Many small business owners openly admit that they are not big data experts. Yet they face the same challenges when it comes to analysing data as their enterprise counterparts, just on a smaller scale.
Budget and ROI are also key challenges for SMEs to leverage data. Small business owners often struggle to rationalise budget to hire data analysts.
This is when AI powered analytics capabilities excel, where insights can be generated automatically and intelligently at a fraction of the cost - think 50c a day for all the insights that you need to run your business.
In this article, we cover 3 ways AI powered analytics can make or break a small or midsize business.
1. Data analytics can make your business more competitive in the market
Data touches every aspect of businesses now, from development to marketing to sales. Not only does data analytics provide insights into your company’s success, but it aids in the decision-making process across all departments. Accessing data in real-time gives every arm of your business a competitive edge. Want to know how to improve your customer service? Ask the data. Want to build better-functioning products? Look at the data. Need to identify the most successful sales funnels? The data knows all.
Even though the benefits are clear, business owners as well as employees often struggle to find time to crunch data and look for those actionable insights, especially if that means they have to spend hours and days in excel or dashboard tools.
But what if getting actionable insights can be as simple as doing a search in google?
The marketing team at Fishburners was in a meeting discussing the effectiveness of their various marketing efforts for lead generation.
Rather than hypothesise based off opinions, or wait for a week for someone to analyse the data, a team member pulled up Hyper Anna on the screen. Within seconds they could all see the lead generation data from the previous five years and had a clear direction on where to focus their investment.
By discovering that word of mouth amongst their community was the strongest lead generator, they were able to quickly shift the discussion into how they could increase their use of networking events.
2. Understand what’s driving change helps companies avoid costly problems
If your support center receives more cancellation request from customers, within a click of a button, you’ll be able to find out if this is about the same issue with your product, a particular price point or maybe because they all come from the same geographical location.
With this information, you could easily extrapolate the likelihood of more people experiencing the same issue, and release an update to fix it before it becomes an overwhelming problem.
3. Analytics, and especially anomaly detection can help reduce costs
Every company wants to make more money than they spend. But have you been using your analytics to do that? Analyzing your own business procurement and expense data can reduce production and operational costs and improve your bottom line.
Anomaly detection in particular can help you fight rogue spending or even fraud and provide your board with a stronger sense of security.
With AI powered analytics, you can get cost-saving measures in the form of automated alerts, fraud detection or prevention, and more.
There are countless more reasons why AI powered data analytics is essential to business in this day and age. These 3 reasons are just the tip of the iceberg. And in the end, they all amount to the same thing: without insights, your business could be dead in the water. Don’t let data analytics be the thing that breaks your business.
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