How data analytics may turn SMEs into smart enterprises

IT IS widely believed that effective data analysis may create new business opportunities as technological advancement may offer companies greater ability to predict what their customers want.

Many companies, including SMEs, have leveraged data analytics to improve business performance by integrating data analytics capability with enterprise solutions. For instance, SunMoon has deployed NetSuite's OneWorld platform for its ERP (enterprise resource planning) needs, allowing it to manage and optimise its network of over 11,000 points of sale across nine geographies, along with 157 suppliers providing over 100 products. With the NetSuite software, SunMoon can provide real-time data on prices and details of its product range, and enhance price transparency and operational efficiency.

Another SME, Lee Wenyong & Co, developed an online cloud application to enable its customers to integrate accounting, inventory, point-of-sale and human resources data into a single system. The data are processed and presented visually as an analytics dashboard which allows the company to track its profitability in real time.