How SMEs Can Use Data to Compete with Digital Giants?

With the dramatic business environment change and Consumer behavior shifting from in-store to online, COVID-19 left no choice for B2C & B2B companies but to catch up on the train of digitalization.

As unfair as it is, While small and medium-size companies had to struggle to survive, digital giants didn’t even have to worry about the interruption of their services.

But Little do you know SMEs can still find a place for them to prosper!

Here’s how smaller companies can stay relevant by not only coping with titans but overcoming competition and beating them in their own game leveraging DATA!

Data advantage

Data is a powerful resource and a potential success key, Leveraging it has many huge benefits for small and medium enterprises:

  • Enables dynamic decision making
  • Improves response agile towards the business exterior environment
  • optimizes structural decisiveness
  • Gather useful insights
  • identifying real-time problems and potential solutions
  • Create customized, digitalizing daily operations
  • Optimize expenses

Accessing data points in a real-time manner helps SMEs operate smartly and prevent change in the business environment as effectively as their bigger peers have access to.

Implementing Data Analytics in SMEs

Leveraging data might be very beneficial yet implementing data analytics practices and tools in a small enterprise environment can be a tough challenge. SMEs need proper guidance to be able to optimally implement data analytics:

Collaborating with an IT company

Tying the knot with technological providers help the SME develop and upgrade necessary tools for effective data analytics and data transfer across devices

We provide a wide range of enterprise solutions for small ventures specialized in safeguarding sensitive and confidential business data authorizing our customers to easily flexibly and securely access and leverage data for maximum productivity and growth at www.indianic.com

Collecting data without a purpose

Collecting data without a purpose is simply worthless. An enterprise should fix aimed goals before starting to leverage data. It is dangerous and unworthy to collect data for future use without a proper plan.

High quality, not high quantity thinking

Low-quality basic data cannot be used for high-quality purposes. Defining quality criteria and data purpose is what makes data governance successful. Many SMEs try the best to collect every detail about their customers till they fall under the dilemma of spending so much on data that serve too little. High-quality data is what helps companies generate useful insights to understand their customers, develop new services, and optimize pricing.

Decentralizing data

Decentralized systems have proven more useful. Decentralized data can be used to train artificial intelligence and algorithms

Open data, as an approach based on sharing data to create mutual benefits such as government public sector data helps domestic businesses establish marketplaces for digital AI solutions and data hubs for sharing data and cross-company cooperation.

Hire a data scientist

Where there is data there is a data scientist! There is no point in holding data if there is no expert to deal with the structure, analysis, and interpretation of data flows. SMEs can avoid the cost of hiring one by upgrading the skills of their employees to process data.

Conclusion

SMEs should consider implementing data analytics in its process for cost reductions, essential safety, operational propinquity and enhance the business agility

Originally published at https://www.indianic.com on February 23, 2021.

Marketer, Blog /content writer, and creator for IndiaNIC and Cohort believing that marketing is the art of selling potatoes ;)

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