How to avoid the principle mistakes that blight your sales stats

While some industries are subject to change after change, this isn’t necessarily the same when it comes to sales. The principles remain the same and while technology might play its part from time to time, if you were to compare top salespeople from decades ago to ones in the modern-day, you would probably find a lot of similarities.

At the same time, you may also find a lot of mistakes. The nature of sales means that it is very easy for mistakes to creep into your work and if you are struggling to get your numbers up, take a look at the following to see if you are falling into some of the most common traps.

Mistake #1 – There’s no personalization

If we rolled back the clock a few years, this wouldn’t really have been a mistake – at least in larger businesses. After all, personalization was only really possible in smaller businesses who had the time to get to know their clients, and ultimately use this to their advantage.

Well, technology has of course changed this. One only has to look at the rise of account based selling to see this in full-detail, and how companies really can target individuals much more easily nowadays.

Mistake #2 – You just focus on the offer

A lot of people mistake sales with throwing as many offers into the face of a consumer as possible. In truth, it’s not like this in the slightest. Sure, some consumers are going to be completely game for that 20% offer, but the bulk of your sales won’t arrive because of this.

Instead, most will come because you are solving a customer’s problem. You need to show how your product and service will resolve a particular issue, and go from there. After you have demonstrated this, you then might tip them over the edge with price.

Mistake #3 – You take too long to close

There is certainly an art of closing, but far too many people don’t time this part of the sales process properly.

Far too many people instead let it draw out much longer than is ever needed. Not only does this mean that time is wasted, but it can actually turn off a buyer who is just tired of hearing more information about the chosen product or service.

What’s the best way around this? Ask the client. Ask if they have heard enough, and from then on you can choose whether to try and close, or continue your pitch.

Mistake #4 – You ignore people who could influence the decision

This is something of an old-hat mistake. Traditionally, salesmen were taught to convince the decision-maker to buy a product – but this isn’t necessarily the best strategy nowadays.

Sure, if you get them on your side you are a long way there, but also think about the influencers. Start to realize that other people can influence the decision-maker, and try to target them through your pitch.

Continue Reading

The Perfect Plan for Selling Your Business

If you own a company and have operated it for many year, the prospect of selling it can be quite daunting. One really difficult part for entrepreneurs is to separate the emotions aspects of wanting to sell with the business realities. This is why it is often advised that a business owner seeking to sell the business should being in experts like BCMS who have helped hundreds of business owners successfully sell their businesses for the right price and terms.

Engaging a company like BCMS is a smart decision and as you prepare to discuss with them your company do some things that help you gain a better understanding on the process and what you can expect. Here are a few tips.

Put Everything about Your Business on Paper

Companies like BCMS advise that any business wishing to have the best chance of selling itself, put all of the important details about the business in an easy to review document. This should include all details about the business incorporation, its history, current status, financials past and present. Future projections for the business with assumptions for those projections and all liabilities listed plainly. And you should never bury or hide and problems or issues that have occurred or are current with the business. This type of document provides and easy summary that interested investors can review without much interaction with the owner. They can then pull their questions and comments together if interested in proceeding with the purchase.

Always be Available to Potential Buyers

The aspects of your business will seem obvious and easy to understand to you and you will be able to easily decipher any details about what you have built, how and why. For others though, there will be lots of questions that only you as the business owner can answer. These questions get cannot be detailed fully enough on paper and in some cases hearing the tone and sincerity of the owner can make a great difference in the interest level of the buyer.  So be sure to make yourself available to all serious buyers to answer key questions about the business. You should put parameters around how this occurs so you do not end up losing all of your time, but by making yourself available to them it makes you look more authentic and shows you are considerate of their needs.

You should also be prepared to discuss the future potential of the business. New buyers love to know where past owners think future growth will occur, so prepared to have this conversation.

