From what I've learned, one of the biggest challenges preventing small businesses from leveraging data (big or small) is accessibility. This comes in two parts: (1) what tool to use and how to use it and (2) an easy way to discern the data to make smart decisions. Without understanding, and especially amidst the internet of things where it's information overload, new technology adopters may feel quickly overwhelmed.
For folks who are thinking about starting the journey to incorporate data into their business planning, what do you think is an essential first step? How does one become comfortable and confident leveraging data?
Hi @JamesOng ,
Thank you for appreciating. There are many BI software providers in the market which are not only simple to understand but also provide extensive reports which can turnaround your business. The First step what i feel is people should start thinking about capturing the data in a standardized format. What people struggle with most of the time is data being spread in multiple areas which will make any analytic software in-efficient. Also software's like Unify which act as a middleman between Online stores and QuickBooks prove to be a great resource of the Data which the sellers are requiring.
@Shahji, we always appreciate hearing from you.
That's a good point, but even the term "standardized format" might go over some folk's heads. Most QuickBooks users are a tech-saavy bunch. Still, I am thinking about folks who aren't or don't have the resources (namely time) to get organized and know what formats are available.
The lowest barrier to entry for many folks is Google Analytics since most are already in the ecosystem. Even that has a bit of a learning curve. Again, thinking of folks who "just want the answer," parsing through and determining which key datapoints are worth examining is a big lift.
Not at all a critique of your point @Shahji, you are absolutely right. I am just thinking publically about if and how we can create messaging around this sort of organizational practice: the basic formats available and the advantages of each.