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Importance of Analytics for SMBs

Analytics for Small Medium Businesses (SMB) today, is a much discussed topic. SMBs face the challenges of effectively using analytical tools to gain precious business insights from data generated. Today markets are able to provide solutions to SMBs which were costly before and this was made possible by the advent of Qlikview, Tableau etc. in Analytics sector. SMBs are realizing that analytics can help them understand customer preferences, expand their market share, cut down cost, increase efficiency and give them a competitive advantage even against the big players. Moreover, with the advent of new technologies like cloud, social media and open source platforms like Pentaho and Hadoop, the requirement for big infrastructural set-up and capital cost have been reduced considerably. The success of Analytics tools depends to a large extent on collecting and managing data and in such case ERP and CRM tools are a must for success. For successful implementation of analytics tool, SMBs need to assess the external market as well as their internal systems and processes. However, SMBs will soon be able to adapt their systems to bring in the external big data from social media like any other big enterprises and hence make their analytics more robust. Read more at:http://www.informationweek.in/informationweek/perspective/296888/value-analytics-businesses

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