The key for small and medium businesses that are analysing data is in what they do with the information and insights gained. Successful businesses anticipate the needs of their customers and prospects and proactively cater to their requirements and data analytics allow you to do that effectively. With data analytics, businesses can connect intimately with their customers, provide them with relevant information at the opportune time in their buying journey. In today's competitive, knowledge-based economy, the ability for small and medium businesses to access such information is invaluable to its growth and competitive advantage.
Building Competitive Businesses
There are close to 200,000 small and medium businesses in Singapore contributing to almost 50 percent of the nation's gross domestic profit. Such businesses are often referred to as the backbone of the economy, and it is crucial that we have a thriving small and medium businesses community that can keep pace with local and global competition, especially in the current challenging business environment.
Technology allows businesses to be run more efficiently and productively. They can also gain better insights into opportunities as well as threats, and in turn continuously pivot to tap into new trends while improving customer engagements and experiences. By tapping on technology to streamline business processes and cost control, modern day progressive small and medium businesses can stay ahead of competition and reshape the markets they engage in.
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