It is a new world for doing business
Today, like never before, business is constantly challenged to keep up with competition and changes in technology in a viable way to grow products and services and to keep and win customers.
We are in a burgeoning new age for business. Doing business is in itself is being transformed. It has to be nimble, quick and insightful. It may seem overwhelming but it is critical to stay in the game.
How business is changing
- Although there is still competition, it is increasingly difficult to be an island of innovation. Strategic partnering and collaboration means you don’t have to invent while your competition is passing you by.
- Innovation is more important than it has ever been. Changing and improving your product or services is critical to keep up with the fast pace of technological changes that are here today. Even the way innovation can be done is changing.
- Data, the information about your products and services, customers, and the world around us, has exploded. It is literally falling from the sky. It is this magic sauce that can give you the edge.
Information, “the differentiator”, is king
Of these, it is arguably information which is the most powerful. The information not only gives insight and guidance to the other two, but in itself can tell you things you want and need to know about your business.
In the past, business has relied on experienced business people armed with reports and statistics to understand and grow their business. You can
- Know which stores selling the most product
- See when sales were going up or down
- Understand which products were most successful sellers
This is important information, but today you can also ask
- What are the characteristics or profile of my customers?
- If we offer this kind of a promotion how well will it sell here?
- How can we improve this product?
The power of these actionable questions will be the differentiators of successful businesses today and in the future. This is the amazing field of predictive analytics.