V. Ravichander, SMEW Chennai Bureau
Sharpen your 'axe' SME's by ushering a 'Data Driven' culture!
Are SME's too small for Business Intelligence and Analytics (BIA) (Or) Is there a tremendous opportunity for the SME's as technology becomes more user-friendly to put the simple-to-use 'tools' into the palms of people, on-the-field or off-the-field,24/7/365? If so, should all SME's form a 'beeline' and buy them? (or) Are there fundamental criteria? Are BIA solutions and tools really affordable? How can then the SME benefit from BIA? And, what are the 'mindset' changes required? Going forward, how does the SME use BIA to 'stand out' in the crowd, compete with the “big boys” in the market?
To find out answers, SME WORLD spoke to Sriram Gaddam, Managing Director, Howhyse Analytics Technology Solutions Pvt Ltd pertaining to the adoption of a 'Data driven' culture in SME's and the way forward. Excerpts :
Tell us frankly, aren't SME's too small for business analytics?
Not at all. Any company irrespective of its size can enjoy the advantages from analytics in some form or the other resulting in a quantum leap of benefits on revenues, costs and cash.
However, what it needs is a shift in perception on the size of the data SMEs possess that may be put to good use for analytics. I suppose you would agree that often, it is perceived that only large companies possess information that is significant enough for analytics and that the rest do not have this advantage merely due to their lower volume of data. This is true in one way, wherein a smaller company may not have significant volume of data. However, there still exists 'value' in this relatively smaller data as compared to a larger enterprise with its variety as well as in its complexities, which, when looked together, becomes an information asset waiting to be 'mined' and hidden 'patterns' to be uncovered. In addition to the internal company data, the information on its competition, industry and customer trends that sit outside the business can be of remarkable size and/or complexity too.
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