Are you an entrepreneur on the verge of starting your own business and want consumers to understand your products or brand better? Do you have multiple businesses and you realize productivity has been declining? Then you have come to the right place, my friend. In this article, you will learn how to take your enterprise from a common one to a successful brand. We will give you tips to not only get more customers but also to ensure your consumers are satisfied thus increasing your business productivity.
The most significant thing you need to do is understand your data! Without this, companies lose their competitive edge, become passive and even fail to meet customer satisfaction. I know you are asking yourself, how do I do that, how do I become understand my data well enough? The simple answer to this is business intelligence. Business intelligence is a tech-driven process used to collect, analyze and present a company’s raw data in order to create actionable business information. This, in turn, helps business, managers, executives and other shareholders make more informed business decisions.
To do all this though, you need a well-defined business intelligent strategy. These are the steps you undertake for the implementation of business intelligence into your company. It is essential as it helps you define your steps, follow your goals and invest in the right tools for a deep understanding of your data. This will require a couple of things, the flexibility of the business for instance. With the right BI, you will identify pitfalls and trends early on. These may require changes be it in information handling or management resistance, and the business needs to be flexible enough to accommodate these changes hard as they may be.
Due to an increased need for data analysis, business intelligence software has been developed. These are easy-to-use tools designed to analyze your data in one place. They monitor your data, develop meaningful tables and graphs to ensure you do not miss out on relevant business opportunities. Rushing this process is important. You need to choose a tool that can start small and scale quickly as your company grows.
The other thing when understanding your data is developing software that makes it easier to work with your data. Let’s take this example, an entrepreneur with an accounting company should ensure that he gets the best and most user-friendly tools like an online accounting database for employees to use. He should also get something that will have the employees saving time when imputing the data. The tools should not be simple to understand and use instead make the data reading simple enough for the consumers to use as well. What’s important is being smart when it comes to interacting with your customers. It means ensuring you understand their needs and making products that make them see you understand them! In the world of technology or Information Technology (IT) the challenge is greater because not many people are technology savvy or IT intelligent. It is therefore for you as an IT expert manipulate your data into a something friendly to all your users.
Another thing is ensuring you involve all your stakeholders and executives in the process. This ensures you cover all classes of business intelligence users which are tactical, strategic and operational. Understanding everyone’s role in the use of data will help in knowing what type of data is needed and its frequency. This, in turn, will guide decision making.
For a good BI strategy, you will need to identify your key performance indicators. These are values showing how whether a company is effectively achieving its objectives. They indicated areas the business needs improving and where it is on the right track. This ensures the continued growth of the company.
You need to analyze your environment by making sure you study your market. In simple words, to analyze the demand. Ensure that you know what the gap is and what your consumers are willing to buy. This will enable you to know what you should start with or if you already are in business what to modify in your data. This is understanding your market in order to understand your data and in turn give customers what they want.
As an entrepreneur, you have to realize that you will get different customers, literate, semi-literate and so on. Your work, in this case, is to ensure all of them understand your data and you need to figure out a way that all of them can be at par to do away with discrimination. How do I do that? You may ask yourself. Well, I have got just the thing for you, one of the best ways to do this is by ensuring you enforce many visuals. Most, if not all people find it easier to relate data when it is in something they can see without reading about. Therefore, be bold, pump in many diagrams like charts, animations, and graphs or anything else that might be a good representation of your data. This will bring the consumers closer to understanding your data.
Furthermore, customers, in general, are pure critics and therefore love giving reviews on the products or services they have received. As a business person, you have to take this advantage and place them with a platform to speak out on their experience with your product or service. This way you can look at what you are doing right or wrong as a company. Here, you will be able to know what to do with the data, let it stay as is improve or modify it. This will also give you a chance to interact and build a relationship with your clients as you respond to their problems thus making them trust you.
The other thing you must do that most companies do not do is Research! In order to do well in your industry, you must invest in researching. This not only enables you to see what consumers in your field are looking for rather but also what other companies out there in the same field are doing. It will enable you to increase your intelligence as an enterprise and become a step ahead in the market because now, you will see what you do wrong and improve your data. So, do not be an uneducated mule, take your device and Google your way to the top!
For success of the business, you as the entrepreneur needs to digitize your data. This is converting raw information into a computerized format. It is vital for an entrepreneur to embrace this as it is the way for most successful businesses. One challenge, however, is creating an exciting platform that engages users and delivers information faster. Digitization is essential as it increases the productivity as there is easier access to information. The cost of paperwork and printing can be unduly high making this process cost effective. Other sub costs such as paper records maintenance and cost of space are also reduced.
Marketing is a critical factor to consider for the growth of any enterprise. It involves getting consumers to be aware of the services you offer. This requires you first to build a brand for your business. Branding defines your business to your customers, your team and even to yourself. A well-defined brand ensures customers connect emotively with your business and this leads to, sales increase, customer loyalty and better brand differentiation. This also enables you to protect your prices when competitors rely on discounts to increase sales. Some companies help businesses achieve this. Using such companies can be very convenient for your business especially if you do not possess the level of IT literacy required. An example of such is the Montreal Web Agency. They help make your brand visible and relevant to consumers by placing the digital at the core of your business.
The decision to analyze and understand your data is a no-brainer. You do not want to miss out on the benefits that come with it, i.e. ensuring you remain proactive, satisfy your consumer’s needs, etc. It is not a difficult task whether the business is big or small as long as you approach the process with the right tools and preparation. You get data pouring into your business every day, every hour. Don’t ignore it. Use it to make better decisions for the growth of your company.
Data Veracity Challenge
Most of the companies pass through this kind of data challenges. About a half of businesses have recorded to have difficulties in managing their data. These companies report that they are only confident with the few data that they receive from their well-organized software for data collection. For example, in United Airlines, they make a revenue loss of approximately one billion. This is attributed to the lack of accurate data. In the recent past, United airline has been relying on outdated methods of data forecasting about the travelers flying habits. This resulted in inaccurate pricing models. To ensure accurate data veracity, we need to address the following issues
To verify the history of the data, we need to know the origin of the data, understand the life cycle of the data. This is what we call provenance.
Secondly, we need to evaluate the context or circumstance around the use of any data. The third thing to ensure in maintaining veracity of the data is ensuring the security and integrity of the data.
The use of data in making a marketing decision is an essential competitive strategy in businesses. This is done by improving services rendered by a business to its customers. According to IBM, one business out of three businesses does not trust the data that they get. Not even trust the information, but they also don’t put any effort into increasing the amount of data collected. When entrepreneurs do not like their data, they hardly tend to collect more data or even make use of the available data. Below is an explanation of how you can improve and create an executive trust of your data.
Even though data can be described by different qualities, in large data are described in three different qualities, variety and velocity volume though some people have re-introduced other methods of data analysis under the umbrella of big data. This parameters of data evaluation include veracity, value, and Viability. However, it is prudent to note that these three parameters are misleading as they do not help in figuring out how large is the data. At least we need software that can help in estimating how large is the data. Software that can ascertain whether data is large or small, unstructured or structured, static of moving. The veracity of data measures the truthfulness and accuracy of data and the analysis outcome of the data. The veracity of data is negatively affected by different error which is introduced into the data during data processing. Due to this errors, the data becomes less trustworthy.
To regain customer’s trust business marketers must ensure transparency of customer. You should provide customers with complete information. Customer no longer needs to research the product. This can be done using a marketing machine that gives customers full control over the data that they want.
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