Data analysis for SMEs | Business Seeker

All businesses face competition, and it can be fierce, especially in a rapidly changing market. And with the explosion of online and social media channels, so do customer expectations. They compare business to business, not just in terms of the product or service, but in terms of the total experience. Companies that are able to meet these demands and expectations stay afloat, while those that fail struggle to keep up.

Meeting the needs of your customers means satisfying their entire customer journey. And this journey includes a number of areas that will require your attention, sales, production, operations, etc. It is very difficult to tackle all of these areas at once, and this is where data analysis could come in handy. Data analysis helps organizations determine and rank the most impacting factors versus the least significant factors. It helps companies make strategic decisions, achieve major goals, and solve business problems using relevant data.

We asked our data analytics and digital transformation resource person, Ms. Herleen Mortera, to identify areas where SMEs could expect more clarity using data analytics. Here are his thoughts:

First, data analysis systematically studies a data set using illustrative, quality, and statistical techniques. The way we extract relevant information from these datasets using analytical tools is the key to producing solutions in a timely manner. Some of the areas where we might expect data to help us are:

1. Business health

You would be able to see the business overview based on the data.

Data analysis will show you the real situation of your business. This could potentially give answers to the factors that make you wonder if they are relevant or true or not. Sometimes we have a hunch as to what our problem might be, but the data could definitely show us that.

2. Important factors

We could target the area we need to focus on, high impact to low impact.

Of all the possible factors, internal and external, that you might be faced with, you would be able to act on the most important factors that greatly affect your organization first, using the right tools and techniques.

3. Relevant recommendations

After knowing your important causes, you would be able to create relevant and targeted solutions. It’s important to prioritize, address immediate risks, and create a big impact on your organization in a short period of time.

4. Durable solutions

While it is important to know the important causes to create relevant solutions, we must not forget how to sustain these high impact solutions. Using proven analytical tools, you would be able to measure your improvement and consistently monitor your organization’s metrics.

Take the example of a cafe, which has received various complaints about its products and services. One complaint was the acidity of the coffee, another was that the staff were not friendly, among many others. Using data analysis tools, you’ll be able to know which customer complaints are having a big impact on your reviews. Once you have known the main problems facing your business, you can then delve deeper into the causes. If our data tells us that ‘usability’ is the main issue, we will now assess different contributors such as hiring, training, management, and so on. using basic graphics and statistical tools. We would also have a targeted recommendation that would have a positive impact on our customer satisfaction rates.

Mortera will share the most useful benchmark data analytics tools used to identify your business’ top issues, then tailor and monitor your most impactful solutions – applicable to any business and organization. She will host an eight-hour virtual workshop titled “Data Analysis Techniques: Better Business Decisions for Top Performance” on January 25, 27 and 28, 2022.

For more information, you can write to [email protected], or send an SMS to these numbers 0919.3428667 and 0998.9641731.

For your other online learning needs, Inquirer Academy can help you design and deliver a self-paced virtual workshop, webinar, or online course for your organization.

The author is the executive director of the Inquirer Academy.

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