Why Your Competitors Are Using Data, And You Should Too.
The modern business marketplace is embracing the power of data and technology and is transforming companies of all sizes with all-in-one data tools. Basically, organizations have realized the need to evolve and are relying on data analytics to uncover the hidden patterns, correlations and also to give insights so they can make proper business decisions.
But if you think only big corporations are data-driven, you are sadly mistaken. More and more small businesses and start ups are starting to harness the power of data to secure a competitive advantage.
Think about it. The more information you collect and analyze the easier it will be to outperform your peers, right?
For example, Did you know that Amazon uses big data to predict the products you are likely to purchase, when you may buy them and where you might need them?
They also use big data systems for choosing the warehouse that’s closest to you to reduce shipping costs by 10 to 40 percent.
The good news is that technology and data systems are becoming more intuitive and cost-effective, making them accessible to businesses of all sizes in 2020. No longer is data analytics only reserved for giants, smaller companies can unlock the secrets of data and it’s a good thing too, because if you’re not using this info, you can be sure your competitors are.
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