Last year, most of the world swooned over new technological evolutions such as artificial intelligence, machine learning, the Internet of Things, and automation. Even though these technologies are proving to be catalysts for growth, many small business leaders have decided to concentrate most of their investments on data analytics.
In fact, according to IDC’s infobrief “The Next Steps in Digital Transformation,” 47% of surveyed entrepreneurial companies adopted business analytics or business intelligence software for data analytics in 2017. While IDC’s finding is encouraging, most small businesses also recognized in 2017 that they are only scratching the surface of what they need from analytics to compete effectively.
Ray Boggs, vice president of small and medium business research at IDC, recently commented in an IDC Analyst Connection that this reality can be attributed to the misunderstood value of analytics. “The benefits of advanced business intelligence can come not just from better [or] faster answers to current business questions, but from an appreciation of what the most important questions are that aren’t yet being asked,” he shared. “As small and midsize firms grow, there is a risk of extending business practices and processes without a critical review of what is essential.”
But this news is so 2017. It’s time to kick into high gear a brand-new mentality around analytics for 2018.
Why embracing predictability reveals the full potential of data analytics
Small business leaders have often felt left behind by the growing acceptance of analytics, fearing that their workforce, customer base, or operations were too small to justify the cost. Although this view is shortsighted, it’s entirely understandable. Budgets are usually so tight that it’s difficult to take money from one department to pay for a new solution when ROI is not 100% predictable.
While most things in life are anything but predictable, the cost of implementing and maintaining technology, especially business intelligence analytics in the cloud, is. Here are three reasons why.ks back to the primary network?