Part 4 of “Analytics Connection for SMBs” series

Most small and midsize businesses (SMBs) are well-aware that their size is their best selling point. Unlike their larger rivals, they pivot and reposition their people, processes, and resources at a moment’s notice. Such speed and agility is certainly a competitive advantage when it comes to adapting to customer feedback and demand, strengthening customer relationships, and delivering new products and services to market.

When data-driven insights are added to the mix, the value of these inherent characteristics intensifies dramatically. The ability to respond to customer needs and deliver new products and services becomes even stronger and faster. More importantly, companies can pivot operations in real time to optimize their success by avoiding potential risks and taking advantage of opportunities as soon as they emerge.

The IDC InfoBrief sponsored by SAP, “The Next Steps in Small and Medium Business Digital Transformation – How Firms Are Applying Advanced Technology to Meet Key Business Goals” recently reported that approximately 47% of small and midsize companies worldwide are planning to acquire analytics tools for the first time over the next 12 months to achieve six fundamental areas of competitive advantage:

  1. Data-driven decision making
  2. New insights on internal operations
  3. Real-time reporting and instant updates on current activity
  4. New insights on external operations driven by customers and the supply chain
  5. Connected business areas to improve coordination and deliver one set of information for everyone
  6. Streamlined business processes and practices

While most business owners are not data scientists, they are indeed beginning to understand the power of their data. By adopting advanced analytics, SMBs are further capitalizing on their speed and agility to serve customers better, deflect or embrace market disruption, and innovate their way to market leadership.

Explore the revealing findings of the IDC study by checking out the following IDC Infographic, sponsored by SAP, Data & Analytics: The Competitive Edge for Small and Midsize Businesses (SMBs).

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This blog originally appeared as Part 4 of the “Analytics Connection for SMBs” series on Growth Matters Network and has been republished with permission.