Data is one of the most discussed topics among business owners and entrepreneurs. While data is certainly a very current issue, it’s much more than a buzzword or an Internet trending topic.
Every single business transaction generates data. As the world rapidly digitizes, it is crucial for businesses to embrace financial technology (FinTech) to remain relevant and competitive. In this year’s Budget 2017, Finance Minister Heng Swee Keat announced the ‘SMEs Go Digital’ Programme to help companies build digital capabilities, including data management and cybersecurity.
How does data help my business?
Whether you work for a listed corporation or a startup, data is integral across companies of all sizes and industries. With data, businesspeople are empowered to make better, more informed decisions. Companies who are successful in using data have enjoyed increased revenue and saved costs. Data also helps improve productivity and drives product innovation.
Sounds great. How do I use data?
There is a lot of data out there, and by a lot, we mean the data available is close to unlimited. That’s pretty daunting, especially for SMEs or those just starting a business.
The key to utilizing data is a targeted approach. Know what you want to do and what you want to happen. Say you want to create more conversions through a marketing campaign. Start by understanding your target demographic. What are their needs? Their spending patterns? Their web usage patterns? It will be easier for you to map out an effective campaign if you have the relevant data and information on hand.
For example, local company RedMart has processed customer behavioral data to personalize the user experience. From personalized search experience to recommended items to targeted promotions, data can create powerful segmenting.
You can also use data to plan company resources and operations, from supply of goods, manpower, logistics, etc.
Protect your data
What’s equally essential to making use of data? Managing and protecting your company data. There are a lot of cybercriminals out there. Find out how you can manage your data effectively here.
This article was written by Funding Societies, Singapore’s leading peer-to-peer (P2P) lending platform. We provide working capital loans for small and medium-sized enterprises (SMEs), along with attractive investment opportunities to the broader public. To learn more about us, click on our website here.