Current industry problems
20% of companies fail in their first year and just over half make it to year 5.
​
The issue of access to macro level data and combine a range of internal and external data has attracted growing interest around the world, especially in emerging and developing economies.
It is not a secret that for small and medium companies, it is more complicated and expensive to access information pertaining to macro-finance, losing a large part of an economy and leaving a data gap when meeting all financial needs for major decisions.
Problem 1
​Restricted data access
It is widely acknowledged that data is everything. And while it may be everything, it requires time, money and resource to mature within an organisation in order to progress from an asset to a competitive advantage.
​
SMEs often struggle to define problems specifically and effectively with the siloed or implicit internal data. More important, SMEs do not have access to macro level data and hence are less informed of high level trends in their decision making. It is also very expensive for SMEs to access too many industry and market data sources and analysis.
​
Many SMEs are still using manual approaches to track financials, which is very ineffective to obtain the most pertinent insights from data to improve business performance.
​
Problem 2
Increasing uncertainty
Companies had to adapt to changing times and market volatility, especially given the events of the past year.
During these times, it can be difficult for companies to predict their performance due to unprecedented or ever-changing events. Changes in the political, technological, economic, and environmental landscape, such as technological advances, data breaches, natural disasters, or new business regulations, can create business uncertainty. Small companies often struggle to implement changes particularly regarding cashflow.
​
​
Problem 3
Limited business analyst resources
Generally, small companies cannot afford a dedicated Business Analyst.
Even when analysis is done, lack of relevant benchmarks make it difficult to know what good performance looks like.