Working with an expert team to sell your business gives you a professional team to help you make the sale you want. #sellsavvy

Continue Reading

Search Marketing Should be a Top Online Marketing Priority for Your Company

Because the competition for customers is so fierce today companies need to do all they can to get themselves in front of perspective clients. The Internet has created great opportunities to do this but there are so many choices it can get confusing and difficult to determine which option to select. Leading options include email marketing, social media marketing and search marketing. Each can be effective when used properly, and companies with tight budgets must often select one in which to place their efforts. A case can certainly be made for each option but there is little doubt that search engine marketing should be the first choice.

What is Search Marketing?

Search marketing is an umbrella term for Search Engine Optimization and (SEO) which creates traffic to your website utilizing unpaid or free listings and Search Engine Marketing (SEM) which consists of purchasing traffic utilizing paid search listing. The combination of the two create a powerful marketing strategy for attracting customers to your website.

SEO

SEO is the process of utilizing a set of constantly evolving strategies that help a company position its website high on the top internet search engines. The goal of every company is to be on the first page of a Google search. SEO is the right way to do it.

SEM

Search Engine Marketing refers to using paid search to position your company on a search engine. A company can purchase paid listings that will appear at the top and in other strategic places on a search page. SEM will include: the following:

  • Paid Search Advertising
  • Pay Per Click (PPC)
  • Pay Per Call
  • Cost Per Click (CPC)
  • Cost per Thousand (CPM) SEM For Beginners

Combining SEO and SEM provides companies with a complete strategy for optimizing search marketing. Too often companies will only invest time and resources in SEO and bypass SEM, however top Search Marketing firms like Click Consult can demonstrate why a strategy that includes the two disciplines is the smartest way to go. .

When done correctly search marketing is extremely effective, sending a steady stream of customers to a company’s website and providing the company with data that is key to making its online marketing more effective.

Continue Reading

Leadership Development Academy: Why Every Company Needs One

No business market has ever remained static. As with everything in the world, markets constantly fluctuate because of many external reasons, and they often shift on a month to month basis. As it’s the case with every market, the talent market works in cycles too. It too constantly switches from the market being focused on employers to a market focused on employees, and that switch sometimes happens very quickly.

According to the latest statistics, the unemployment rate of the US has dropped to 3.7% in September of 2018, which is vastly different than to the 9.6% of September of 2009 when the Recession was still in effect.

Even though having a low unemployment rate is generally seen as a good thing, it can cause harmful effects to many employers, namely because there is a much smaller pool of potential candidates to choose from. There is a much smaller number of skilled candidates to pick from, and the number of candidates that lack the required skills is increased.

Considering the case and continuing trend of low unemployment rates, it’s becoming very necessary for companies to foster and develop talent internally. This means that businesses need to invest in their employees so that they have an increased chance of retaining them.

Kyle Porter, who is a CEO of SalesLoft, recently said that whenever a company loses an employee, it’s rarely the individual’s fault. Per his words, a company has to create an environment that the employees would prefer to work in, one that would allow them to grow and improve.

When the unemployment rates are higher and the market shifts its focus to employers, paychecks are the biggest driving force behind employee retention. But in today’s talent market, most businesses have to poach talent from other companies, simply because the talent pool has significantly dried up.

What can companies do?

Most business can do good to learn from the financial market. The best and most efficient investors usually get creative with how they play defense and offense on the market. Their goal becomes to lose less than the average or get the maximum possible return. This can be the best lesson companies can utilize to keep their talent pool steady.

If the market becomes increasingly defensive, as it’s currently doing, possibly the best move would be to play aggressively. Companies like Lippert Components, and their CEO Jason Lippert, have devised a very effective strategy to reduce the number of employee turnover and increase their talent pool. They focused on honing the leadership capabilities of their employees in a very direct and straightforward manner, and to create a company culture that would benefit every individual within its ranks.

With the creation of their leadership academy over a four year period, where they trained employees to become much better leaders, they reached excellent results. The employee turnover rate reduced to 30%, which is well below the industry standard, and they saw an increase in work application. All of this because the company realized that in order to be as efficient as possible they needed to create a culture that would nurture its employees.

