The Internet has revolutionized the way that we get information, the way we communicate, the way we work and the way we live today. What started as a simple, resilient information-sharing network has grown into the core backbone of the global economy. Unimaginable amounts of data travel back and forth between users and systems every second, to inform and update technology that everyone uses. It is no wonder that the data has reached a point where a value is now applied to it.
How Does Data Become Valuable?
Using the example of retail sales data, companies are able to track sales patterns that can help them make their production processes more efficient, personalize user experience, and boost the effectiveness of their marketing efforts.
This leads to greater profits, reduces wastage and improves the overall business strategy of the company. The understanding of a company’s data gives them the ability to make better and more informed decisions.
Why SMEs Need To Adapt To The Growing Data Economy
While small and medium-sized enterprises (SMEs) make up 98.5% of businesses in Malaysia and employ 48.4% of the population, their ability to access and leverage data is very limited. As the “backbone of the Malaysian economy”, it is crucial that SMEs have the ability to collect and utilize data effectively.
Through data collection, SMEs will be able to track customer behavior, figure out the “hero” product, identify where to increase or decrease spending and ultimately make better decisions about where to take their company.
This will enable them to increase their reach, improve their stock-keeping efficiency, and become better prepared for future uncertainties in the business environment — which is especially important during the COVID-19 pandemic.
The Malaysian economy, especially the retail industry, took a massive hit during the pandemic. In an effort to speed up the economic recovery, the Malaysian government has encouraged SMEs to adapt to the growing data economy by providing grants like the SME Digitalisation Grant and the Smart Automation Grant. These grants aim to connect companies with the resources they need to bring them into the data game and help restore the economy.
How SMEs Can Reap The Benefits of The Data Economy
Having access to understanding how to leverage data can make all the difference when it comes to developing strategies to drive sales as the economy begins to recover. Aside from that, data is a “tradable commodity” that is highly sought after by manufacturers, market researchers, and even the government.
Most SMEs have masses of data that are not being utilized. So, if they want to gain benefit from that data, they have to:
- Do an audit of the data generated by their company
- Learn how to organize their data
- Learn how to transform it into insightful and easy-to-understand reports
- Decide how data can be utilized to improve their decision-making, stock-keeping, and
boosting the company’s bottom line
Data is the future of business and the economy. So if you want your company to thrive, it’s time for you to join the data game — and SYCARDA can definitely help you with that.
Summary
SYCARDA is a data analytics software that can collect a range of data at the point of sale (POS) and create easy-to-understand reports. With this data, you can easily identify certain trends and create a more accurate forecast, allowing you to boost your bottom-line profits.
We are currently present in more than 800 outlets across various business sectors and have helped hundreds of business owners make better data-driven decisions. Now, we’re looking to help you do the same.
In today’s digitalized world, data has become a valuable commodity, revolutionizing how businesses operate. For SMEs in Malaysia, embracing the data economy is crucial to stay competitive and thrive in uncertain times. Learn how data collection and analytics can boost profits, improve decision-making, and enhance overall business strategies. Don’t miss the opportunity to join the data game! Experience the power of data-driven decisions with SYCARDA’s retail data analytics and business intelligence software.
Click here to get a FREE demo of SYCARDA and unlock your SME’s potential in the data economy.
FAQ
Why do SMEs need to adapt to the data economy?
SMEs need to adapt to the data economy because it enables them to track customer behavior, identify successful products, optimize spending, and make informed decisions. Embracing the data economy can help SMEs increase their reach, improve efficiency, and be better prepared for uncertainties like the COVID-19 pandemic.
How can SYCARDA help SMEs in the data economy?
SYCARDA is a data analytics software that collects and organizes data at the point of sale (POS). It provides easy-to-understand reports, helping SMEs identify trends, make accurate forecasts, and boost bottom-line profits. SYCARDA empowers SMEs to make better data-driven decisions and thrive in the growing data economy.
How can SMEs benefit from data collection and analytics?
By collecting and analyzing data, SMEs can track sales patterns, personalize user experiences, optimize marketing efforts, and make better business decisions. Utilizing data effectively can lead to increased profits, reduced wastage, and improved overall business strategy. SYCARDA’s data analytics software makes data-driven success accessible to SMEs.
