The current economic environment threatens the success — and perhaps even the survival — of many small and midsize companies, because larger organizations are increasingly able to provide personalized experiences to their customers.
But even as teams continue to work hard to harness all the data being generated by these technologies, it still takes longer than it should to get answers to basic KPI questions that are critical to running the business, such as those around customer churn, retention and satisfaction rates, employee satisfaction and turnover or billings by key products and services.
The answer is two-fold: understanding that you need specialized business analytics expertise on your leadership team and that you need to change how your organization makes decisions.
In today’s digital world where customer, operating, and financial data is being collected at an exponential rate, you need the specialized expertise of a data scientist to help you develop a business intelligence strategy to meet your goals, boost profitability, and drive success.
While you may not be entirely on board with AI and predictive analytics, small and midsize companies should aim to adopt these tools over the coming years.
By going above and beyond conventional approaches of doing business, leaders can consistently deliver more resilient supply chains, higher levels of innovation, increases in customer and employee satisfaction, and improvements to overall efficiencies and financial growth.