Reviewed by: Lacey Muenstermann
Huntsville Business: Data analytics, new bank CFO + more biz news
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Huntsville business is booming, and that boom is due in large part to small businesses thriving in the area. But what helps these businesses thrive?
Data analytics is one reason small businesses can enjoy sustained success, and we discussed this with a local expert. Here’s his insight, plus more news from the local business community.
How data analysis can help small businesses thrive
Dr. Michael Floren, Assistant Professor of Data Analytics at the University of North Alabama’s Sander’s College of Business & Technology says that the uses of analytics to aid small businesses are as varied at the businesses themselves.
He also says that much of analytics for small business revolves around optimizing performance and prediction.
For example:
- Assessment of the performance of a variety of web/e-mail/store marketing campaigns on product sales or customer churn to determine which method(s) are most effective
- Looking at previous ROI or site income during specific periods (e.g., holidays, weekends) to predict future values
- Examining optimized classification of customers based on particular characteristics, as well as outreach/employee/site performance within these groupings
- Predicting trends in sales/inventory/FTE slack over time, using these predictions to optimize investments, employee time and effort, inventory management and more
“At the highest levels, analytics can (among many other things) help businesses automate tasks and decisions. Such efforts not only allow for real-time data insights, automated production/workflow adjustment, instantaneous maintenance/product support, and so much more, but also free up time and effort of employees to contribute in additional ways.”
Dr. Michael Floren, Assistant Professor of Data Analytics, UNA Sanders COBT
Prioritizing data analytics
How much of a priority should small businesses place on data analytics? According to Dr. Floren, that depends on multiple factors.
Dr. Floren says that utilizing analytics is especially useful for small businesses that have been collecting relevant data and are seeking to innovate, grow and/or optimize their business practices.
Other small business owners may find their mileage to vary depending on their aspirations, management styles and quality of their data, he added.
“Businesses who are not collecting reliable/relevant data should not expect that analysis can provide meaningful or valid insights. This is a common issue, and for such businesses a first step should involve meeting with an analyst to determine what relevant data could be collected moving forward.”
Dr. Michael Floren, Assistant Professor of Data Analytics, UNA Sanders COBT
Dr. Floren added that data analytics aren’t “one-size-fits-all and aren’t magic bullets.” They are simply a series of tools which organize relevant information to help inform business decisions.
“From this perspective, the odds are that small businesses are already implementing some form of this. But for companies who seek deeper insight into clients/business practices, higher levels of optimization of processes/procedures, or simply more complete answers to more complicated questions, analytics should be a priority.
Dr. Michael Floren, Assistant Professor of Data Analytics, UNA Sanders COBT
New CFO appointed at Bank Independent
North Alabama-based bank Bank Independent announced this month that Adam Compton has been appointed its new chief financial officer.
Compton brings more than 30 years of capital markets and operational experience, offering strategic insight and financial leadership to his new role at the bank.
Compton most recently served as Head of MWM Asset Management for Rockefeller Capital Management’s office in Atlanta, overseeing $1.9 billion in assets.
Previously, Compton held the role of Managing Director & Portfolio Manager at GMT Capital Corporation, where he spent nearly a decade managing global financial services investments.
Compton holds an MBA with a concentration in Finance and Accounting from Cornell University and graduated cum laude from Houghton University, where he minored in Economics and Political Science.
Beyond his professional achievements, Compton is deeply involved in charitable work, volunteering with organizations like Second Helpings Atlanta, the Central Presbyterian Night Shelter and the NAOMI House for Native American children.
Unemployment rate in Alabama remains below national average
In September, the unemployment rate in Alabama remained at 2.9 percent , which is roughly unchanged from August’s 2.8 percent rate. This remains well below the national rate of 4.1 percent.
Unemployment rates in North Alabama counties are up slightly compared to September of last year.
Here’s what unemployment rates look like in North Alabama counties:
| Madison County | September 2024 rate: 2.5% | September 2023 rate: 2.2% |
| Lawrence County | September 2024 rate: 2.8% | September 2023 rate: 2.5% |
| Morgan County | September 2024 rate: 2.5% | September 2023 rate: 2.2% |
| Marshall County | September 2024 rate: 2.5% | September 2023 rate: 2.2% |
| Limestone County | September 2024 rate: 2.6% | September 2023 rate: 2.2% |
| Jackson County | September 2024 rate: 3.2% | September 2023 rate: 2.6% |
| Lauderdale County | September 2024 rate: 3.0% | September 2023 rate: 2.7% |
Look for our monthly North Alabama business news roundup this time next month, brought to you by the University of North Alabama Sanders College of Business & Technology.
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