Can you imagine that the sales receipts from your local stores mean a lot to store owners?
If looking at the receipts carefully and using business analytics to understand what the data is about, you will find that it tells you a lot of interesting stuff about customers’ purchasing behavior,like the timing of visiting the stores, payment solutions and the line of product or service they prefer.
Isn’t that amazing?
Take one step further,if you can analyze these data for a group of customers and over a period of time and ,let’s say,
for 6 months, you will see a pattern of purchasing behavior. Why is this important to store owners? Because it
helps the business understand better in customers’ preference and spending habits, then allocate resources accordingly and fine-tune business strategy,ultimately grow the top line as well as the bottom line.
This is just a example of how business can benefit from business analytics. Small businesses have a perception that business analytics always involve large and complex data, which only super-sized corporations have the resources to deal with and take advantage of advanced technology. This may not be true.
Can small business owners also reap the benefits from business analytics as well? Definitely, it is a yes.
Some clients at the beginning say ” we don’t have that large amount of data except our books”. After all relevant data are sliced and diced and analyzed, they realize their books is a rich source of data that have been ignored for a long time. Clients are amazed to see not only the meaningful data that business analytics brings but also the big picture of their business is presented in front of them.
Obviously, small businesses have limited resources on developing new tools and have no dedicated teams to
turn raw data to valuable business insights.Talk to us and see how we can help you get the most out of your
existing resources and gain deep insights of your business. Because We want you to grow!
If you have any accounting/tax questions, drop us a line or give us a call. We are happy to help!
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