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How To Use Your ERP Data for Better Insight

Helpful Hints for Using Business Data at Your Company

By: Macie Rockstrom

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www.TekoaERP.com

With companies and organizations all over the world trying to globalize, information is the key to making their own personal globalization a successful process. As technology progresses, information becomes more dispensable.

There are several ways this information can assist a company.

Helpful Hint #1: Provides simplicity and manageability.

Information about the consumers a business is marketing to is just a couple of clicks away thanks to the Internet. They can better target their products by going to sites such as Pinterest to understand what the consumers are looking for exactly. Previous to big data and this increase in technology, information like this had to be assumed by the company which is a risky route for them to go. Also, this sharing of information makes it easier for a business to have multiple offices. They can share and manage the information of their business across countries because of data.

Helpful Hint #2: Connects with worlds data.

Bringing a business into a new country is hard to do without information about the country’s culture or about the other businesses that are successful in that environment. With data, a business can know all about the culture and customs they are entering into and better adapt their company to that specific culture. A good example of this would be McDonald’s offering different versions of the Big Mac to different cultures. This helps ensure that a business does not offend a culture in any specific way and that it will not completely tank by doing so. Also, a business can gather information from the other successful companies in that culture to see what they are doing and formulate a way to compete against them.

Helpful Hint #3: Tools for gaining insight from analytics.

Business data can do more than just present the sometimes confusing information. Business data can also allow companies to use analytical tools to help make sense of all the data and information that the Internet is presenting them. They can order this data in a way that will be useful to their business and these tools will help them to not misinterpret it. That allows a business to avoid any big setbacks because of simple errors brought on by misinterpretation.

All of reasons and several more are why Business Data has taken off and continues to grow tremendously, especially in the business world. However, with something so good there are also negative aspects.

There is so much information that is accessible to virtually anyone with Internet. This kind of access is a threat to privacy of individuals. However, the counter-argument to this is that people need to watch what they share over the Internet and not have any false ideas that it will go away once they put it out there. Also, there are selfish companies out there with hidden agendas and will twist the information they receive into something that will help their business out. They take information and falsify it or put a negative light on it just to build them up. These are just a few of the bumps in the road that Business Data brings along with it.

So there you have it. Business Data says it all in the name; there is a large amount of data accessible to virtually all. It is a great thing but has some possible drawbacks like almost everything else. It is important to be fully aware of these things but, it does not mean you should not use it. Business Data can help grow a big (global) company.

Macie Rockstrom is a business student at Whitworth University.

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How To Use ERP Data in Business

ERP Data Is Growing At Phenomenal Rates - How Do We Use It?

By: Aleksandr Solodyankin

www.TekoaERP.com

Such a question seems impossible to answer, given 2.5 quintillion bytes of data are added daily. But who cares? It’s not like there is a way to standardize that information in a way that’s usable. But wait, there is, such software is available and is beginning to be utilized by companies to better their business. Big data gives rise to potential questions such as:

• · What is big data?
• · Why use big data?
• · Who uses big data?

What is Big Data?

Short answer: super-specific information about individuals.

Big data is exactly the opposite of what the name infers. It is not that the data is itself large, but that data is increasingly more specific. A company is no longer limited to general information such as what sites an individual visits. The data being recorded now includes what pages within the site are visited, for how long, what they look at, what they even think about clicking. Even the individual’s profile can now includes whether or not they are a bad customer, not only information of conversion rates and returns.

Why use Big Data?

Short answer: A better targeted audience, retain more customers, increased conversion rates.

It should be clear by now that the previously mentioned benefits give rise to expanded possibilities. Every experienced marketer understands a targeted audience reduces wasted advertisements, thus saving money. Not only can a company better target their audience, they can also predict.

Prediction is critical because there are always certain types of customers that are more likely to abandon the company. Big data analytics allows companies to identify patterns in these customers, calculate which ones are statistically significant, and give a pin point description of what customers are most likely to be unsatisfied and when they will discontinue their purchases.

A targeted audience and prediction is good and dandy, but can big data help us increase conversion rates within the targeted audience? The short answer is yes. The better answer would be to give an example. One company in particular was able to use big data to discover that over 5% of visitors were lost if they hesitated two to three milliseconds in the middle of a step. A simple solution to this problem was to deliver an inspirational message, such as “Low rates are just a few clicks away.” The result was an increased conversion rate by 30 to 40%!

Who uses Big Data?

Short answer: Companies of all sizes.

Such a plethora of information would be extremely difficult to standardize in a usable fashion. For this reason, software that has these capabilities is far too pricey for small businesses. Companies such as IBM sell this software costing from hundreds of thousands to millions of dollars. Yet a study showed 8 out of 10 airline companies use such a software to have a competitive advantage.

But how can small companies utilize big data? Unbeknownst to many, one does not need this unaffordable software to have a competitive advantage in their marketplace. Smaller companies can look to Google Analytics, Alexa, Facebook Insights, and Quantcast. This software is free or very affordable for small companies. It will give them insight as to what keywords to use in Google, what websites have a certain amount of traffic, what do the customer think of specific products, what do they think about the prices of specific products, and much more.

Mr. Solodyankin is a business analyst at Whitworth University.

Available link for download

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