Following your intuition is not the right solution when it comes to business processes. Just like every other business, small businesses operate in a highly competitive environment. Many small business owners rely on their human resources to drive business growth and ultimately fail to do so. The rise of data analytics in small businesses equips businesses to move in the right direction.
Before data analytics in small businesses became a common practice, businesses had to face growth and profitability challenges due to a lack of insight. Although business analytics in small businesses require capital investment and technical expertise, the outcomes are worth it. So, if you are a small business owner looking for ways to gain a competitive advantage and scale your business growth, leveraging data analytics is your go-to solution.
What is Data Analytics?
Whether you are a large enterprise or a small business, your end goal is to remain competitive and achieve growth. To increase your market share and boost revenue, it is crucial to shift to move out of your comfort zone and adopt revolutionized solutions that match your business requirements. Subjectivity reduces precision, therefore, businesses that rely on self-interpreted data often fail to achieve their growth targets and dwell in their launch state throughout their business lifecycle. Making efficient utilization of the business data entering into a business system daily ensures objective decision-making. Data analytics translate business data into actionable insights for the business. Such insights allow small businesses to deliver the results that scale their business. Data analytics merge business intelligence tools and statistical facts to generate insights that guide businesses to choose a pathway that leads to increased revenue, lower costs, and overall business success in the long run.
How Can Data Analytics Help in your Small Business
Automated data analytics are replacing subjective human analysis for all the right reasons. Here is a list of reasons how data analytics help small businesses.
1. Market Trend Analysis
Businesses do not work in isolation. Whether you own a business that operates on a global scale or a small-scale business that functions on a local level, competition is all around you. In such competitive times, it is crucial to adopt business solutions that generate insights in real-time and guide businesses to gain a competitive advantage in the marketplace.
According to the State of BI & Analytics Report 2020, 49% of the organizations depend on data analytics. Such is the rise of data analytics in the business sector. Organizations that opt for data analytics can gain a holistic view of the market and strategize their next moves accordingly.
Business data analytics identify market trends and alert organizations of external opportunities and threats. Avail for Ascend Analytics’ predictive data analytics and monitor the ongoing market trends and set your benchmark accordingly. Our data analytics platform ensures to provide the quickest time-to-value solutions to their data queries. We realize that small businesses require tailored solutions, hence our team will guide you through the process of choosing the Business Intelligence solution that fits your requirements.
2 Better Customer Service
Do you want your potential customers to turn into your loyal customer base? Embed data analytics tools in your small business and witness how data casts a magic spell on your existing and potential customers to remain loyal to your business. Our growth analytics and funnel optimization feature assess the impact of marketing strategies on business growth. Customers can either make or break your business, thus it is crucial to retain customers. Businesses can get a 360-degree understanding of their customer by availing of small business data analytics services offered by Ascend Analytics. Data analytics fuels tailored customer experience for every customer by monitoring customers’ social media interactions, browsing history, and in-store behavior. Our data-driven solutions boost customer retention and equip small businesses with actionable insights that increase customer re-engagement.
3 Inventory Management
Being a small business owner you would never want to invest capital in over-stocking inventory or face inventory shortage to lose out on your potential customers. Keeping track of inventory through manual records often leads to mismanagement. Bring data analytics for small businesses into action and manage your inventory in real-time. By using data analytics, small businesses can optimize their inventory storage levels, ensure quick order fulfillment, and minimize human error. Opt for Ascend analytics’ and let our predictive analytics feature forecast future market trends to stock inventory at an optimal level. Businesses that are aware of the market trends and forecasts are able to put their efforts into the right customer segment.
4 Cost Reduction
Relying on human resources to lower additional costs is a mistake every small business should avoid committing. Opt for data analytics services and witness a massive surge in sales revenue and cut costs simultaneously. Small businesses spend their financial capital to market their brand but are still unable to gain the required visibility amongst the target market. Unsystematic utilization of financial resources leads to static business performance. Spend money on the right resources and cut unnecessary costs by opting for small business data analytics services. Ascend Analytics’ data analytics solution translates data into actionable insights that enable businesses to understand the customer, measure ROI, and set the right KPIs. By opting for our services, small businesses know the costs that can be minimized without impacting the ROI.
5. Objective Performance Review
As data analytics bring untapped data into action, various hidden realities are brought into the light. Small businesses depend on a limited amount of resources to survive amongst the cut-throat competition. Every aspect of a small business should be placed under surveillance to ensure maximum productivity. Monitoring productivity and performance on your own can result in biases and human error. Small businesses should go for data analytics tools to review performance accurately and avoid inefficiencies at every level in an organization. When you have limited resources, you cannot afford to lose out on any of them. Thus, data analytics tools ensure real-time insights into employee performance, business strategies, and external threats. Organizations that can track employee performance through objective standards witness higher productivity rates as employees are aware of the objective performance criteria. Choose Ascend Analytics and we will generate visually appealing and easy-to-interpret performance reports for your small business promptly.
How Ascend Analytics Helps Small Businesses
Here is a sneak peek of how we work to implement data analytics and scale your business growth in no time.
- We enable businesses to make strategic decisions by accessing data through our user-friendly dashboards. As each small business requires a different set of solutions, Ascend Analytics equips every small business with a tailored solution.
- Understanding user behavior to improve operational efficiency is crucial for every small business. Ascend Analytics utilizes user behavior analytics to mine user behavior and gains an insight into the user experience. We utilize user-behavior analytics to boost efficiency.
- Events play an important role to turn attendees into customers. Never underestimate the ability of a well-structured event to increase conversion rate. We collect event data and translate insights into actionable reports which reveal events that lead to higher conversion rates. These user-friendly reports allow businesses to decide their next move and focus on events that increase user engagement.
- We analyze historical data for small-scale businesses to enable them to identify conversion rates and market trends. By availing of our data analytics services, you can increase customer engagement and retention. Enhance your business visibility through Ascend Analytics and increase your market share.
- Lower your customer churn rate through our predictive analytics feature. Ascend Analytics monitors user behavior on the platform to calculate the churn-out probability. We guarantee you consistent growth and high customer retention by monitoring your performance and keeping track of the business environment. Choose Ascend Analytics and increase customer engagement that can eventually drive your business towards growth.
- Our geospatial analytics monitor activities across vast geographical regions. Users gain an in-depth understanding of the activities performed across different regions and identify relevant Key Performance Indicators to determine their performance across those regions.
Data Analytics Consulting for Small Businesses
Why Ascend Analytics?
From a pool of numerous data analytics companies present in the market, why should you opt for our services? What makes us stand out from the crowd is our ability to improve return on ad spend (ROAS) by 2-3x. Users who have opted for our services witnessed a 5% increase in customer retention rate which ultimately boosted their profitability by 25%-95%. Ascend Analytics has been set as a benchmark for increasing business efficiency by 15%. With this proven success record, you would not want to miss out on our data analytics services.
Ascend Analytics aims to provide actionable business intelligence and data analytics to every organization regardless of its business size and performance. As the world is entering a digital realm, we ensure your business grows and stays ahead of the competition. Our team of
strategists, data experts, data engineers, and developers design growth strategies for your small business. Contact Ascend Analytics today and create value for your customers through data-driven decision-making. For more information, email us at email@example.com.