCORE, only 45% of small business owners use data analysis to help run their business! This is concerning, because businesses that use data analytics tools have 15% more sales than competitors. If you aren’t using data analytics, you’re missing out on business!
How to get started as a small business
Since data analytics is a must-have for small businesses, how can you find the time to actually build and utilize a data analytics environment? For the very beginning stages, you can simply use the data provided by the software you have running your business. Use your existing tools like Quickbooks, built-in social media stats, Google Analytics stats, or any other tool plugged into your business. These will have graphs and charts you can dig into to look at trends. Combine this with seeking out reports published by your industry to get a good micro and macro view of the data impacting your business.
For some businesses, the standard analytics tools available will be plenty to get value out of the data they are collecting. But for those with more complex businesses or more than a couple employees, gathering data and squeezing insights out of data will take some more planning.
When you’re ready to take it to the next level, it’s time to hire someone who is an expert in data analytics (like us!) or a full-time employee to run analytics. This will bring you the ability to combine all your data sources into one and start conducting analyses. From here you can start creating KPIs (Key Performance Indicator) for your business to meet and dashboards that you can look at in a snap. Now you have the seedling of what many would call Business Intelligence!
If you have questions about data analytics and aren’t sure where to start, give us a call! We provide free 30-minute consultations for new customers to help you get your footing with data. Our customers find these sessions incredibly useful to start understanding the data journey and the huge impact it can have on their business.
The MergeYourData.com Team are Analytics Experts
Why spend hours setting up analytics and struggling to get value out dashboards? MergeYourData.com offers Data Analytics Services where our experts get you results… fast. Achieve explosive business growth and reach your full business potential!