The most significant business trends is large data and many businesses hope to use it to their advantage these days. A lot of businesses are increasingly relying on analytics and data to better understand their consumers , improve the customer experience , and boost revenues. However, monitoring, managing and evaluating a huge amount of data can be overwhelming for the owners of a small business. This can attest that it is beneficial for a company interested in using this data to employ an outsourcing company that performs the time-consuming tasks associated with managing and interpreting analytics.
Small-business owners’ interest in analytics
Companies are willing to implement solutions that will help them increase their achieve and better understand their target market because they are aware about the advantages that huge data can give them. Based on consultant KPMG’s new research, merchants are driven to data management by a desire to develop client perceptions, thus increasing sales. The data showed there are many aspects in which operations utilize data and analytics to make decisions and amend company strategies. While 67 percent of merchants surveyed use analytics to revise brand and product management, 56 percent used this information to make more competitive pricing resolutions. Another 40 percent found this data useful when mounting their operations.
Businesses had opposed opinions on where data analytics could best compel actionable insights. Fifty percent considered enhancing operational excellence would be
the best possible use of data, while 36 percent believed that getting more customers would be the better use of the information they acquired.
Few firms handle data optimally
There are fairly few business owners who are well versed in managing data and analytics despite their belief of the importance that data plays in helping them grow and better serve their customers. The survey showed the following significant results based on how each company is knowledgeable on analyzing and utilizing data:
- 12 percent believe that their company has a high data analytics literacy rate
- 33 percent think that their business is moving towards a high analytics literacy rate
- 43 percent believe their firms are just average
- 11 percent admit their operations had an average-to-low literacy
While managing data isn’t easy for some and may be more time-consuming for others, it still plays a vital role for a lot of businesses today. As such, companies that are unable to manage and analyze data internally may actually rely on a BPO company that can more efficiently handle the tasks. Outsourcing research can effectively analyze data, which makes it simpler for business owners to focus on developing their operations based on these insights.
theOutsourcing-guide.com is the ultimate reference guide for the BPO and outsourcing industries and it will become the most comprehensive resource for organisations looking to engage BPO and outsourcing providers. As well as providing a range of eBooks, articles and whitepapers explaining the various aspects of BPO, theOutsourcing-guide.com provides an online directory of providers segmented by category and location.
theOutsourcing-guide.com is a vehicle for vendors and service providers to showcase their organisations and the outsourcing services they provide.