3 well-known business problems technology can solve
Businesses today move exceptionally fast, but that is not to say they are always successful. According to Forbes, only a quarter of employing business firms last for up to 15 years. To ensure you're in the 25% that make it, we've compiled 3 well-known business problems technology can solve, to help you maintain your business' growth and profits. Enjoy!
1. Wasting time organising your business
The Business Problem: Apart from those colleagues in the office that seem to have a haunting obsession with organisation, ensuring everything runs smoothly from finances to HR, can be one of the driest parts of running a business, especially when spreadsheets come into the equation. It gets even worse when those in charge of updating the spreadsheets, find themselves having to copy and paste data between different documents, during which, not only is time wasted, but mistakes could be being made. Did you know the University of Toledo lost a projected revenue of $2,400,000? All due to a spreadsheet mistake that "led officials to overestimate enrollment and therefore revenue". That's pretty bad.
The Solution: Businesses need technology that will distribute their data for them. Instead of spending hours repetitively inputting data. By connecting their business together, they'll only need to input data once and it will be translated and placed into the right areas for them.
2. Out of date data will leave you out of pocket
The Business Problem: The amount US businesses lose each year due to bad quality/ out of date data, is approximately $600 billion. That's a whopping amount and it's partially due to businesses not reacting quickly enough to ever-fluctuating markets. No one wants to be that retailer who misses a huge revenue opportunity when they didn't stock-up on an item that was picking up interest, before it suddenly became the next Pokemon Go. Yet another business problem that technology can solve.
The Solution: Instead of waiting for annual reviews on market trends and product-interest reports, retailers and business owners need access to real-time and living data, so that they can anticipate and react to trends straight off the bat. There are some great stream analytics platforms in the market now that let’s you analyse your data in real time. My two favourites are Kinesis from Amazon Web Services and Apache Samza. There is also plenty of open source platforms to choose from.
3. Not making the most of your data
The Business Problem: Well, are you making the most of your data? This is a serious question, that as a business owner you have to ask yourself. Yes, businesses may be tracking how particular products are performing, but are they compiling that data with the data from other sources? Businesses that have separate streams of data flowing in from multiple, disconnected sources, will find it very hard to make sense of that information, let alone impactful decisions to decide their business' fate.
The Solution: Simple. Businesses need to use technology to centralise and connect all their data streams together. By connecting everything together, they'll gain access to enriched data which they can actually make decisions with.
So how can I solve these problems?
All these business problems can be solved by starting with having a look at how your data flows through your business. Where does the data come from and where should it end up. What parts of the data hold crucial insights and should be analysed in real-time. You also need to look at data synchronisation to ensure that all parts of your technology solution hold the same and correct data.
Contact me today to see how we can use your data to grow your business and increase sales.
Image credit: Timisu @ Pixabay