Achim Neumann, President of A Neumann & Associates LLC, an M&A Advisory Firm in New Jersey says, “One of the core responsibilities of an employer is to develop and nurture the skills of their employees. It’s something that many employees have come to expect and for a good reason. That always leads to a much more efficient business or company.”

Every business and company can implement the same idea of a leadership academy. A budget like the one of Lippert Components isn’t required, because all it takes is the drive to improve. The business that strives to be as good as possible needs business leaders who will drive the company to gradual success over time. True success doesn’t come overnight, and there are three things that every business should be aware of:

  • Feedback is crucial – one of the worst offenses a leader can make is think they’re doing a fine job without any feedback. Employee feedback is something no business should skip out on, as it can create tons of potential situations for improvement.
  • Modernization – many businesses the world-over don’t modernize at the appropriate rate. This means to create valuable content with modern principles, instead of being stuck in a position where the content doesn’t feel relevant and fresh.
  • Learning and improvement – leadership is a skill that is learned by doing. Simply by focusing on learning as much as possible, a leader can create many opportunities for improvement for every individual in the business.
Continue Reading

5 Lead Generation Tips To Grow Your Small Business

Having a wider reach could give you more prospective customers for your products and services. The question is, how can you reach your target audience without spending too much money, time, and other resources? This is where lead generation tactics can play a powerful role.

One thing to consider is how you can make sure that the visitors to your website or social media become truly interested in what you are offering. In terms of marketing, lead generation is a mix of quantity and quality.

However, having tons of leads doesn’t necessarily translate to achieving your goals for higher sales conversion rates. Lots of leads can mean that you have unqualified buyers who may require more persuasion prior to conversion (sale).

The following can serve as your guide to generating high quality leads that will grow your small business.

  1. First Things First, Track Your Lead Generation

The first step is to track lead generation return on investment (ROI). This helps you allocate a budget using measurable channels that entice leads, whether you are using social media, email, your website, or direct marketing to draw them in.

Google Analytics is good for this. Google can help you identify which pages generate the most traffic to your site. Salesforce customer relationship management (CRM)can also aid you in keeping tabs on the relationships you are building with potential customers.

Marketing automation software,like HubSpot is also useful to track potential customer activity. It also helps you deliver marketing content tailored to your target audience’s interests.

  1. Leverage Social Media

Aside from boosting brand awareness and interacting with customers via your website, you can also leverage social media to enhance your sales pipeline. A few social media tips include:

  • Share content that drives traffic. The most effective way of generating leads via social media is publishing content that direct traffic to your site. You can share blog posts, links, and even discounts to compel people to click through to your website.
  • Build a loyal following. Make sure to get to know your online audience and share information that will highlight your expertise. Join LinkedIn groups and other social media groups relevant to your business. When the relationship is built, a customer is likely to trust your business more.
  • Focus on engagement. Don’t focus only on your company, but instead try to interact with others and be more helpful. When customers are ready to make a purchase, they will likely come to you.
  1. Make Lead Generation Mobile

When your content entices customers to visit your site, the next step is to get them to convert. It is optimal to get contact information via an intuitive online form. Mobile friendly forms that are designed properly can increase your conversion rate.

Optimizing forms for mobile means that you need to consider how forms will look across multiple devices, and multiple screen sizes. Users are not supposed to make extra effort just to complete a form on a mobile device, so make it easy for them.

  1. Create Powerful Content

The most important part of a powerful lead generation strategy is content. People are attracted to websites, because of the valuable content that is served up on a consistent basis. The great thing about it is content marketing is far more affordable than traditional marketing, and can generate more leads.

To make your content marketing effective, you need to find a defined target audience and tailor content just for them. Create engaging and informative blog posts, ebooks, webinars, videos, and landing pages that provide solutions to pain points and prompt visitors to take action.

