The availability of massive amounts of data means that more and more businesses are making use of analytics. A survey conducted by Onepath reveals that two-thirds of small businesses spend at least $10k annually on data analytics, though many indicate something is lacking. For example, 62% believe they could make better use of analytics tools if they had more training. With the correct set of data, businesses can understand customer buying habits, recognize trends, and keep track of competitors.
- It is important for a business to not only get data, but to also make sense of it.
- 67% of the businesses are spending more than ten-thousand dollars a year on analytics, and 100% of those businesses are using an analytics solution to make sense of it.
- Data volume has increased recently, and small and medium-sized businesses are managing 47.81 terabytes of data.
“The biggest takeaway for small business owners is data analytics is no longer the domain of just large enterprises. Businesses of all sizes now generate large amounts of data. Analytics allows you to use the data to make more informed decisions.”