Big data is in the news a lot these days. Big data itself isn’t a new concept, although many businesses are in the early stages of learning how to capture and use data to their advantage. Manufacturers, on the other hand, have been using data for quite some time, mostly in a reactive way to strategize improvements.
According to “Manufacturers Stand on the Cusp of a Big Data Boom,” posted by Joanna Schloss on CMSWire.com, there are three ways that manufacturing businesses are better positioned to capitalize and use big data:
- Improve sales: The very data that you collect can be used to benefit customers, your business, and to strengthen strategic partnerships. As Schloss suggests, auto makers can share mileage data with oil change or repair specialists that can remind drivers that an oil change is due. Auto makers can also use this information to promote cars that get better gas mileage. The data is there, you just need to find out how to use it to create new revenue.
- Improve the customer experience: As you learn how customers are using your products or engaging with your business, you can find new ways to improve their experience. Engage customers with the information they want to learn, on the platforms they want to use – such as online, social, or other marketing and advertising areas. Reaching out to customers on their terms can strengthen trust and loyalty and lead to future sales.
- Reach out to new customers: There are many ways you can use the information that you have to expand operations into new areas. For example, you can use existing customer needs to identify trends with products, key into regional interests, or discover new prospect or customer groups. Identifying these trends can guide you toward likely new areas or groups that may be interested in your products or services.
Capitalizing on your big data in an efficient manner also requires that you can access data quickly and have confidence in its accuracy and reliability. You can capture, analyze, and leverage your big data to your competitive advantage with a powerful enterprise resource planning (ERP) solution. Contact The Resource Group to learn how the right ERP solution can support your efforts to capitalize on big data.
By The Resource Group, a Microsoft Dynamics GP Partner out of Washington