Business analytics tools are a key to transformation success but Mid-Sized Companies struggle with data accuracy and quality. The need of the hour is to empower the sector so that it is able to take its rightful place as the growth engine of the economy. In order to achieve this target, it is necessary to support the Mid-Sized Companies, educate and empower them to make optimum utilization of the resources.
The Mid-Sized Companies need to be educated and informed of the latest developments taking place globally and be helped to acquire skills necessary to keep pace with the global developments.
In order to move up the value chain and increase their penetration, it is fundamental that quality and quantity of relevant data is coming from a structured data source. Most Mid-Sized Companies keep their data in an unstructured format which cannot be used effectively. Database for the large enterprises which can be used for analytics is available at several places in a structured way. For Mid-Sized Companies, this database is not available.
Hence, rated enterprises play a greater role in compiling such granular data which could lead to better analysis of this sector. Rating agencies garner a lot of data while assigning rating to companies and this data is stored in their database, in a structured format and is readily accessible, which can be later used for the benefits of Mid-Sized Companies.
With the help of BA tools, this database created by rating agencies can be integrated with the company specific data to provide these organization users with a complete view of their business performance.
Business Analytics is emerging as a tool in helping Mid-Sized Companies improve their performance and gain real time insight about the business. Mid-Sized Companies can vastly improve the effectiveness and accuracy of business planning without implementing a large and expensive system. Mid-Sized Companies must seriously consider these analytics-based tools which would help improve their sales, optimize inventory, understand customer and product behaviour patterns, etc with a view to build up more efficient, robust, progressive & profitable business.