Data is transforming how businesses work, and in 2020 all-in-one data tools are making it even easier for companies of all sizes to read complex data without having to build custom softwares. Forrester reports that “data-driven companies grow more than 30% annually on average. Leading companies are capitalizing on data and analytics to widen the gap between them and their competition.” While we would expect to see only big corporations use data systems to grow their business, e-commerce, travel companies, startups and even celebrities are starting to harness the power of data to secure a better future.
Work smarter, not harder.
Business owners know of the existence of data somewhere in their analytics or spreadsheets. Even though they have it in front of their eyes, they seem to think it would take too much time and money to even organize it, making it harder for them to even consider diving into it.
56% of small to medium sized companies rarely or infrequently check their data. 3% have never looked at their data, and a 33% said they haven’t looked at their data because they don’t have time according to a study in Innovation Enterprise. But do you know who has time? Your competition. And that leads us to our second topic.
Beat your competition.
Tools that centralize and analyze data, and predict outcomes for your business are exciting. The world’s top corporations are leading the way in making data-driven decisions.
Amazon uses “patented anticipatory shipping models which use big data to predict the products you are likely to purchase, when you may buy them and where you might need them [...] Amazon uses big data systems for choosing the warehouse closest to the vendor and/or you, the customer, to reduce shipping costs by 10 to 40 percent.”
Data tools in 2020 are becoming more accessible to businesses of all sizes, and making sure your company stays afloat in 2020, requires you to innovate by introducing systems that enhance your capabilities. Thankfully, in this decisive year for technology, systems have become more intuitive and cost-effective. If you are not using them, be sure your competitors are in order to help them drive successful decision making and assist with critical job functions.
Get smarter with AI
Tools to manage your company’s data have almost no limitations, and data reporting is just a small piece of the pie, no matter the company’s size. Their advanced analytics tools constantly look for connections, peaks, and drops across multiple data sources to help discover the reasons behind specific trends and events. Leave gut-decision making in the last decade.
Take insights and predictions that will show specific workable solutions for your business so you know exactly what to do in a given situation.
For example: gather analysis on a customer to determine if they still want to receive communication regarding pizza restaurants or if lately he/she has been more open to more healthier choices.
According to Innovation Enterprise “companies of all sizes are increasingly moving away from Big Data and towards smart and fast data. During last year’s Parliament and Internet conference, Kirstin Gillon, technical manager at the Institute of Chartered Accountants, pointed out that SMBs need to understand that data analysis is not just about volume, but variety.”
Set your company’s KPIs and don’t follow the crowd. It is common to track basic KPIs like, sales, retention, lifetime value, and others. But it is important to tailor KPIs to an organization’s needs. AI and machine learning does not limit you to only know the health of sales, but also of operations, budget, to even what type of blog posts will be better received by readers.
Data transformation has picked up its pace and businesses around the world must embrace innovation by introducing easy to use data systems that will empower their teams to make better decisions. And the core of innovation is data, and within it, are the tools needed to meet customer’s expectations and improve customer experience when using your services or buying your products.