Is data analysis important for your business?
Is data analysis a must for all kinds of small businesses?
There are a variety of reasonably-priced data analytics solutions for the solo or smaller company these days...have a look at some of the big companies, and find an end-to-end solution - one that takes the data and presents it in a useful, intuitive interface that is easy and accessible. Datameer have one like this, I came across it just the other day.
Jef Lippiatt ,
Owner at Startup Chucktown
I think data analysis is necessary for all businesses, however, that doesn't always mean there is time (or enough time) or a great understanding for what data should be analyzed or prioritized over other data or metrics.
If you are a solo entrepreneur, you have to wear a lot of hats, so even if you can figure out data analysis, it doesn't mean you'll have lots of time to dedicate to that task. It may also mean you do data analysis infrequently instead of a regular intervals. This is obviously less than ideal, but it is a likely scenario.
The other issue may be that you have software or tools to help you analyze the data, but that is only a benefit if you can properly configure and understand the tool and have enough time to create reports that are actionable.
Not every business is doing data analysis, but if most of them were doing data analysis they would see insights about their operations and products/services that otherwise may go unnoticed.
I struggle to keep up with my data analysis as a single entrepreneur. I use Google analytics (but infrequently). I also look at report dashboards but cannot properly interrupt all of them. So there is definitely a learning curve and a need for making time to properly approach this.