Even the smallest businesses must avoid feeling humble about the tech systems they use – and the information they hold. Here, three data experts discuss the sophisticated systems and processes that small business can access at little cost, and how they can leverage the data collected in running their enterprise.
“Data has become a critically important asset for any business,” says Bernard Marr, author of Data Strategy: How to profit from a world of big data, analytics and the Internet of Things. “Unfortunately, many small businesses don’t realise how important data has become and suffer from the mistaken belief that data isn’t for them, or they can’t afford to join the game.”
Marr has worked with a family-owned butchers shop, which now uses a variety of clever bits of tech to better understand its customers and run its operation more smoothly.
They us weather data the government provides for free to predict sausage sales, and smart-phone trackers in their shop to better understand footfall and which window displays attract most customers. They also use the free Google Trends tool to respond to the latest food trends, says Marr.
Steven van Belleghem, whose new book Customers the Day After Tomorrow is due out, says that many people see more data as a mere instrument to make more money. The trick is to look at the aspects of your customer relationship could improve, then collect “as much as you possibly can” to inform that.
“Every interaction should create data,” says van Belleghem. “Next, the data should lead to product improvements. Great products attract users, these users generate data and this data should improve the process.”
Paul Armstrong, author of Disruptive Technologies, another new book in the field, agrees that technology should focus on what brings the customer back – whether that’s data-focused or not. Armstrong has a straightforward scoring system, called ‘TBD’.
T stands for technology (can it do what I need it to do?). B stands for behaviour (will they do what I need them to do?) and D stands for data (will enough of them do what I need them to do to see a good ROI?).
Taking a systematic approach to tech investment, coupled with cautious curiosity for the new products and services hitting the market, will stand you in good stead.
“A lot of technologies out there that can do things for SMEs, but sometimes the return is not immediately worthwhile or obvious,” concludes Armstrong.
Content on this page is paid for and provided by Kia Fleet, sponsor of the Guardian Small Business Network Accessing Expertise hub.
