Data-Driven SMBs Financially Outperform Their Competitors—and the Gap Is Widening

The article discusses how highly data-driven small and medium businesses (SMBs) financially outperform their competitors, and the gap is widening. It highlights the benefits of adopting a data-driven approach and having a mature data strategy.

Specifically, the article covers:

• 65% of highly data-driven SMBs financially outperform their competitors, compared to only 33% of less data-driven SMBs.
• Highly data-driven SMBs experience positive impacts across key business outcomes like customer satisfaction, revenue, process efficiency, marketing, cost reduction, and reduced risk.
• SMBs with a mature and comprehensive data strategy are more likely to outperform competitors.
• Highly data-driven SMBs adopt AI at twice the rate of less data-driven competitors and yield 30% more value from AI.
• Only 19% of SMBs consider themselves highly data-driven, suggesting an opportunity for most SMBs to capitalize on becoming data-driven.