Almost everything we interact with in this day and age automatically generates data. We can attribute this to the rise of technology and digitization but the real reason behind it is that there is a growing utility of data analytics in terms of decision making and business.
In the past decade, companies have collected more data than ever before in an effort to transform their business and processes to be more data-driven. They knew for certain that in order to stay competitive and thrive in today’s rapidly changing environment, businesses need to be agile in responding to the needs of the market.
What Does It Mean For Small Businesses?
Small businesses are usually operating with limited resources, which means it’s important that business owners maximize their capabilities and ROI. Data analytics can help them achieve this. Here’s how data analytics can benefit small business owners.
From Reactive To Proactive
Without being supported with relevant data, it’s easy for small businesses to be reactive when responding to problems or changes in the market. However a data-driven business can become more proactive in anticipating the customers’ needs and future issues instead of merely reacting to them.
Taking a more proactive, data-driven approach will help small business owners avoid going with the wrong strategy, which will waste their limited resources and time. With the right data, they can prepare a proper strategy and reap the most out of certain momentums and seasons — maximizing their profits in the process.
Enhanced Marketing
Many business owners still create random promotions with hopes of bringing more customers to their business — unfortunately, nowadays, this kind of strategy will not work. Without data that allows business owners to gain insight into customer behavior, current trends, and market situations, their marketing efforts will not succeed.
But when powered with data analytics, businesses can figure out which are the best products, when are people buying them, where are they buying them, and so on. These insights should be the basis for creating more effective and personalized marketing campaigns that will bring in more people for your business, lower costs, boost ROI, and most importantly, improve the customer experience.
Using a data analytics tool like SYCARDA, business owners can achieve all this and more.
A local chain restaurant in Malaysia used SYCARDA on top of their POS system and successfully boosted their revenue by 8%. The installation process is hassle-free and quick as it is a plug-and-play software that sits on top of its existing POS system.
Using the data collected from SYCARDA, they can analyze the store’s peak hours, average wallet spending, and best product pairings. Using those insights, they created a bundled meal promotion to bring in more customers during their off-peak hours — maximizing their resources and increasing their revenue at the same time.
Interested in doing the same for your business?
In order to help SMEs embrace the power of data analytics, we created a program called “SME Go Digital Package” with benefits such as:
- Over 80+ Business Intelligence analysis tools (including drill-down analytics)
- Analytics for sales, products, inventory control, category, promo, sales pattern, transaction, audit, gross profit analysis
- Rental rebate to retailer
- SYCARDA service rebate
And more! Reach out to our team today to learn more.
FAQ
How can data analytics benefit small businesses?
Data analytics enables small businesses to proactively respond to market changes, tailor marketing strategies, and optimize operations, leading to improved efficiency and profitability.
How does SYCARDA contribute to small business success?
SYCARDA empowers small businesses with real-time insights, helping in decision-making, marketing campaigns, and revenue optimization. It’s a powerful tool for enhancing business performance.
What is the “SME Go Digital Package”?
The “SME Go Digital Package” is a comprehensive program offering diverse business intelligence tools, sales analysis, and more. It’s designed to help SMEs leverage data analytics for growth. Reach out to us to explore its benefits.
