SMEs: How to leverage data analytics to grow? | News

SMEs: How to leverage data analytics to grow? | News
SMEs: How to leverage data analytics to grow? | News

In today’s business world, data analytics has become an essential tool for decision-making and improving operational efficiency. For small and medium-sized businesses (SMEs), leveraging data analytics can make a huge difference in their competitiveness and growth. As these tools are increasingly affordable and easy to use, SMEs have the opportunity to gain valuable insights to optimize their operations and improve customer experience.

Data analytics offers multiple benefits for a company, especially an SME, but it involves a major challenge: having better-qualified people to understand the available information and develop knowledge that helps make better decisions.

“The accessibility of data analytics tools has democratized the ability of SMEs to compete with large companies. Power BI and Tableau – Business Intelligence (BI) tools – are examples of how valuable information can be obtained without large investments,” says Hugo Sánchez, CEO of Qlever, a company that offers technological solutions.

Implementing data analytics in a company can seem challenging at first, but by following clear and structured steps, the process becomes more manageable. Sánchez explains how to start incorporating it in your company:

1. Define clear objectives. Identify what questions you need to answer with the data, such as how to improve customer satisfaction or optimize inventory management.

2. Collecting relevant data. Use internal systems such as sales, CRM and inventory, and external sources such as social media and market trends.

3. Selecting the right tools. Evaluate tools based on cost, ease of use, and integration capabilities.

4. Analysis and action. Perform descriptive and predictive analysis, interpret the results and make strategic decisions based on the insights obtained.

In addition to these steps, it is essential to understand how a company’s data is generated by CRM and ERP systems; however, in order for the data to be processed and trends to be obtained, it is necessary to use Business Intelligence tools, which allow not only statistical processing of information, but also to cross-reference information from various sources and improve productivity by reducing the need for dedicated analysts to do the same in spreadsheets and pivot tables, providing timely and reliable information.

These tools allow for advanced data processing, generating useful information for decision-making, and using artificial intelligence to make projections and predictive analysis. Although implementation may require an initial investment, in the long term it is more beneficial, allowing for more efficient and cost-effective data updating and reporting over time.

“It is important to transform data into information and information into knowledge. Data analytics not only optimizes processes, but also becomes a compass to navigate in more competitive markets, allowing more informed and strategic decisions to be made. Starting this journey towards data-based management can be the decisive step to take your company to the next level,” says the executive.

By adopting a data-driven approach, companies can not only improve their efficiency and effectiveness, but also anticipate market trends and respond with agility. This proactive approach not only strengthens competitiveness, but also facilitates sustainable growth, successfully meeting future challenges and taking advantage of new business opportunities.

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(FIN) NDP/GDS

Published: 6/7/2024

 
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