Are small companies the real analytics champs?
Posted On 07/11/2017
“Data analysis is only beneficial to large enterprises with lots of data.” This is one of the biggest misconceptions out there. In fact, a recent study proves the opposite: small and mid-sized enterprises (SMEs) are actually the fastest technology adopters when it comes to data analysis and BI.
Why companies are adopting BI tools
Small & large companies each have very different business goals and priorities. To meet these goals, each company will use data analysis tools in a different way. The top priority, though, remains equal across all company sizes: to use data for better decision making.
Large enterprises reported to use data mainly to improve operational efficiency. Removing bottlenecks in the processes of a major company can save them thousands of dollars. The hardest part is to spot the bottlenecks. Luckily, data can help to expose.
SMEs invest in data analysis tools to grow in revenue. They analyze sales & marketing data, in order to keep winning new customers and to retain the existing ones. Moreover, they invest in analytics to increase their competitive advantage. For example, it allows them to offer personalized dashboards to their customers.
Analytics for everyone in the company
What about the usage of analytics tools? Adoption is much higher for SMEs than for enterprises (+1000 employees). In 1 out of 4 small companies, BI tools are used by more than 80% of all employees. For enterprises, this is not even 1 out of 10. Why is that so?
First of all, large enterprises have more employees. Secondly, they focus on operational excellence, in which only a subgroup of employees are involved. In smaller companies, employees are more directly involved in the daily operations and growth of the company.
Therefore, data analysis is crucial for SMEs. It can be a large motor to drive employee motivation and satisfaction. It keeps everyone up-to-date and involved with what’s happening.
Analytics tools in your company?
Are you already using analytics tools within your company? Whether you’re a small company or a large multinational, analytics platforms like Cumul.io will help you gain more insights from your data. Give your performance a boost & keep your employees motivated!