WHY SMES NEED TO LEVERAGE DATA SCIENCE

WHY SMES NEED TO LEVERAGE DATA SCIENCE

Within a few hours of waking up, we create a deluge of personal data before we even reach the office. Our smartphones can track our footsteps, heart rate, sleep patterns, and even elevation change. Every website or social media app that we check will also be gathering data about our habits and lifestyle to deliver similar experiences on our next visit.

We are surrounded by machine learning and predictive data analytics at every turn. Amazon, Netflix, and Spotify all provide us with recommended content based on our preferences and history. Our Facebook newsfeed and the search results delivered by Google are driven by our data.

If used correctly, much of this data can be used to help us get fitter, healthier, and more productive. But have you stopped to think about how much data your small business generates every hour of your working week? And how could this be used to improve decision making or gain a competitive advantage?


WHY SMES NEED TO LEVERAGE DATA SCIENCE

We are living in a digital world where data is considered to be the new gold. Enterprises of all sizes can no longer afford to ignore the power of data-driven decision-making. But SMEs have a reputation for being over-cautious when it comes to adopting new and emerging technologies such as AI.

One of the biggest misconceptions is that AI implementations are a luxury only afforded by larger companies. The reality is that it's the best way of not only meeting but exceeding your customers rising expectations. As the so-called experience economy gathers pace, it's the unique experiences that you create that will determine how likely they are to come back. At the heart of all this is data science.

UNDERSTANDING YOUR DATA

Before rushing into solution mode and looking for the best tech or business intelligence software, you need to understand your data. The information from your customer's journey is likely to be scattered across many disparate locations which are mostly responsible for the information silos across your business.

Purchase history, web analytics, online communication, and even the traditional phone call are all typically managed by different teams or departments that seldom talk to each other. Uniting all of this information will unlock a treasure trove of valuable insights that can give you the edge over your competitors.

Another reason every SME needs to understand their data is to ensure that they remain compliant. With GDPR fines of up to €20 million, or 4% of annual global turnover at stake, SMEs can no longer afford not to take their data more seriously.

If you do not know exactly what customer information you are storing, the reasons why and for how long, your most significant asset could quickly become your biggest liability. A data science project can also be an excellent opportunity to review your security processes and systems.

BUSINESS INTELLIGENCE SOFTWARE

Although collating all of this information will feel like a daunting task, many affordable analytics solutions enable SMEs to empower their teams to analyse their own data. There are a variety of vendors that help businesses finally unite information across multiple systems without the need to rely heavily on an already overstretched IT department.

Only when you have access to all of the data in one place can you begin to unlock previously unseen insights. This knowledge will allow you to create personalized and engaging experiences based on your new multi-dimensional view of your customer.

The old cliché of knowledge is power has never been more accurate. Data-driven decision making can also help deliver a continuous improvement mindset. Marginal gains in everything from service level performance, order fulfilment, supplier management, to product management can all be combined to make a significant improvement to your entire business.

Data analytics tools are no longer just a nice to have. They can combine data from multiple sources and provide SMEs with insights that help them remain both agile and relevant to an increasingly demanding customer. These opportunities for growth are just as important to SMEs, if not more so than larger organizations.

The role of your company culture and mindset is equally as crucial as any solutions that you implement. Ensuring that your business us finally without silos will require every department to be united in a shared vision. Only then can you boost efficiency and leverage connected data to finally see a complete view of your business.

AI and other machine learning are much more than buzzwords. They allow SMEs to strategize and align their applications with their respective business goals. Technology is finally giving businesses of all sizes actionable insights needed to make data-driven decisions that turn challenges into opportunities.

Data analytics, customer metrics, and predictive solutions are providing SMEs with more power than ever before. In our analogue past, smaller businesses could only dream of competing with big companies. But now every small business can have access to the quick insights that drive big decisions.

So, isn't it about time that you started leveraging AI and data science?

POSTED BY ANTOINE FASSE – 09.09.19

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