I’ve had countless conversations with small business owners over the last few months, and when I ask about their data strategy I hear the same responses over and over again. It usually goes something like:
“I don’t have any data.”
“We don’t have many employees so we don’t need any analytics.”
“We just have some spreadsheets.”
“I know everything there is to know about my business.”
“Why would I spend money on that?”
And you know what, I get it. Although data analytics has become a common part of any large corporation, the terminology is a bit misrepresentative of what it actually is to a business so it feels like an unknown. In reality, data analytics is just a method of creating the strategy for a business using the information stored in a computer and there are nearly unlimited applications.
So how can data analytics products be used for a small business that has never considered how to use their data, or maybe that doesn’t even realize they have data that can be analyzed?
It can be used in nearly any decision making process or to automate repetitive tasks.
Here are some examples.
Use Case #1: Determining if my business is ready to open a new location.
Use Case #2: What should I set my prices at?
Use Case #3: Saving time by automating the process to create my production schedule that uses information from multiple systems.
Use Case #4: Identifying which products or services to target to which demographics.
Use Case #5: Predicting when machinery will need maintenance.
Use Case #6: Finding places where I’m overspending on purchasing raw materials.
Use Case #7: Consolidating data from different sources so that the fields all have the same definitions.
Use Case #8: Finding the most efficient route to deliver packages.
Use Case #9: Preparing 3rd party or public datasets for market research or product development.
Use Case #10: Creating predictable and organized financial reporting.
Use Case #11: Tracking metrics towards company goals.
Use Case #12: Identifying when it’s time to hire new employees at what budget.
Use Case #13: Determining the effectiveness of my marketing campaigns.
Use Case #14: Identifying clients that haven’t been seen in a while and automating a reminder system or incentive to return.
It can feel uncomfortable to spend time and money on curating data products when it feels like your business is running just fine, and maybe even growing, but it’s truly an investment that can springboard your business into its next stage. Having an analytics strategy will set your company apart from the competition, giving you the advantage of having insights into your processes and market that can’t be discovered through experiences on their own. It’s a way of supercharging your unique knowledge and business model that can set your company up for years to come.
If integrating the advantages of analytics into your business to help you save time, cut costs and increase revenue sounds exciting, contact Earthly Analytics for a complimentary consultation at information@earthlyanalytics.io today.