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Data as a Disruptor: BI for Equity in Latinx Tech

Presented by Amee Gil

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Hello!

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Background:

  • First-generation Latina immigrant
  • Quantitative Researcher
  • Application Specialist
  • Sr Data Analyst
  • Sr Business Intelligence Developer

Worked with startups, SBs, & large institutions

I am Amee Gil, a native English and Spanish BI consultant

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LatAm Economic Powerhouse

2022 Latin music revenue exceeded $1 billion for the 1st time, with 22% on-demand streaming growth YoY, $627M revenue for first half of 2023.

New business formed in USA are formed by Hispanics in the past decade!

86%

22%

830%

Latinx startups witnessed an impressive 830% increase in investment, reflecting a growing emphasis on diversity in venture capital.

Yet, minorities only make 6% of all new tech startups

6%

Latino GDP is the 3rd fastest growing among the 10 largest GDP ($2.7 trillion)

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Challenges Faced by Latinx Businesses

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Challenges

Limited Capital

  • Over 60% of Latinx entrepreneurs rely on personal savings for funding, compared to 44% of non-Latinx founders.
  • 22% of Latinx entrepreneurs report being denied credit, versus 14% of their non-Latinx counterparts.
  • Only 2% of venture capital goes to Latinx-founded startups.

Limited Mentorship

Limited Gov’t & Corporate Contracts

  • 70% of Latinx entrepreneurs report not having a mentor, compared to 55% of non-Latinx founders,
  • 60% of Latinx entrepreneurs lack access to professional networks, exacerbating the mentorship gap.
  • Only 19% of Latinx business owners have access to formal business mentorship.
  • Only 3.5% of federal contracts went to Latinx-owned businesses in 2020.
  • Latinx businesses account for just 2.5% of corporate procurement spending.
  • Less than 10% of Latinx businesses secure contracts from large corporations or federal agencies.

Lower Revenue

  • The median revenue for Latinx-owned businesses is $150,000, compared to $250,000 for non-Latinx-owned businesses.
  • Latinx-owned businesses average $1 million in revenue, compared to $2.3 million for white-owned businesses.
  • 60% of Latinx businesses have annual revenues under $100,000, versus 45% of non-Latinx businesses.

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Data as a Disruptor

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Business Intelligence (BI)

Unlocking data-driven decision making, BI combines business acumen with data analysis to:

  • Inform strategic decisions
  • Optimize operations
  • Uncover actionable insights

Transforming data into business value, BI empowers organizations to drive growth, improve efficiency, and stay competitive.

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  • Small businesses that use BI are 4.5x more likely to report above-average revenue growth.
  • 70% of small businesses report that data-driven decision making has increased their profitability.
  • Companies that embrace big data analytics outperform their peers on several dimensions:
  • 5% higher profitability
  • 6% higher productivity
  • 10% higher customer satisfaction

Benefits of BI

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Actionable Steps for BI Adoption

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Defining Business Needs & Ensuring Data Quality

  • Dashboards & Reports: Should be simple and intuitive, allowing quick insights (30-second glance) using stakeholder-friendly language.
  • Data Governance: Implement standardized data definitions. Ensure data is reliable and maintainable from both technical and non-technical perspectives (e.g., SOPs vs. APIs).

Place your

screenshot here

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  1. Identify & Assess

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Identify business needs and goals, assess current data infrastructure, and define key performance indicators (KPIs) to measure success.

5. Monitor & Optimize

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Continuously monitor the impact of BI-driven actions. Refine and optimize BI processes, ensuring they adapt to changing business needs and continuously drive improvement.

2. Design

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Develop a tailored BI strategy, design architecture, consider budgets, and create a roadmap for implementation.

4. Data Analysis & Reporting

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Use BI tools to analyze the integrated data. Generate reports and dashboards that provide actionable insights, helping stakeholders make informed decisions.

3. Data Collection, Integration & QA

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Gather data from relevant sources, ensuring it is accurate and comprehensive. Integrate and centralize the data to create a single source of truth for analysis.

BI Adoption Lifecycle

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Toward a More Equitable Future

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Build interdisciplinary networks that bring together community leaders, business owners, and data experts. Facilitate open communication and teamwork to explore practical BI applications & drive collective problem-solving.

Develop mentorship programs and workshops that educate Latinx entrepreneurs on the value of data and BI tools. Raise awareness about how data-driven decisions can positively impact business growth & operational efficiency.

Advocate for and support the development of accessible & affordable BI tools tailored to the needs of small and mid-sized Latinx businesses. Enable businesses to leverage data for market exploration, financial assessment, and strategic planning.

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Key Actions

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Support initiatives that increase diversity in STEM and leadership roles, including promoting Latinx professionals in data and tech fields. Ensure that decision-making bodies & leadership reflect the communities they serve, driving more inclusive and equitable business practices.

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Thanks!

Any questions?

Message me or follow at:

Analytixx.co