Did you know that you’re not supposed to have an IT leader? As a small business owner, you’re supposedly not investing in IT, managing an IT team, or handling IT projects.
For years, tech insiders predicted that IT would go the way of the dodo—yet Gartner forecasts that small and midsize businesses (SMBs) will spend $1.1 trillion on external IT by 2020. (Full content available to clients.)
Of course, each small business has its own unique IT requirements. New small businesses need to research and buy their first IT tools.
Data is no longer the “new oil.”
Though parallels have been drawn between the current data boom and the oil boom of a century ago, data has become a huge opportunity for growth that small businesses need to cash into.
Unlike oil, data is an infinite and all-encompassing ubiquitous concept that has become an invaluable “natural resource.” Therefore, data is no longer the new oil; rather, it’s the lifeblood for the likes of Facebook, Google, and Amazon, which capitalize on 2.5 quintillion bytes of data generated in a day by mobile devices, the internet of things (IoT), and other large data platforms, such as social media.
Small businesses that use data analytics software are able to transform data into actionable information, allowing them to work smarter rather than harder. But before they can select the best software, companies need to understand the distinction between data mining and predictive analytics and the ways in which these technologies can be leveraged to gain advantage over the competition.
If you want a successful CRM implementation, I’ve got one word for you: data.
Data is an integral part of business functions that drive decisions and improve operations. Sales teams need an accurate and holistic view of their data to be able to assess performance, plan for the future, and get an advantage over competitors.
The challenge is collecting, organizing, and presenting the right data.
Predictions have always piqued our interest. Maybe that’s because predictions are so hard to make and even harder to get right.
But, making the right market predictions will save your business tons of money and will deliver superior results.