Does real-time data back your organisation’s decision-making or are you relying on a gut feel approach?
With a world of data out there, think about how much more your business could improve if it were backed by actual results and insights from past performance.
Many people think leveraging Big Data is unaffordable and too time-consuming for small to medium businesses, but is this really the case?
Today, businesses of all sizes use data to obtain greater visibility of current trends and market activity to make effective decisions, create opportunities, and control their inventory.
Over the years, I’ve worked with numerous companies across Australia and New Zealand to help them successfully utilise the power of Big Data in their businesses. I’ve seen the most common challenges small to medium businesses face, and have provided access to the tools they need to overcome them.
In this month’s blog, I’ve outlined the three most common ways a shift to Big Data can benefit an organisation.
Three ways Big Data solutions can improve your business
1. Effective decision making
Traditionally, most small to medium businesses rely on a gut feel approach when it comes to important decision-making. Because decision-makers are often business owners or CEOs, relying on a gut feel approach is time-consuming and can lead to delays in important decisions.
In my experience, most small to medium business owners usually only investigate the data when they need an answer to a specific question, or when something has gone wrong. A major issue with this approach, is it makes your business reactive and not pro-active. Managing a business is difficult enough, but without real-time data you won’t be aware of a problem until it’s too late, and you can’t just handover some of the pressures of decision making to your staff.
By implementing Big Data solutions in your organisation, you empower your staff with the ability to make data-driven decisions so that you can focus on the higher-level strategic initiatives in your business. Download your copy of the HARMONiQ Power of Big Data eBook to see how data-driven decision making can empower your staff and improve your organisation.
2. Opportunity creation
A data-driven organisation has the ability to access insights that lead to opportunity creation and optimisation. Big Data can allow you to identify why some customers are growing faster than others, and how you can work to improve relationships with your weaker customers.
Often Big Data solutions break down your customer and sales people into three categories: Average, Good, and Great.
Using this grading system, you may decide to assign your top performing resources to under-performing opportunities in order to lift their standing. Alternatively, you may decide to have your poorer performing resources shadow your top performers for training purposes.
Big Data helps your business by giving you visibility of open opportunities in your organisation so you can make the correct resourcing decisions.
Learn more about opportunity tracking for your organisation in the HARMONiQ Power of Big Data eBook.
3. Inventory control
Inventory should be treated like cash because, at the end of the day, the money you’ve spent on inventory has an opportunity cost. Unfortunately, small to medium businesses often make the mistake of letting excess inventory lie – what else could you be doing with the funds you have tied up in excess inventory?
HARMONiQ’s ERP platform is specifically tailored to help you assess what stock isn’t selling well, or where it is selling best, and what products you should be restocking. Designed to cut manual labour, saving you both time and money, your inventory will be monitored round the clock so that you can make effective purchasing decisions.
Big Data solutions ensure your organisation’s inventory is up to date, is tracked at all times, and it’s easily comparable with market trends. To find out more about inventory control for your business, download the HARMONiQ Power of Big Data eBook.
How can I start leveraging Big Data solutions for my business?
Organisations driven by Big Data solutions have the edge over their competitors because they can easily track, record, and utilise data in their business to help them make good decisions early.
Download the HARMONiQ: Power of Big Data eBook today as your next step guide on becoming an organisation driven by the power of Big Data.
If you would like to see the impact Big Data can have on your business, then click here to request a demo of HARMONiQ and I’ll be in touch shortly.
Drew Arthur is the Managing Director of Micronet Systems and is focused on helping business leaders overcome inefficient sales, inventory, and customer relationship management practices by leveraging cutting edge technology. If you want to gain better control of the sales processes in your business, click here to organise a demo to see how HARMONiQ Business Tuning Software can make a difference to your business.