If you don’t know what ‘big data’ is or if you’re relatively new to the term; we’re here to help! Your business generates a lot of data – we are talking income, expenses, profit margins, customers, and other financial data. Be sure to include manufacturing or distribution data, such as inventory, manufacturing schedules and operations, shipments, and logistics. Finally, a great deal of data is generated from website activities, online commerce, social media activity, and other internet statistics. When you feel like you are drowning in numbers, that’s what we refer to as ‘big data.’
Harnessing big data was the talk of 2012 and we are continuing the conversation in 2013. Turning volume of business data into meaningful insight is the challenge that comes with impressive benefits. Businesses can use enterprise resource planning (ERP) solutions, such as Microsoft Dynamics GP (http://www.mibar.net/Business-Software-Solutions/Microsoft-Dynamics-GP.aspx), to manage important data including financials, manufacturing, supply chain, and other core business functions. Add customer relationship management (CRM) software and you can tie-in customer data, ecommerce, and social media statistics. Collecting all of your data into powerful, integrated solutions is the first step to understanding big data. The second step is to identify correlations or trends with your data that can be used to make improvements in your operations or leverage that data to find new opportunities. For example, determine what your customers are buying and when. You may discover which products or product lines are selling best and target prospects similar to those whose companies you are already serving. If you see a customer makes replenishment orders on a regular basis, contact them when it is coming time for a new order. Boost sales by offering products that complement the ones they already purchase.
The data collected in ERP and CRM software solutions can identify top-selling products, products that are becoming obsolete, what time of the day or year products sell best/least, and who is buying your products. You can also note bumps in sales due to blog posts, online or mail marketing campaigns, and comments made by returning customers in social media. You already generate this data by merely existing. Why not capture big data and turn it into actionable insight? Contact MIBAR.net for guidance on making sense of your big data and using it to your competitive advantage.
By MIBAR.net, Microsoft Dynamics GP Partner in Greater New York
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