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Technology is truly transforming every aspect of our lives, and business operations aren’t an exception. Thanks to new and emerging technologies such as AI, blockchain, and IoT, businesses can reduce waste, boost profit, deliver better customer experiences, and create ad hoc products for their audience.
But the real force behind all of these revolutionary technologies is data. Customized datasets and Big Data are now supporting business decisions, giving companies a new competitive edge, and radically transforming how every organization is run.
So, no matter whether you are running a small business, a growing company, or a young startup, understanding how data can help you succeed is critical – especially now that over 90% of leading businesses have adopted AI-powered technologies.
Learn more below.
Boosting Customer Experience Through Personalized Touches
With new brands emerging every day, the competition has never been fiercer – for new and established businesses alike. However, according to studies by McKinsey, there is a surefire strategy that can help any business win over and retain the loyalty of its customers: personalization.
But, as companies operate more and more via virtual means and online, establishing personal relationships with each user has become harder. Here is where data can help.
Thanks to the right consumer data, businesses can access information about each customer’s habits, needs, and wants, which allows them to tailor their offer to each user.
Pro tip – Data is also essential for companies who wish to elevate their customer support service and provider 24/7 access to virtual helpdesks.
Creating Customer Responsive Products
Today’s unprecedented availability of reliable and accurate market data no longer requires companies to rely on customer feedback and reviews to understand how to improve their offer and create products that better reflect their customers’ needs.
What’s more, data is helping companies gather information about consumer spending habits and buying decisions, which can help research and development teams understand what a product should look like to boost profit potential.
These “customer responsive products” exist in the realm of physical goods and services alike. For example, companies looking to develop and distribute AI-powered software can access AI Training Data to boost the efficiency and reliability of their offer.
Designing Laser-Focused Marketing Campaigns
Marketing represents one of the major expenses for most businesses. And, while new digital marketing tools have boosted the efficiency of new campaigns, not all marketing efforts reel in the expected results.
However, using data is changing this by providing marketers and sales departments with the necessary information to create ad hoc sales funnels, follow up with prospects and leads, and laser-target a company’s niche audience.
Increasing Employee Engagement and Productivity
Managing your team can be challenging, especially in today’s “Great Resignation”. As your business grows, understanding how to boost employee engagement and retention is key to reducing hiring and HR costs while also enhancing your organization’s human capital.
Data, which is usually gathered through surveys and market research, can help companies address skills gaps, boost employee training, and enhance on-the-job safety. What’s more, big data can show what kind of skills your teams will need to help keep your company competitive as the market evolves.
Making Logistics and Operations More Efficient
No matter whether you are trying to optimize your small business’s logistics or need to streamline the operations of your international corporation, data can represent an efficient tool to understand what areas to address.
Thanks to data, you can gain insights into your business’s inventory and shipping operations, while also maintaining control over the orders that have been received and fulfilled.
This can also improve the customer experience as a whole by providing consumers with more accurate shipping timelines, real-time updates of a product, and reduced shipping costs.
Improving the Security and Efficiency of the Supply Chain
The global supply chain is expanding at an unprecedented rate, becoming more intricate and layered by the hour. This type of development is undoubtedly necessary to fulfill the increased demand for round-the-clock accessible and affordable international products.
However, as the global distribution system expands and eCommerce becomes more prominent, counterfeit and fraudulent activity affecting the supply chain are intensifying in severity and frequency.
But beyond just causing financial losses to manufacturers, the circulation of fake goods under a certain brand’s name can cause a wide range of issues, including reputation damage, loss of customer loyalty, and, in industries such as the FMCG and pharmaceuticals, they can even trigger a public health risk.
Luckily, a new data-driven approach to combating counterfeit goods is supporting a safer supply chain expansion by delivering real-time, accurate information about a product on its journey from the manufacturer to the end user.
Reducing Waste and Associated Costs
While waste is an expected part of the manufacturing process, there is a lot that businesses can do to use data and reduce losses.
Data-driven systems and cloud-based technologies allow companies to obtain market insights and craft far more accurate predictions of sales, profits, and losses. What’s more, real-time information about warehouses can help streamline the management and processing of orders while limiting the waste associated with old or obsolete stock.
Lastly, employee management software can help small and growing organizations get a better understanding of where labor and productivity are lost each day, thus maximizing manpower and output.
More Accurate Business Decisions and Market Forecasts
Foreseeing market fluctuations and rising trends has always been a major challenge for businesses of all sizes. And yet, a correct or wrong guess can have a significant impact on a business’s ability to stay afloat and keep operating during rainy days.
Thanks to new datasets and more accurate market predictions, managers can make better-informed decisions and avoid risky business moves.
Data Management and IT Departments Are Becoming More Prominent
Data isn’t only changing how businesses operate, but it is also affecting the internal structure of organizations.
Due to the unprecedented role that data is playing in every business’s success, companies are now implementing data management and IT departments, while also outsourcing core tasks to specialized agencies.
While this might represent a significant investment for most businesses, implementing data-driven systems and gaining access to high-quality insights can truly make or break a business’s ability to thrive in the future.