This is a third of the four part series. You can find the previous blogs here and here. Here, I would be discussing data visualization from the perspective of various stakeholders.
Today I will discuss how small businesses can use data to make better decision. So this blog would not necessarily cover data visualization in detail. Rather it will focus on how small firms can create an Eco-system where they can record and process data in the best way. Which will eventually enable them to take advantage of data visualization.
Small businesses are not able to derive actionable insights from their data because of poor process of data recording and almost non existent data processing.
Poor data recording, can be attributed to the following reasons:
- Legacy software
- Lack of technical knowledge
- Lack of resource (time, personnel)
The above 3 reasons curbs the ability of the firms to process the data effectively. Consequently, data recording just remains an exercise to meet statutory requirement and not as a weapon to derive competitive advantage.
In order to use data to derive actionable insights it is important to process the data in the right manner and to process the data correctly one significant requirement is, record the data. If the business wants to improve its data recording, it is paramount that it overcomes the above mentioned challenges.
Legacy software like Tally and Wings were created in an era when data analysis did not gather much acceptance in the business world . Hence, it was primarily developed for the purpose of accounting. Although new updates in these software give some scope of data analysis, still this is not good enough to derive competitive advantage.
However, businesses are so used to these software that removing them from the business may impact its continuity in medium term. Hence, the ideal solution is not to replace these software but to build a system, which can compliment these software to derive actionable insights.
Additionally, there are some data recording process which these software don’t support. Due to lack of technical knowledge business either manually records it in pen and paper which impedes them to do effective data retrieval. Or worse, do not record these data points at all.
To record these data points it is imperative that its solution is not only user friendly (can be used easily by someone from non technical background) but also enables the user to record the data on the go. Thereby saving valuable time.
Additionally, this system should seamlessly integrates with the system which was build on the legacy software. This will enable the business to consolidate all its data in one place. Consequently, helping business to reach one step away from developing data visualization capabilities which will enable them to make decision based on data.
Perfview Management Consulting assists small businesses to make this journey from making decisions based on instinct to making facts based decisions from start till the end.
Next week I will guide students or professionals who wants to understand the world of data visualization on how to make a compelling dashboard.
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