It’s not a stretch to say that data is taking over the world. You can see the signs everywhere, from news stories highlighting the breathtaking pace of data creation—projected to hit 163 zettabytes per day by 2025—to the ongoing and increasing use of data insights at your own organization.
Indeed, analytics isn’t just for nerds anymore. It’s now a team sport requiring buy-in from your entire employee roster, from the CEO on down to the most junior trainee, in order to drive the highest degree of performance improvements and business value. Everyone talks about using data to gain insights that drive better decisions. But what does data really mean for your business, and what steps can you take to start capturing value from it now?
Businesses that have adopted an analytics strategy are realizing significant competitive advantages. Yet, many businesses are not capitalizing on analytics. Why? There might be many reasons for this, but as for us we only see 3 important factors that stop businesses from leveraging their data.
The most common problem we found plaguing SMBs is interpreting and making sense of the data they have in their organization.
Modern technology makes it possible for all SMBs to capture data to some extent. Unfortunately, merely having the data doesn’t mean they can use it to improve their business. From choosing the right metrics, understanding what types of business insights their data could provide, understanding the value or ROI of using data analytics tools to placing the outcome of the data into business contexts, data interpretations is indeed a big challenge that businesses face today.
Analyzing data could be easy but getting quality data is a grave challenge because good data comes with an expensive price tag or they don’t exist at all.
Although many tools have emerged in recent times to help businesses with analytics (Google Analytics, Mixpanel, Hubspot, Salesforce, Hotjar), and solved some of the more pressing data collection problems, some specific needs remain unmet. Needs such as collecting qualitative data about customers, converting the qualitative data into quantitative data, collecting accurate data about customer behavior on a website or product, verifying that the data collected is clean, standardized, formatted correctly. Phew!
Overall, data collection needs have become more sophisticated, emphasizing more on quality, rather than quantity.
If the above challenges are more of technical problems, this is more to do with us ‘human’. To many SMB owners, even though they might know data can create value for them in some way, they either don’t have enough time or capacity to leverage their data, or they simply don’t see the short-term benefits.
For many SMBs, data analytics is a nice-to-have, not a must-have factor. They don’t see that it is exactly because they are more compelled to focus on time, money, and bandwidth that they need data even more than larger enterprises because data-driven decision making is how they can optimize their limited resources. Data is how they can make more value out of each dollar. This is the very reason why SMBs will remain stuck in old and outdated business practices and be hesitant to fully adopt the “data revolution” of the large enterprise sector.
Although SMBs or any organizations face the above challenges in adopting analytics, there’s still hope left if they could give the below solutions in their businesses.
Adopt a data-driven culture
Leadership must engage users across all lines of business to nurture a data-driven mindset, new methods, and new processes. Gradually phase in these new elements, highlighting small wins along the way.
Agree on Data governance
A strong data program encompasses users from across the organization at all levels. For a cohesive data strategy, establish data quality and terminology standards across the board.
Provide the right training
Even the most insightful analytics program won’t have much impact if users don’t stay engaged. Instead, train your staff to become data storytellers.
Ask the right questions
Broad questions return generic answers. Specific, focused questions result in more actionable insights and the highest return on investment from your data.
Choose the right platform
Today’s workforce uses software and applications to do things that once might have been done by an assistant or an expert. They feel pressured to quickly find answers on their own and self-service software helps them address that very pressure. The fact that most employees use self-service tools to accomplish their tasks is a benefit to the organization as a whole, but it increases IT concerns about the quality and governance of data. Selecting a flexible, scalable platform that incorporates both data warehouse and data functionality can make or break your business strategy.
Designed to address the analytics skill gap and changes in the way the people work, Zepto helps almost anyone in business– be it a jr financial analyst or a company CEOs—see patterns, pursue ideas and improve all types of decisions. Zepto has eliminated the barrier between the answers you seek, the analytics you want and the data in the form you understand. The combination of AI and Machine Learning, Zepto enable the users to maximize the vast potential of data, via a cloud-scale delivery to PCs, smartphones and other devices.