We are rapidly becoming a culture steeped in data. By 2020, it’s expected that every person interacting with the internet will generate roughly 1.7MB per second, resulting in a total of roughly 40 trillion gigabytes of data in existence. We are officially in the era of big data.
As a small business owner, you can’t afford not to capitalize on the data your customers generate through their interactions with your website, sales team, and other points of contact you might have throughout your inbound marketing strategy. Why? Because 97% of businesses today are investing in big data and AI, and Apex Technology’s software development services wants to help you do the same through their managed IT services approach. Let’s run through some of the reasons why you should consider contacting their team of professionals to explore Apex Technology’s database management solutions.
Identify Your Market Segment and Target Consumers
Imagine what it would be like to try and develop a product or service blind, with no idea of the type of consumer who would want the service or product. Without a data-centric approach to building your brand and product, you’ll be entering the market blind. In the modern economy, however, this is an almost impossible scenario, as consumer data is being generated in almost every interaction and transaction. Data in and of itself, without analysis, is useless. A recent trend in analytics, business intelligence tools are designed to translate the data you collect into actionable information. Track product performance, consumer behavior by specific demographic information, understand the sources of consumer traffic to your site – all of this can help you to streamline and improve your products or services to truly meet the needs of the consumers most interested in your brand and what you have to offer.
A More Agile Approach to Product and Service Improvement
The age old cliche that “time is money,” is really only half of the story. While you don’t want to spend time on activities that do not generate value for your brand, more importantly, you want to have processes in place that services and products can be delivered to the customer with as little waste in resources as possible. Approaching this from a data-driven mindset, marketing and advertising are huge drivers in bringing business in the door, but if certain marketing channels are less effective than others, or advertisements on specific social media platforms deliver more ROI on minimal investments, wouldn’t that be helpful to know? Similarly, if tracking productivity shows that certain staffing levels which might be more expensive to maintain, minimize costly defects and maximizes productivity, wouldn’t that be helpful to know as well? Data analytics and data tracking allow for business owners to easily monitor efficiency and quickly adapt strategies to increase productivity or ROI.
Transparency Is Key
If you can’t immediately access your organization’s profitability down to the current business day, you don’t have a system in place that allows you to respond as quickly as is necessary to factors that might be impacting your performance or productivity. Data must be visible and easily accessible, and allow you to make timely decisions. Say for example, you’ve posted ads on several social media platforms. Those you placed on Platform A are converting twice as fast as Platform B, but are only generating a quarter of the income total over the same period of time. Without the proper view of the data, you might continue to think Platform A is the better investment.
What Problems Do You Need Help Solving?
Through our managed IT services platform, Apex Technology’s managed IT services team can create a cloud-based solution that will help you to create a foundation upon which to grow and develop your database. Once you’ve got your foundation in place, our software development team can create the applications and interfaces necessary to leverage business intelligence and analytic best practices in your efforts to solve the challenges facing your small business.