What Can Small Businesses Gain from Data Analytics?
Small businesses need to change their general big data approach. The question they should ask themselves is not “what can we gain from the collected data?” but “what do we need to grow the business and how can data analytics help reach that goal?”.
Recently, we talked about the value of connected data. However, while big companies can simply collect data and find use cases later, small businesses have to think carefully about what they need their data for. The question they should ask themselves is not “what can we gain from the collected data?” but “what do we need to grow the business and how can data analytics help reach that goal?”.
To give an idea what such an approach could look like, here are three cases how small businesses, which aren’t typically associated with big data, could benefit from it.
Case one: financial services
A small bank wants to create new reports within days instead of months and at the same time, wants to reduce the cost to do so. The data lies with a third party core banking provider and the bank has no data access / data ownership. The cost of reporting change requests is >CHF50k.
Inhouse the data and combine core banking data with communication channels such as email and phone using ti&m analytics. The bank can now create its own reports using self-service and ad-hoc reporting tools such as Tableau and ClickView.
Case two: tourism
A ski resort wants to increase customer satisfaction. Skiers want blue skies and freshly groomed, empty slopes. The ski resort has many data sources, including transport infrastructure, restaurants, hotels, ski schools and rental stations. Customer satisfaction is one of the main KPI’s a tourist resort can have. A happy customer will return and will influence others to become customers.
The customer satisfaction can be achieved by providing real-time information and combining data from all the sources into the existing resort app and website. Visitors would be able to check which part of the area is busy and which slopes are empty. By including the weather, you could even show which slopes are sunny at the time. ti&m analytics allows to gain insights and feed them back into the customer channels.
Case three: industry
A component supplier wants to report delivery quality to customers. They deliver thousands of parts within short time. Each part goes through quality assurance. Customers have no possibility to get insights unless they perform their own quality assurance.
Send the quality assurance sensor data directly to ti&m analytics, which will process and visualize results to customers. The customer can even see historical values and how quality has improved or reduced over time. In a fully integrated solution, the customer could even approve or decline a shipment fore it leaves the supplier’s factory.
Collecting all company-related data and finding a way to use it might be a valid way to go. However, in most small businesses, senior management and the owners want to see the business case first. Tell us what problem you want to solve and how big you expect your growth / cost reduction to be. We are happy to consult you on data analytics that can help your business thrive. With ti&m analytics, we have the framework which allows you to execute and yield results from day one.
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