  1. Use Email Marketing To Your Advantage

Emails are an affordable and effective way to generate new business opportunities when used properly. Concentrate on an opt-in strategy to make sure that your subscribers are happy.

They should love receiving your emails and remember to include a link for your audience to subscribe. A few tips include:

  • Send valuable offers. Your offers should feel exclusive and give useful information.
  • Include clear CTAs. Ensure that your customers know what you want them to do with CTAs.
  • Link to landing pages. This is where your customers will provide their details for future remarketing efforts. “For example, a page intended to sell a product will be focused entirely on that product,” DreamHost explained.
  • Optimize your website for speed. Make sure you optimize your WordPress website speed so every page loads quickly. Every second matters!
  • Thank your customers. Be sure to have additional content and don’t forget to incorporate social media sharing buttons that encourage leads to share.

Maximize Small Business Growth With Lead Generation

There are a number of ways to grow your small business, and lead generation remains one of the most effective. Build a lead generation strategy with string content marketing and be sure to connect with potential customers in a meaningful way. Are your lead generation efforts maximizing profits?

Continue Reading

Office Technology That Leads to Increased Productivity for Companies

In order for companies to be successful today, they must utilize the latest new technologies. Implementing them effectively into a company requires constantly training employees and creating a culture of adoption within their organization. The payoff is an ability to keep ahead of the competition and always able to be most effective for customers.

There are a range of tech tools companies are using and here are some of the most effective.

Office Printers

Modern day office printers have come a long way. Today’s office printers like the Konica Minolta A3 and A4 Series can do a range of things that companies could previously only dream of:

Wireless bluetooth printing – Today’s top printers like the Konica Minolta A3 series offer wireless printing from a mobile phone using their mobile app. You can also print and save from and to a USB connection.

Power Savings – Today’s top office printers analyze power usage can make things more efficient on the fly. They power down when not in use and power up when someone approaches the unit.

High Productivity – Some Minolta printers will print up to 180 ppm double sided allowing for fast turn-around of important documents.

PBX Phone Systems

PBX Phone systems have eliminated the gap in available phone functions between small and large sized businesses. Hosted PBX allows companies to have a range of services previously unavailable. Some of the top services include:

Call Forwarding – You can forward any extension to a cell phone, regular telephone or another employee.

Call Monitoring – You can listen in on any call made through the system.

Digital Receptionist – An automatic receptionist directs callers to different departments or people within your company.

Mobile Integration – Employees can be contacted anywhere whether they are in the office or not. Allows for mobile workers to stay connected.

Mobile Technology

Companies today are always on the move and their workers need more and more to be out of the office and with customers and vendors to make sure that business is being done efficiently and effectively.

This leaves companies with a dilemma of always needing to be in touch with their key sales, and marketing employees, yet not physically seeing them often. The answer is mobile tech. Today companies can utilize tablet computers and mobile phones to constantly stay in touch and to keep everyone in the loop on important decisions and projects.

For smart companies that utilize these new technologies they can count on increased productivity and an ability to thrive in today’s highly competitive business market.

Continue Reading

Winners do know what is important to be successful 

If you look into a person’s behavior, his or her confidence level will be visible to yourself. If he or she is a decent person and have a good sense of reality, that person is good at his or her work. On the other hand, an unsuccessful person will act totally different than a successful one. Lack of experience and sense will be visible in that person’s head. So, it can be easily distinguishable between a winner and a loser. If you want to be a winner in any kind of profession, you have to think like a winner. In every step of the working process, you have to act like a winner. In this article, we are going to talk about thinking like a winner in the trading business.

The realistic expectation from trades

In the trading business, there is no chance of living in the imagination. The more you can come back to the reality is better for the health of trading. Because the markets are consistently changing and you cannot know about the future condition at any certain time, you have to approach a trade with a solid strategy. And when you have placed a trade, it may not bring any good outcome too. Because when your trades remain to live the price trends can change radically. So, if you live in imagination too much this kind of phenomenon will bother your confidence in trading business. And having good confidence and dedication to your business is really important for learning it properly. So, have the most amount of realistic thoughts about your trades and trading edge possible.

