{"id":21,"date":"2018-09-13T10:04:20","date_gmt":"2018-09-13T10:04:20","guid":{"rendered":"http:\/\/enlightblog.com\/?p=21"},"modified":"2020-05-12T12:44:07","modified_gmt":"2020-05-12T12:44:07","slug":"forget-big-data-democratize-small-data-to-unlock-hidden-value-in-your-business","status":"publish","type":"post","link":"https:\/\/enlightadvisors.com\/blog\/2018\/09\/13\/forget-big-data-democratize-small-data-to-unlock-hidden-value-in-your-business\/","title":{"rendered":"Forget Big Data, Democratize &#8220;Small Data&#8221; to Unlock Hidden Value In Your Business"},"content":{"rendered":"<p>Everybody&#8217;s talking about &#8220;big data&#8221; and what it can do to transform business.\u00a0 It&#8217;s really exciting to think about how we can knit together disparate data sources and analyze more data than ever.\u00a0 However, more often than not we see companies neglecting their fundamental business data and the value it can provide for this business.<\/p>\n<p>It&#8217;s time that we democratize &#8220;small data&#8221; &#8211; the mundane, run-of-the-mill data that already exists in your business.\u00a0 What do you and your team do every day to make the most of that data?\u00a0 For example&#8230;<\/p>\n<ul>\n<li>Does your CFO produce visual reports that are easy for anyone to understand (v. standard accounting reports that confound most people and require a\u00a0CPA to decipher)?<\/li>\n<li>Do your executives and managers know how to use the company&#8217;s financials to guide their decision-making?\u00a0 Are they rewarded for it?<\/li>\n<li>Do you know the profitability of every product, customer and market segment in your portfolio?\u00a0 And, do you use this information to make better decisions about your next move?<\/li>\n<\/ul>\n<p>If you can answer yes to <em>any<\/em> of these questions, you are in the minority.\u00a0 If you can&#8217;t answer yes to these questions &#8211; what are you waiting for?\u00a0 Hidden value is just waiting to be unlocked in your business.\u00a0 Help your employees digest and democratize your company&#8217;s &#8220;small data&#8221; and unleash better decision-making and better results.<\/p>\n<p>Of course, having the data is merely the first step.\u00a0 The average person can&#8217;t make much sense of accounting or finance-geek reports.\u00a0 So, we recommend that you find ways to visualize the data to unleash its full potential.\u00a0 There are tons of tools out there to help you visualize your data &#8211; big and small.\u00a0 Check out the tools available on\u00a0<a href=\"https:\/\/www.tableau.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tableau<\/a> or <a href=\"http:\/\/www.tidemark.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Longview<\/a>.\u00a0 Or, just kick it old school and use excel or powerpoint to get the message across.<\/p>\n<p>Here&#8217;s an example of how we helped a client understand their cost structure to determine how to near-shore production from China:<\/p>\n<p><a href=\"http:\/\/enlightblogdotcom.files.wordpress.com\/2013\/09\/cost-structure-jpg.png\"><img loading=\"lazy\" decoding=\"async\" class=\"  wp-image-121 aligncenter\" src=\"https:\/\/enlightadvisors.com\/blog\/wp-content\/uploads\/2013\/09\/smalldatablog.png\" alt=\"smalldatablog\" width=\"599\" height=\"407\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everybody&#8217;s talking about &#8220;big data&#8221; and what it can do to transform business.\u00a0 It&#8217;s really exciting to think about how we can knit together disparate data sources and analyze more data than ever.\u00a0 However, more often than not we see companies neglecting their fundamental business data and the value it can provide for this business. &hellip; <a href=\"https:\/\/enlightadvisors.com\/blog\/2018\/09\/13\/forget-big-data-democratize-small-data-to-unlock-hidden-value-in-your-business\/\">Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[16,34],"class_list":["post-21","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-financial-analysis","tag-unlock-hidden-value"],"acf":[],"_links":{"self":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/21","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=21"}],"version-history":[{"count":1,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/21\/revisions"}],"predecessor-version":[{"id":355,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/21\/revisions\/355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/media\/121"}],"wp:attachment":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=21"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=21"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=21"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}