How small business will benefit from analytics in 2019?

Analytics in 2019

Data is omnipresent and in this digital age if you fall behind the capabilities of analytics, then you leave your relevance in the hands of competitors. The analytics in 2019 has paved ways to unlock dormant potential in ways not seen before. With so many big fish vying for the tiniest bit of the consumer market in a competitive landscape, Small and Medium businesses in order to survive will have to start thinking analytically as well to be relevant.

To capture the niche audience, it’s not the amount of data but the amount of relevant data that matters. With analytical tools, small businesses can keep track of a customer’s activity on their sites and try to improve user experience by making necessary improvements. The real-time tangible data helps business estimate their marketing budget and formulate strategies to improve the conversion rate of their website.

The analytics tool enables business users to create the most reliable and intuitive dashboards which are highly interactive and visually explorable. Apart from visibility across business functions, it provides the granularity of data, beneficial in performing root cause analysis.

Predictive analytics improving efficiency in recruitment

Predictive analytics tool reduces the recruitment life cycle by automating the initial redundant and long drawn process of attracting talent (posting ads), sourcing and screening resume. The adoption of talent analytics has the capability to improve the efficacy of the talent acquisition function. It not only reduces the time to hire but also increases the quality of hire by curtailing unconscious biases from the hiring process.

Location data and analytics are helping small business growth in several ways as it allows the business from forecasting the ROI of new investments, enable to create strategic marketing plans and leverage location performance to manage inventory and offset seasonality.

Analytics have become the focus of businesses due to the growth of unstructured data; data which can be extremely useful in identifying patterns and creating a predictive model. For small businesses, to survive and compete with the big boys, analytics is a must as it provides an unprecedented level of insight into the behaviour of the customers and the entire market.