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Embarking on a data analytics project was once a luxury reserved for large, well-funded enterprises. Most Small and Midsize Businesses (SMBs) considered the task a complicated and costly undertaking that involved selecting software and hardware, and hiring pricey in-house analysts or external consultants to analyze the data. The entire process would tie up limited resources and drain budgets. Without the ability to make data-driven decisions, SMBs faced a huge disadvantage when competing with larger companies that had analytics insights at their fingertips.

Yet, thanks to Solution as a Service (SolaaS), a unique and collaborative approach to data analytics, a change has emerged. SMBs can now embrace analytics and reap its benefits without breaking the bank or overextending their current resources.

How Analytics Helps Small and Midsize Businesses

When people talk about analytics, they often speak about big data, the seemingly endless ocean of data that exists in the digital universe. In reality, only a fraction of large companies – like Facebook, Twitter, LinkedIn or Amazon – have access to what is legitimately deemed big data. The data most other businesses have access to, such as customer experience data, is quite small by comparison.

The knowledge that their data might be limited leaves small business owners wondering if they can benefit from data analytics, and at what cost. 

In truth, a wealth of data lies at the doorstep of small businesses, and research shows its analysis can prove valuable. That information can include internal data, such as the sales data and customer experience data, or external data, like comments on social media platforms such as Twitter and Facebook. There's even value in competitive analysis, or looking at external data from industry competitors.

When analyzed correctly, a world of insights can be presented to stakeholders, including customer preferences and product sentiment, as well as employee attitudes and behavior. This information yields data-driven decision making and a visible ROI. 

Avoid the Pitfalls of Analytics Projects

Once convinced that data analysis will yield valuable results, SMB owners often wonder where to begin a project. In today's data-focused market, business owners can access a world of analytics software vendors and Software-as-a-Service (SaaS) solutions. Still, there's a danger that comes with choosing just any vendor, or executing a project using a SaaS product that lacks the services experienced analysts. Either scenario is a surefire road to a project's failure.

Many vendors insist on roping customers into long-term contracts without proving the merits of their software. Plus, it becomes apparent that once analytics software is selected, a business needs to hire a person or team to process the data and derive results. These factors can push project costs beyond initial budget estimates; if the budget isn't available, the project can fail.

However, a new approach to analytics eliminates these pitfalls for SMB in the form of Solution as a Service (SolaaS).

Solution as a Service for Small and Midsize Businesses

SolaaS combines a powerful analytics backend with a intuitive frontend, along with a team of experienced data analysts who focus on client-vendor collaboration. Regardless of the size of a client's business or the quantity and quality of the client's data, a SolaaS vendor works closely with stakeholders to determine the project's goals, and identify data to be processed and analyzed. 

By offering a proof of concept, or a pilot, demonstrating its analytics abilities, PolyVista gives clients the opportunity to test the waters before diving into a project. Additionally, flexible contracts – including month-to-month or multi-month – allow SMBs to start with a small, one-time project if that is what best suits their budget.  

Summary

Data analytics is often mistakenly believed to be accessible only to large enterprises that have the budget and staff to execute a project. Even with access to smaller data sets, Small and Midsize Businesses (SMBs) can also benefit from the insights derived from a data analytics project. Finding a vendor with a Solution as a Service (SolaaS) approach to analytics gives clients access to a top-of-the-line backend, innovative frontend, and a team of highly experienced data analysts. SolaaS vendor’s willingness to offer a proof of concept and flexible contracts allows clients to gauge the success of a project and stay within budget.