What’s not to love? Small Business Saturday provides exactly what is written on the front packaging: a day dedicated to small business patronage. And good news, your small business is the honored host.
More than 100 million shoppers in the United States will spend an estimated $15 billion or more supporting local retailers on Small Business Saturday—if trends follow the results of previous years. Small Business Saturday should be an answer to ailing sales in small brick-and-mortar retailers, just as Black Friday has been to retail giants. But …
Have you ever told anyone at work to “trust their gut?” That was probably bad advice. You should have told them to trust their data and practice data-driven decision-making.
According to findings reported by the Business Application Research Center (BARC), 58 percent of companies base half or more of their regular business decisions on gut feel, intuition, or experience rather than on data and information.
Here’s a compliment sure to make any business blush: “I bet your database cleans up nice—what a great opportunity for data scrubbing!”
From my experience, this moment will resolve itself with either high fives or a puzzled look that says: “What is data scrubbing?”
I’m glad you asked: Data scrubbing, or cleansing, is the act of checking business data for inaccuracies, duplicates, and outdated and incomplete entries. Data scrubbing is the process of cleaning out all the things that make data dirty and unviable for use in business intelligence (BI) software and data analytics.
Has your business gone to a fiery inferno? Not yet? Let’s keep it that way. I’m about to conjure up advice on one business pain point you might be agonizing over: data quality problems.
Today’s companies are vying to become data-driven using business intelligence (BI) software to analyze data insights to make better decisions. According to Forbes Insights, 84 percent of CEOs are concerned about the quality of the data they’re basing their decisions on. When the lights dim on your data integrity, who knows what records or variables have been tampered with, duplicated, deleted, or forgotten about.
Bad data leads to bad decisions.
Has your BI adoption stalled or been slower than expected? Join the club. According to Gartner, 91 percent of organizations have not yet reached a “transformative level” for maturity in data analytics. In short, nobody’s using business intelligence software to its fullest potential despite it being one of the heaviest places of investment right now.
The picture is worse for small and midsize businesses (SMBs). Sixty-five percent of SMBs don’t use BI and dashboards to analyze business data, relying instead on spreadsheets, according to research by Software Advice. This puts SMBs firmly in Level 1: “Unaware”—the lowest possible position on Gartner’s BI maturity model (Figure 1).
So who is to blame for small businesses remaining in the stone age when it comes to BI adoption?