By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics in sports industry
    Here’s How Data Analytics In Sports Is Changing The Game
    6 Min Read
    data analytics on nursing career
    Advances in Data Analytics Are Rapidly Transforming Nursing
    8 Min Read
    data analytics reveals the benefits of MBA
    Data Analytics Technology Proves Benefits of an MBA
    9 Min Read
    data-driven image seo
    Data Analytics Helps Marketers Substantially Boost Image SEO
    8 Min Read
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Accessible Business Analytics Set to Be a Boon for Small Businesses
Share
Notification Show More
Latest News
big data mac performance
Data-Driven Tips to Optimize the Speed of Macs
News
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
Artificial Intelligence
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Accessible Business Analytics Set to Be a Boon for Small Businesses
Analytics

Accessible Business Analytics Set to Be a Boon for Small Businesses

While there are some challenges to implementing accessible business analytics, the potential benefits far outweigh the risks.

Annie Qureshi
Last updated: 2022/11/28 at 9:52 PM
Annie Qureshi
7 Min Read
accessible business analytics
Shutterstock Licensed Photo - 2110942601
SHARE

It’s hard to overestimate the value that data insights have come to represent to today’s businesses. Investments in analytics tech have risen commensurately, with some 73 percent of respondents telling IDC that they expect to spend more on data-focused software than any other category in 2023.

Contents
Consolidating InformationVisualizing Trends and Extrapolating PredictionsPerforming Analysis in Natural LanguageMaking Key Decisions Using Data

While emphasizing data analytics has become the standard for the business community as a whole, smaller teams are often the exception. Small business owners are still prone to see business intelligence as a luxury that they can’t afford, as it requires employing data specialists to manage dedicated data repositories, data consolidation and ongoing coded queries – all of which is a non-starter for organizations where each team member is required to wear so many hats.

There are encouraging signs, however, that this sentiment is on its way out, and with a recession looming, small business leaders are going to need data insights to help optimize their strategies.

Many specialized data tools are now available as self-service web apps, making enterprise-grade data software more affordable and circumventing the need for dedicated servers. The expertise barriers have also been lowered, with onboarding rendered simple and quick – today, even non-data experts can set themselves up and make data-based strategic decisions on an ongoing basis.

More Read

data cleansing tips for business analytics

How Data Cleansing Can Make or Break Your Business Analytics

5 Vital Business Intelligence Tips All Companies Should Embrace
How can CIOs Build Business Value with Business Analytics?
Impressive Ways that AI Improves Business Analytics Insights
Pulse Surveys Must be Part of Every Company’s Data Strategy

With a better understanding of what the advantages analytics bring, small business owners are finally getting started with business intelligence.

Consolidating Information

Analytics gives business owners an accurate picture of the state of their ventures. Fortunately, businesses are likely already gathering data from the various business apps they use. All this information can be imported to analytics tools for processing.

Modern business intelligence platforms can integrate with hundreds of data sources like marketing communication tools, ecommerce platforms and payment providers to create this holistic picture. Business leaders can then consolidate whatever performance metrics matter most to them into dedicated interactive dashboards and dynamic reports.

Businesses that use cross-functional management suites can also explore their built-in analytics tools. Business management app vcita, which allows small teams to handle client relationship management, payment collection, appointment booking and marketing activity under one platform, uses Google’s Looker BI software to generate reports from specific operational areas that already flow through the app.

For example, a service business owner can examine their appointment conversion data to check which services are the most popular or how many customers follow through with each booking. By analyzing these specific areas of the business, entrepreneurs can readily spot issues and implement improvements.

Visualizing Trends and Extrapolating Predictions

Traditionally, it takes a certain level of specialized expertise and experience to make sense of raw numbers. What makes analytics accessible to most people is visualization. Modern tools can readily create charts and graphs to help users spot trends from their data.

The only thing that small business owners have to do is integrate their apps with visualization tools. The cloud version of Tableau, for instance, allows non-technical team members to use native “connectors” to import data sources like Salesforce, QuickBooks and Amazon Seller Central, helping merchants visualize data based on historical sales figures.

By plotting line charts of monthly sales for products, it’s possible to identify peak seasons and top-performing items. These insights can then be used as the basis for promotions and marketing campaigns.

Analytics can also be predictive. Through machine learning, even basic tools can crunch historical data and provide predictions readily. Combined with visualization, analytics can help owners of even the smallest businesses to plan for the immediate future, like increasing inventory to prevent stockouts during peak sales.

Performing Analysis in Natural Language

Analytics platforms are constantly innovating to further lower barriers to entry. Developers use effective usability design and artificial intelligence so that non-experts can perform data analysis capably.

By applying artificial intelligence, platforms can allow users to use natural language to interact with analytics platforms. Intelligence platform Phrazor, for example, allows for queries to be phrased using simple questions. Keying in a question such as, “Why did my sales grow in the last six months?” can bring up sales data within the period and the possible answers to the query.

Inversely, natural language report generation is now also emerging as a standard. Alongside visualizations, reports with accompanying insights can be generated in natural language, allowing less data-savvy business owners to create easily understood reports quickly.

Making Key Decisions Using Data

According to the Small Business Administration, about two-thirds of new businesses survive in their first two years. Armed with a clear picture of the states of their companies, entrepreneurs can quickly pinpoint whether they are poised for survival or growth. They can decide which business areas to focus on to improve their standing or pivot their business if necessary.

Through analytics, business owners can base their decisions on solid information – or, at the least, validate their intuition.

While today’s business environment is volatile to say the least, specific sectors and niches are still projected to be growth industries, providing opportunities to smarter owners of small businesses. Through business analytics, small businesses can create viable strategies to navigate their respective markets and position themselves to thrive and succeed.

TAGGED: accessible business analytics, business analytics, small businesses
Annie Qureshi November 28, 2022
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
By Annie Qureshi
Follow:
Annie is a passionate writer and serial entrepreneur. She embraces ecommerce opportunities that go beyond profit, giving back to non-profits with a portion of the revenue she generates. She is significantly more productive when she has a cause that reaches beyond her pocketbook.

Follow us on Facebook

Latest News

big data mac performance
Data-Driven Tips to Optimize the Speed of Macs
News
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
Artificial Intelligence
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

data cleansing tips for business analytics
Big Data

How Data Cleansing Can Make or Break Your Business Analytics

9 Min Read
tips for making the most of business intelligence
Business Intelligence

5 Vital Business Intelligence Tips All Companies Should Embrace

7 Min Read
Analytics

How can CIOs Build Business Value with Business Analytics?

8 Min Read
ai is beneficial for making sounds business analytics insights
Analytics

Impressive Ways that AI Improves Business Analytics Insights

5 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?