Keeping things organized

No matter which profession you chose, you must stay organized. All the successful people in Australia have a very organized lifestyle. They know how to give proper value to their time. Similarly, you must focus on discipline and keep things organized. Forex trading is a very sophisticated profession but once you understand the basic concept of trading, you can easily secure financial freedom. There is nothing to rush, the market will be always present. So trade with a stable mindset.

Management of risks per trade

If you have learned about the possible fate, it will be easy for you to tolerate this business. But, now you have to trade to make profits. Otherwise, what is the reason for being here? Speaking of making profits, you have to control your investment. For those people who don’t understand the relationship between making profits and controlling risks, let us explain it to you. If you invest in a trade with a good amount of money, the expectation of it will be big. So, you will keep your trade open for a longer time. But, in that long timeframe, the condition of the market can go against your side. And eventually, you may end up losing the trade. And when the investment is big and you have kept it open for a long time, the losing amount will also be higher. In this case, the ‘stop-loss’ will also have a higher limit set by yourself.

Dealing properly with the environment

In this business, there will be a lot of roadblocks in your way to success. Even when you are running your profession with a decent speed, you may not experience good vibes from it. That is because you are not doing the right thing for being consistent in this business. You may be getting too much emotion in the working process. This is a common incident, traders fall in emotionally attached with trades they are making. That is because they have put money into those. And expecting some returns to come back from those. For that reason, traders get emotionally harassed with negative results and even with positive ones. For being a good trader you should avoid this mentality and concentrate on the real work.

Continue Reading

Using Custom Promotional Products in a World of Fake News

These days there so many different versions of the “truth”. Business has been caught in the crossfire while politicians and the media fight for credibility, so much so that most people find it difficult to know what to believe. In the new, disconnected digital business environment consumers find it impossible to work out who to believe. With both sides pointing the finger and accusing each other of spreading “fake news” it’s hard to know the truth about anything anymore.

So how, in this era of uncertainty and fake news how can a small business have their marketing message taken seriously?

It might seem old fashioned but using promotional products is a proven way to avoid much of this confusion. When a business prospect holds something real, like a branded product they automatically reach an opinion of its practical value and a subjective, related emotional judgment of the whole. These personal impressions, both good and bad merge with any other preconceptions to form an overall attitude towards the brand with which the product is associated.

Branded merchandise, unlike other forms of business communication, does not rely on the manipulation of emotions to manage perceptions. The right promotional item creates a direct connection with consumers and allows you to avoid the negative impressions which come with the rising public cynicism in these days of “fake news”.

Managing consumer opinions of your brand and market offerings is the main purpose of promotional marketing. Billions are spent across the world every day on advertising but the final outcome can never be trusted to be exactly as planned. Research confirm using economical promotional products compared against more traditional forms of brand promotion reinforces positive perceptions. Particularly in the case in this day of digital communication few people with whom we do business are met face-to-face so doubts easily creep in. Branding something as simple to printed pens and handing them out to customers and business prospects is a way to escape the negative filters which dominate so much on-line chatter.

If you think about it, how can a good quality product with genuine practical value do anything for your brand but create a positive impression?

A good example of promotional marketing’s effectiveness is in the world of eco-friendly claims, about which consumer cynicism is growing. Many companies have realised it’s necessary to turn to physical products as a way of reinforcing their “green” company claims. So many organisations have unjustly claimed a clean, green reputation that there is great doubt about such claims amongst consumers. By simply offering your business contacts a branded item which reflects brand values and as an example, is made from recycled materials is now known to be more convincing that any number of bold claims made in general media advertising.

Unfortunately many people see a marketing world where bluster and misinformation is the norm so the simple act of placing a branded item in the hands of consumers creates an impression that no amount of online advertising can replicate. The simple reality of a physical product you hold in your hand cannot be denied.

