Skip to main content

How To Use ERP Data in Business

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


By: Aleksandr Solodyankin

Tekoa ERP
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.
Labels:

Comments

Post a Comment

Popular posts from this blog

TEKOA ERP Mobile Warehouse Management System | WMS

Increase Accuracy and Inventory Controls with Mobile Inventory Management By: Tekoa Software Product inventory represents one of the largest investments for a Distribution or Manufacturing business.  TEKOA ERP Mobile Warehouse Management helps you increase the accuracy and efficiency of inventory quantities so you can increase the control of inventory procedures and better manage inventory values. Here are some of the advanced features of TEKOA ERP Mobile Warehouse. Mobile Inventory Item Inquiry Designed for quick access to product information, the Item Inquiry function gives mobile users the ability to scan or enter inventory Item Codes and see essential information related to the product.  Helpful for warehouse staff, but also good for mobile salespersons when they need to know the real time availability of product in your warehouse. Quickly and easily lookup Inventory Items to view the Quantity On Hand, Quantity Available and ...
Post a Comment
Read more

Digital Tools and Digital Practices for Success

It has become somewhat obvious in recent years that technology is essential for the advancement of businesses. However, what's the best way to advance? A study recently conducted by Google and Deloitte Surveying, affectionately called, "The Study," found that online advertising and digital business tools have done a lot to improve the productivity of small business across the globe. In most cases the tools increased productivity by 300% . Deloitte surveyed businesses that implement Facebook, Twitter, YouTube, Instagram, and Pinterest to see if there was any difference in their productivity. This entailed the social media side of the survey. The other side of the survey analyzed the effects of things such as websites, analytics, online marketing, cloud-based communication, and other digital channels. Before diving into Deloitte's study, it would be a good idea to separate the alternate realities of social media and digital tools. According to the Meriam ...
Post a Comment
Read more

How To Connect Sage 100 to Excel

Pull data directly from Sage 100 into Microsoft Excel for business intelligence analysis without any 3rd Party Add-Ins. By: Tekoa Software Sage 100 ERP MAS90 MAS200 data can easily be pulled directly into Excel.  Excel can perform this functionality without any third-party add-ins or tools.  Use the Excel built-in data tools to pull live Sage 100 ERP data into a spreadsheet, then analyzed the data and write reports using Excel. This allows you to use Excel to: Create Pivot Tables of Sage MAS data Quickly Filter and Sort Sage 100 data Easily Analyze data Build Excel Worksheets that reference live Sage 100 ERP data 1. Open a new Excel spreadsheet and go to the Data tab.  Select the From Other Sources dropdown and select From Data Connection Wizard. 2. Select ODBC DSN. 3. Select SOTAMAS90, which is the Sage 100 ERP ODBC driver name. 4. Login to Sage 100 using credentials that have access to the ODBC files you want. 5. Select any Sa...
Post a Comment
Read more