Is Data Analytics also available for small and medium-sized companies?

SMEs compete in a highly dynamic and increasingly competitive market sector. There is ongoing pressure to increase and sustain profitability and competitive advantage. They must deal with increased customer demand to keep their position
As small and medium companies increasingly face challenges in growing and innovating, a business-friendly approach, and specifically one that focuses on Data Analytics (DA), can be used to help companies takе the right steps to remain rеlevant and competitive in an increasingly complex and disruptive world

But what is Data Analytics and how can it help small and medium businesses?

Data or Business Analytics can be explained in a basic and concise way: DA integrates big data technology and concepts with advanced statistics, algorithms and business intelligence tools to derive business value from mountains of data and deliver an objective analysis of crucial business issues

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These are just some of the many benefits that Analytics may bring to a SME:

· Elimination of non-essential expenses: Many organisations spend millions of dollars on marketing, advertising, business-to-business partnerships, and other costs that are often not relevant. However, analytics allows firms to monitor the most cost-effective resources that are important to success. By simply focusing on the critical expenses, they can cut their overall costs and make their products and services more desirable to the customers



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· Better service quality: When there is a spike in customer complaints, organisations can use analytics to rapidly pinpoint the reason. That way, they can swiftly build new methods to avoid this and make the service more suitable

· Diversification and globalisation: Another benefit of analytics is that organisations are able to focus on their primary business instead of merely working on tiny elements of their activity. This means that by evaluating data they will be able to discern the needs of each market and adjust to them. When a small firm expands and needs to focus on more and more services and clients, they can simply analyse their sales and profit margins, which is something that is incredibly tough in a huge organisation

· Better customer service: Customers are increasingly more and more demanding. They anticipate that firms would understand their needs and give high-quality service. Analytics will help organisations in knowing their client base, so they will be able to enhance their business depending on their input

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· More efficient company processes: An key benefit of analytics is its capacity to help firms become more effective. DA is commonly used to improve corporate processes, such as production, customer service and inventory management. This is done by focusing on the processes, understanding how they work and identifying their flaws

· Last but not least, is the major improvement in the management of business risks, this is of highest importance in SMEs, since a large firm in most circumstances has the financial capacity to swiftly recover from its mistakes, but for smaller enterprises the storey is completely different

One of the finest ways to tackle your business uncertainties is by applying particular techniques based on Data Analytics. For example, anomaly detection plays a crucial role in producing business insights and preserving essential processes. Timely detection of abnormalities might equip you to prevent risks and minimise their cumulative consequences on business

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How can a SME benefit from these new ways, if it does not have a staff with this knowledge?

As described above, analytics should be at the heart of any business, but managers are often too occupied with day-to-day operational challenges and do not know how or have little time to examine the data needed to make better decisions

One of the most successful ways to achieve data analysis in small and medium-sized firms is through the services of an expert business consultant, who will lead you by applying a well-defined procedure with a business-oriented approach that will guarantee superior outcomes. A business analytics consultant will assure consistent success by ordering and analysing data to improve your organisation with a 360-degree view

The primary restriction of SMEs to use Analytics is the fact that they consider that these new approaches are only applicable to large organisations or that they do not have the resources to undertake initiatives of this sort

Certainly, these types of services in the past were extremely expensive, at least from the perspective of a SME, but with the advancement of new technologies (computing power, storage capacity, cloud services, etc.) these solutions are increasingly accessible, with little or no investment in hardware or software, and at very reasonable prices compared to the benefits it brings



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How does the DA procedure work?

DA often begins with a general description or diagnosis of the business, then a process is applied that will help to understand in detail the main limitations, the options for improvement and how to incorporate data analysis as a new way of managing that allows to generate a significant competitive advantage in your industry

The DA process normally follows the following steps:

1. Identify and define your business needs

2. Assess your current data

3. Identify sources of data

4. Find potential analytical approaches and models

5. Test ideas and models

6. Implement the solution

It is vital to notice that this process is not linear, on the contrary, it permanently returns to earlier phases to make improvements

Once this procedure is completed it is feasible to determine where the business may enhance its efficiency and utilisation of resources. This technique not only helps SMEs to monitor, measure and track the success of their enterprises, but they can also experiment with various modifications and immediately measure their effectiveness



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Data Analytics has numerous important advantages over the old technique. It enables for higher speed, scalability, adaptability, efficiency and flexibility in the handling of massive amounts of data across various heterogeneous databases, enabling more proactive information management techniques

This method may give SMEs a competitive advantage through assisting them to uncover new and profitable business possibilities, better assess risks, obtain a clear understanding into customers and their buying behaviours and grasp the competitive environment more effectively

DA can enable small and medium enterprises to save large amounts of money by improving efficiency and developing new methods to be more efficient, more profitable and most importantly – more successful