How MSMEs are missing out by not using business analytics

economictimes.indiatimes.com:

MSMEs are lagging behind in taking advantage of analytics. The time has now come for MSMEs to up their game by undergoing a paradigm shift and adopting analytics.

In today's rapidly evolving business landscape, data has become a valuable asset that holds the key to unlocking insights and driving informed decision-making. Large corporations have been quick to embrace the power of business analytics while, unfortunately, many Micro, Small, and Medium Enterprises (MSMEs) have yet to tap into its full potential.

Here, we explore why & how, in today's competitive market, MSMEs are missing out by not utilizing business analytics and emphasize why it is important to integrate data-driven strategies. Apart from a lack of awareness and limited resources, there are several reasons:Data Accessibility and Quality: Lack of proper data collection and management systems, making it difficult to gather accurate and comprehensive data for analysis.

For example, the amount of data available with MSMEs in their accounting softwares and ERP is never analyzed for the growth.Skills and Expertise Gap: Lack of the internal expertise or resources to effectively utilize business analytics.Time Constraints: Limited time to focus on non-operational activities, such as data analysis. It is also a perspective issue.