Analytics – an indispensable need for effective businesses of all sizes
Data has become a key priority for businesses of all sizes. For every company, irrespective of its size, the skill to closely predict the future is imperative for growing continuously in this demanding & dynamic environment & this is where Analytics could play a vital role.
While, this word has been buzzing from sometime, there are still very few businesses who has leveraged the analytics techniques & software in their decision-making process. SMEs fails to recognize & utilize the analytical resources and seems to be so caught up with their routine management that they lose out on a chance to stand out from the peers. The large businesses who could afford the much-advanced resources still seems to be not leveraging the capabilities and analytics & it is still been used a reporting or MIS tool in many instances.
Even after living in the digital & information flowing world, this buzz word has still not been optimally utilized & one of the reasons is the myths that surround the domain (Side effect of free-flowing information). Here are some of the regular ones which I have tried to clarify-
- Data analytics only showcases past performance: The historical data analyzed produces insights & information to prepare, strategize & decide future course. Predictive & Prescriptive analytics goes further with forecasting the outcomes & assisting in optimizing to select the right one.
- Data analytics is for large businesses: The presumption of data analytics & business intelligence being out of reach for SMEs is far from the reality. Rather, capitalizing on the data backed analytics could provide them a competitive edge to remain one step ahead of contemporaries.
- Usage of sophisticated software makes it highly technical & costly: The crucial element in analytics is to apply statistics to hefty & sizable data to find corollaries between variables & this functionality is supported by even MS-Excel which is starting point of various analysis & also of the many strong analysts who would have started with Excel.
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