It seems every year we spend less time engaging with each other and more time engaging with a screen, even now as we walk along the street. In this rapidly changing environment the simple act of handing your clients a useful branded product is a more powerful way to build and maintain relationships than ever. The temptation exists for all marketers to spend their budgets online. It’s easy to manage, analyse and assess; and can be scaled up or down in minutes. But keeping a foot in the “real” world, using promotional merchandise to connect with consumers is a proven way to leverage greater sales from your general advertising messaging.

Continue Reading

Ready to Start a Business? Step 1: Hire an Expert Leadership Coach

Until 20 years ago, leadership coaching or executive coaching was viewed as a necessity for faltering business owners. But, in recent times, more and more entrepreneurs getting ready to start a business prefer to hire the services of a leadership coach. They are open to enlisting the help of an expert to help them create a sounder platform on which to build their new enterprise.

But, will this move do them any good? According to the Forbes magazine, corporate giants like Google, GE, and Goldman Sachs have allocated a budget of $1 billion each year towards leadership coaching. Further, statistics gathered by the PriceWaterhouseCoopers and the Association Resource Center clearly indicate that this simple move can help businesses earn profits worth 10 to 49 times their original investment. So, if you’re ready to build a successful business, one of the first moves you may want to make is to hire a leadership coach.

What Exactly is a Leadership Coach?

Executive coaches are very different from mentors. They follow a carefully-designed schedule, stepping in from time to time helping their clients to make the right decisions. Like expert business coach, Arman Sadeghi at Titanium Success reveals, a coach will not tell you, the entrepreneur, how to start a business. He is not there to give you advice. On the contrary, he asks you a series of questions intended to realize your full potential so YOU can make the right choices. With the help of the coach, you can develop the essential soft skills you need to start a business and make a long-term success of it.

But, Why Choose a Coach?

Magdalena N Mook is the CEO & Executive Director at the International Coach Federation (ICF) that has 26,000 members operating across the world. She tells the Entrepreneur magazine, “What coaching can offer, it’s not telling people what to do, which entrepreneur will listen anyway, it’s really being a partner in the process. I think this is exactly what makes coaching even more prompt to be adopted by the entrepreneur. Because it is partnership and not mentorship or consulting, it’s helping the entrepreneurs to find responses in their own ways to whatever they want to accomplish.”

Accordingly, here are some of the areas where you’ll receive assistance:

  • Planning your business strategies and sounding out ideas
  • Developing the essential confidence in your project and conviction to make it materialize
  • Training yourself to maintain focus on your goals
  • Getting the necessary support and being accountable for your projected milestones
  • Putting together a skilled team and managing it to help you achieve the company’s objectives

1. To Start a Business, You Need More than a Great Idea

Starting a business with a great product or service idea is just the beginning. To make it a reality, you need to raise the necessary finances by pitching your ideas to financiers and potential business partners. You’ll also need expert portfolio teams that can help you with the other aspects of your business. These facets typically include production processes, advertising and marketing, sales, delivering goods, customer care, sorting through legal nuances, and much more. To get the right personnel together, you’ll need the assistance of an expert leadership coach.

2. Executive Coaches Help You Institute a Favorable Work Culture

When you’re ready to start a business, it is highly essential that you set the tone of the work culture and ethics of the company early on. And, the one person to create that persona and impression for the company is you. The team working with you will emulate and follow your leadership when it comes to dealing with vendors, customers, and other stakeholders of the company. Given that a positive attitude can make a difference between success and failure, work with your executive coach to learn how to institute the right culture in your company.

3. Leadership Coaches Make You an Efficient Team Manager

Simply having a great team and right mix of skills and talents to start a business is not enough. You must know how to coordinate their efforts to keep the company functioning smoothly. While working hard to grow your company is essential, you must keep in touch with your people. Involve your workforce in the vision you have for the future of the company, and how you hope to achieve the objectives you have planned. Welcome feedback and ideas for future growth since your team works in close contact with vendors and customers on the ground level and has a better understanding of what the market wants. Need to understand better how that can work? Check out this article released by NBC News.

