The Big Data analytics revolution is here and isn’t going anywhere for the foreseeable future… and with good reason! While some companies still rely on instinct or a gut feeling to guide them (and there’s nothing wrong with this), we also can’t escape the advantages of having a robust system in place that captures the ever-increasing amount of Big Data we are collecting and analysing it in ways we can’t yet even begin to imagine.
We understand the struggle that some SMEs and data champions face – they don’t have the support of management to invest in a sophisticated data and analytics solution. So we’ve highlighted the top 6 benefits your SME could be enjoying with the right solution in place:
1. Better decision making
Almost 49% of businesses believe it is a key factor in their analytics efforts.
This means:
- Better knowledge of your risk and exposure
- Being quick to adapt to the business environment and changes
- Better relationships with customers and business partners
- Ability to rely on solid data when making investments
- Underpinning your corporate strategy with fact, not fiction
2. More effective marketing efforts
Are you targeting the right customers? You could be completely off the mark.
Over half of companies who invest in a data and analytics system do so to improve their marketing campaigns (second only after the finance department)
This means:
- Understanding customer sentiment (what do they really think about your product and what do they want from you?)
- Building customer loyalty (they’ll remain loyal because you are able to meet their needs)
- Tracking conversion analytics (knowing what works and doing more of it)
- Monitoring social media metrics (be where your customers are and be ready to solve their problem)
- Create targeted campaigns based on a multitude of metrics – location, age, gender, preferences, salary etc.
3. Gaining a big competitive advantage
In today’s quick-to-win and quick-to-fall business environment, there’s no time for sentimentality. If you’re not doing it, your competitor is, so beat them to the punch by creating specific products and services that your customers actually need.
This means:
- Being quick to market with your products and services (and adapting quickly with minimal risk)
- Competing with the bigger players (because size doesn’t matter when you have the right insights)
- Being more operationally responsive to offer better services in real time
4. Happier customers
Isn’t this ultimately the point of everything you do?
This means:
- Narrowing customer segments down (to remain relevant to each of them)
- Measuring customer sentiment in real time and being able to respond appropriately
- Providing time-sensitive and relevant offers so customers feel you help them resolve their issues
- Guiding and assisting customers when they most need you (imagine being able to nudge an online sale across the line by offering a discount on another product your data shows this customer has viewed several times!)
5. Boost performance and productivity
You probably could be more productive than you already are – but do you know where the bottlenecks in your system are, and what processes need fixing?
What other ways could your organisation benefit from having access to transparent data?
This means:
- Anything your organisation wants it to!
- Analysing patterns in machinery downtimes to predict future issues
- Performing controlled ‘what if’ scenarios with your data (e.g. ‘if we reduced employees on X product line and redistributed them to X product line, what would we save?’)
6. Securing a bright future
What comes next? This is something your SME probably asks but never knows the answer to without proper data and analytics capabilities.
This means:
- Creating next generation products and services that truly meet your customer’s needs
- Exploring new segments and markets, with little risk
- Taking calculated risks to ensure the longevity and relevance of your organisation for generations to come
- Analysing data and trends that would otherwise not be predicted
Whilst it might seem overwhelming to consider everything a combined data and analytics system can do for your business, the key is to start small with areas that you know you can reap the rewards in, and then take it step by step. You’ll soon be capturing, tracking, analysing and responding to your market in ways you might not even have considered right now!
Need help with your data and analytics? Contact the expert team at Blue Ocean Systems for an obligation free chat.
Note: This story has also been adapted for publication in Steemit.