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SMEs (Small and Medium Enterprises) are the backbone that supports the economy of every country around the world.
But does the analytical approach of the SMEs is same as the mega enterprises?
Well, the business analytical approach is different for every enterprise; let it be alone small, medium, or mega enterprises.
But for SMEs, there is an advanced analytics approach that holds the base for every business irrespective of the domain they are hustling in.
The difference in the strategies also arises due to the budget constraints that SMEs have to face, and for large or mega the budget is never a problem.
Plus they have a dedicated team that takes care of analyzing and implementing the business strategies as well as track the progress throughout the journey.
Whatever may be the approach for analyzing the data, the final outcome has to be crucial information extracted from the big pile of data of the enterprise.
“Data is what you need to do analytics. Information is what you need to do business.”
– John Owen
Let’s take a simple example that will make things more clear and establish a concrete concept.
Suppose there are 2 businesses that provide the grain cleaning service to the audience.
Out of 2 businesses, one falls under the SMEs category and the other is a mega enterprise.
Now, the mega enterprise has a surplus amount of both time and money, and of course, a high processing machine does the work with maximum efficiency and speed, making the process more flexible.
On the other hand, SMEs do not have a huge amount of funds with them and machinery to make things easier for them, and thus they have to find other ways to do the tasks.
The motive of the above example is to make clear that the approach towards achieving business goals is not the same for every business, and definitely not between the SMEs and mega enterprises.
So, it is more than crucial for SMEs to go about with an advanced analytics procedure for getting the right information without putting much strain on the other sections of the business.
Before we get down to the analytical part for the SMEs we need to take a few key points into consideration.
They are as follows:
Now, you must be thinking that data analytics is the process of collecting data and then implementing the crucial information to the growth of the business, and how difficult it can be?
Although this process might sound easy but involves various steps that can go wrong if not done with proper care and firm strategy.
The difficult part for the small business is to create a representative sample data out of the huge collection of data and then analyze it further for further modifications.
This part is not as difficult part for the mega enterprise as they have a separate team that handles the process as well as monitors it from time to time to make track of the progress.
SMEs can make the representative sample of the entire data but it will be limited to a limited number of customers and the efforts put into the process is not worth it, if we see the predicted ROI.
So, what are the advanced analytical steps that SMEs need to go to bring the maximum ROI?
The first and the most important point that SMEs need to keep in mind is the issue or the obstacle that is making the process slower and is causing the valuable time of the enterprise to go in vain.
This step will help you to find the right solution in accordance with your needs and preferences.
If you want to save your precious time and implement a feasible solution that will suffice your business needs in the long run, this is the path to take towards your goal.
Now, the second step after knowing your core problem is to collect the business data around it for detailed analysis and get a better perspective towards it for reaching the goal without much hustle.
When you are moving with the business data, it’s always better to have an extra set of data with you.
For this purpose, you can collaborate with the other SMEs in the market who share the same expertise and domain as yours.
This will help you to get a deeper knowledge of the issue and make the process simpler. Also having a connection in the industry is not bad to have in the industry as it can be of help when the need persists.
The last but not least, the third point is to never assume any fact or information until you have solid proof regarding it.
Taking crucial decisions in the favour of your business based on assumption may not turn out well for you and your business.
Get well research and verified evidence on the information, and then proceed with it towards making a sound and firm decision.
Always remember, the goal is not to identify what is right or wrong in the process but to analyze the situation and get a knowledge about what is actually happening throughout the entire process.
Basically, dissect the crucial information from the whole pile and get a clear picture of the situation for moving further ahead in the process efficiently.
The functioning of the small and mega enterprise is unique as the approach and strategies of both businesses are different.
Thus, SMEs need to keep the above points in mind and move along with the advanced analytics very wisely towards the business growth in the long run.