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How Data Analytics Help Small Businesses Grow?

The combination of data analytics and cloud computing is so potent that it may boost business income while lowering investment expenses.

There is little doubt that the rise of e-commerce or electronic commerce has completely changed the operating models of firms across industries.

MSME’s are the backbones of an economy

MSME or micro, small, and medium firms have been the backbone of the Indian economy- creating jobs and contributing considerably to the country’s GDP.

“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” Geoffrey Moore

What is big data and what are its 5 v's?

Small businesses in particular have discovered a new way to sell their products and services as well as broaden their reach to include people from all across the country and across borders.

Introduction of the internet and e-commerce platforms has greatly expanded the breadth of these businesses’ clientele.

Use Data Analytics to track return on investment

Data analytics another digital development have made it possible for MSMEs to track the return on investment – R O I .

Businesses can obtain and analyse crucial client data, such as time spent on each web page, orders placed, and transactions made over time. This assists them in making necessary changes to their marketing plan/ product listing etc. As a result, they can improve the whole consumer experience.

What is predictive analytics?

Predictive analytics is the science of converting data sets into forecasts and decisions.

Data Analytics - predictive analytics tools for 2022.

It is a subset of advanced analytics that uses current data points to estimate the possibility of specific events and provide company leaders with a blueprint to follow.

Predictive analytics technologies can be used to predict the success of future products, reduce customer turnover, and detect and prevent fraud.

Every firm from apparel retailers to aeroplane manufacturers needs to be able to turn data into actionable insights in order to survive and compete.