Authored on: May 21, 2012
More data. More users. Less time. These three business pains are pervasive no matter what your company's size. However, latest research from the Aberdeen Group confirms that the well-planned and executed use of business analytics can provide significant value in combating these challenges for small and midsize companies. From boosting process efficiency and recognizing opportunities sooner to improving timely decision making, the measurable benefits are worth the investment. Those SMBs with a strong analytical strategy in place (considered best-in-class performers) see a 24 percent increase annually in new customer accounts sold, compared to only 12 percent for the industry average. Operating costs for best-in-class SMBs also see a reduction of 16 percent a year compared to the 12 percent industry average. Finally, analytically savvy SMBs are seeing operating cash flow increase up to 18 percent year after year compared to the 6 percent industry average.
This research brief focuses on the IT side of analytics adoption as well. The importance of query tools and data integration technology is discussed with regard to making data more usable and consumable for the analytics processes coming into place. To process information faster within shorter timeframes, best-in-class SMBs rely on technologies like operational BI to provide near-real-time visibility into key operating metrics. Finally, recommendations are offered on how to treat data as a strategic asset, further expand the reach of business analytics and accelerate data delivery at a pace that outperforms competitors.