4. You Need Guidance to Build a Lasting Company

As long as your company is in its fledgling stage with just a few employees and you running operations as a manager, dealing with the challenges is easy. But, as the enterprise grows and you’re ready to go public, you’ll need the advanced guidance needed to act as CEO. You may not have the skills and expertise needed to deal with growth equity, venture capital, and the other intricacies of the corporate world. That’s where the executive coach steps in – to guide you in the right direction, so you can make a success of the company and watch it grow over the years. Most importantly, you need the business coach to help you assess if your business is stable enough to begin expansion.

5. Understand that an Evolving Business is a Successful Business

To ensure the lasting success of your business, you need to keep your finger on the pulse of the market and evolve according to changing market trends and consumer expectations. Rely on the expertise of your business coach to help you steer the company in the right direction to keep pace with change. Like the folks at BizJournals explain, lack of flexibility can spell disaster for your enterprise.

In a fiercely competitive world, understanding how to start a business and make a success of it is a significant challenge as it is. But, with the assistance of a qualified and trained business coach, you can overcome the snags and understand how to avoid potential pitfalls. Design success for your business from the onset and watch it reach the 10-year and then, 15-year success mark.

Continue Reading

Data and Analytics Play an Important Role in Digital Transformation. Here’s Why.

 

The world is forever evolving and changing. New technologies are being developed, behavioural patterns are changing, and businesses with the desire to avoid extinction have to evolve along with everything around them. As a result of modern technology, access to information is easier than it has ever been. Through digital innovations like artificial intelligence, cloud computing and many others, customers now have access to a wealth of information about whatever business or service they’re searching for. This raises the bar for existing businesses (adapt or lose everything).

Digital transformation involves restructuring existing business models, strategies, processes and so on, to suit consumer needs using current technology. The important thing to note about digital transformation is that it is consumer-focused, aimed at giving the consumer the best experience possible, while also making managing operations easier for business owners (CIO from IDG).

Consumer behaviour is constantly changing, and, as a result, organisations have recognised the need to shift from data generation to being data powered. Today, data and analytics are used to identify behavioural patterns through extracted data, analyse said data and use the results to improve business processes (Techopedia). Qualitative and quantitative data are gathered simply through using web analytics tools such as Google Analytics, Open Web Analytics, Clicktale and many others.

Data and analytics are important to digital transformation, as they are key aspects of strategy development. Different aspects of every business produce data, and some aspects provide a larger amount of data than others. As your business produces data, your competitor’s business also does the same. The difference in both cases lies in the goals of each organisation, how data is interpreted, and how the results acquired are developed into strategies that can help improve business processes and operations (Centric Digital).

One of the beneficial aspects of data and analytics, relating to digital transformation, is machine learning. Machine learning involves getting computers to learn and act like humans, by feeding them data and information in the form of real-life observations and interactions. This helps in making more intelligent and informed decisions. For example, selecting alternate routes to avoid traffic, in turn preventing the late delivery of goods or products.

Analytics help companies understand the data at their disposal and help them make better business decisions, resulting in decisions with benefits such as cutting down maintenance costs and improving business operations (Search Business Analytics).

Cloud platforms are also agents of digital transformation, which do not make access to information easier for just the customer, but also for the organisation and its employees. Cloud computing is built around hardware and software that can be accessed through any web browser. They store information and programs for businesses, which can be accessed through a secure connection (iomart).

Analytics in cloud computing involve activities such as tracking social media engagement and statistics.  Analytics deal with a large amount of data which requires plenty of processing power and storage space. Cloud computing thus possesses the space to hold large amounts of data, while also making data accessible from remote locations. This is what makes cloud computing and data analytics a great fit (Forbes).

Continue Reading
1 2 3 9