SMBs aren't making the best use of data analytics

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Although 67 percent of SMBs are spending at least $10,000 annually on people and technology to maintain their data analytics solutions, the majority of respondents to a new survey say their companies could be making better use of their solutions.

The study from managed services company Onepath shows 86.2 percent believe managers could be making better use of their analytics solutions. While 35 percent say it took too long to implement their data analytics solution.

When asked how analytics use could be improved, 62.1 percent say better training, 50.9 percent if managers and executives actually relied on the data, 49.1 percent if it was easier to use, and 44.8 percent if everyone in the company could access it.

Despite these issues, SMBs recognize the benefits data analytics can bring. 59 percent of survey respondents say it would take longer to deliver products if managers and executives didn't have access to data from their analytics solutions, and 56 percent say it would take longer to service customers. 54 percent say that without the data, their companies might actually make decisions that would harm their business.

"There seems to be very little debate as to whether data analytics tools are necessary for SMBs -- they all agree these systems add tremendous value and could be delivering even more," says Brian Kirsch, senior vice president of sales at Onepath. "The issue is that the tools can be hard to set up, overly complicated, and a pain to maintain. We tell SMBs all the time: one way or another, you're going to need help if you want to get the most value out of your data analytics technologies."

Among other findings are that 60 percent of SMBs are using a web or cloud-based data analytics system. Only nine percent are still using an offline tool such as Microsoft Excel. These systems are used for a variety of purposes, including decisions on how to grow the business (66 percent), budgets (59 percent) and staffing (40 percent).

Nearly one in five (19 percent) of respondents have three or fewer people inside the company whose job it is to maintain these solutions. 60 percent of the companies surveyed have between 100-500 employees.

You can see the full results on the Onepath site.

Image Credit: Syda Productions / Shutterstock

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