Using Big Data on a Small Budget to Improve Real-Time Decision-Making

September 2019

For years, companies looked to data tracked by their finance and accounting departments primarily as a way to understand past performance. But quantum leaps in computing power and other technology have made it possible for organizations to move far beyond historical analysis.
 
Today, companies can uncover insights that enable them not only to make near-term decisions with confidence, but also to perform predictive analytics—using data to forecast and compare the impact of various potential strategic decisions—to gain a significant competitive advantage. Companies that systematically use such insights have been growing at more than 30% annually on average, according to a recent Forrester Report.
 
For small- and mid-sized companies that may not have enterprise-level resources to invest in advanced analytics software or personnel, the idea of adopting a fully predictive model may seem out of reach. Concepts such as data analytics, business intelligence and machine learning may seem so daunting that many smaller organizations do nothing because they don’t know where to start.
 
But your data-management plan doesn’t need to be perfect for it to yield valuable business insight. The key is to follow a process that is systematic yet scaled to fit your company size and resources.
 
Check out our 6 steps to utilize data to improve real-time decision making.