Today, intelligent system technologies such as artificial intelligence, machine learning, and even autonomous systems, are highly resolute and notably disruptive. Because computers today are processing data at incredible rates, and cloud storage is sold for pennies on the dollar; are just two factors that have ushered in new ways for businesses to compete differently for customers. These new technologies are transforming age-old businesses into more marketable and profitable ventures.
If you feel you are behind the digital-curve, here are three ways to improve your current situation almost immediately:
- Start thinking about a digital strategy. Do your research and get an idea of what it means and what actions you need to take to ensure data privacy compliance. Some of the terms you can search for are data privacy compliance for small business owners, or best practices data management. Once you have an idea of what ‘that’ generally means, take some time and think about all of the places your customer data is currently stored, which software you use, and how is it being stored. This should start to give you an idea of what you are working with. Some would call this part the ‘The ETL process,’ or just ETL. The acronym stands for Extract-Transform-Load. This is the hardest part of the entire process – making sense of it all. It will become much easier to manage after this first piece is completed.
- Be careful about buying the first data analysis package you are offered. Here’s why, they are extremely expensive toys, and who doesn’t like beautiful graphs that show you cool things. Most are worth their weight in gold because they show how you are trending (e.g., sales, revenue, expenses.) The concern is these software packages do not reveal what that data means in terms of your true potential. For example, if you grew your business by 75% in the first half of the year that sounds like you are doing good things, however, what if you left the other 25% on the table? Your data will hold some of these answers, but the price to maintain that answer is cost-prohibitive for most small businesses. It is also where I can do that work for you at a fraction of that price, and only when you need it performed.
- You should also start having workplace conversations about data privacy and security. You don’t necessarily need to be an expert, but you should be at least aware.
Some questions to think about might be:
- Who has and where is your data stored?
- What you would do if you did have a data breach, and what to do if your clients’ data is stolen?
- What you would do if you become a victim of a Ransomware attack?
Investing a little time to understand your data today has a high probability of increasing your business revenue exponentially in the future.
If you would like to have a conversation about how I might be able to help you wade through some of these topics, please don’t hesitate to give me a call at 503-877-9133 or email me at email@example.com