Big data and advanced data analytics have traditionally been the purview of large corporations with significant budgets. These companies harness the power of analytics to drive strategic decision-making, becoming truly data-driven. But, what about smaller companies?
Many small and medium sized companies also have access to a wealth of data. However, this data often resides in disparate applications and databases. Different groups within the organization, each using a distinct application, will naturally gravitate towards their respective tools and point of view when compiling summary reports. This can lead to a fragmented view of the company's current state and historical performance, thereby undermining confidence in the data during strategic planning and decision-making.
Often, well-meaning individuals attempt to harmonize the data from the disparate applications to create a unified view of the business. However, without a deep understanding of the data from all applications, these attempts can result in inaccurate assumptions and errors in the aggregated data. These mistakes, if unnoticed, can lead to ill-informed strategic decisions.
For a smaller company wanting to implement a data analytics and business intelligence framework, the requirements in terms of budget and manpower can be daunting. An existing employee may be tasked with this part-time, using tools more advanced than spreadsheets, or the company may opt for a low or no-code solution. Unfortunately, these efforts often fall short of meeting the company's specific business requirements, failing to deliver the intended benefits.
However, a growing trend in business, particularly among small and medium sized businesses, is the contracting of fractional services. This practice, common in IT, finance, and business development areas, is now gaining traction in the field of business intelligence. Fractional business intelligence services allow companies to contract the necessary resources to implement and maintain a robust data infrastructure. With these services, companies can access analytical dashboards and other tools, enabling them to make better-informed business decisions.
If you are interested in turning your company into a data-driven one and would like to explore how fractional business intelligence services can enable this transformation, please reach out to us at Altitude BI. We're here to help you on your data journey.