Who uses big data to predict industry trends, pursue growth hacking, and improve customer relationships? Banks and financial institutions; insurance companies; retail; manufacturing; healthcare and real estate – almost any industry can leverage business intelligence solutions through key data insights.
Big Data is in the cloud just waiting to be mined and analyzed by businesses for market insights. But it’s a tedious and time-consuming task, if even affordable for small and medium-sized enterprises (SMEs) and solopreneurs. The truth is, access to Big Data like Google BigQuery, the US Census, or patent and trademark information to improve market research is often out of reach for most Davids who aren’t Goliaths.
More than 90% of American businesses are defined as SMEs, according to the Small Business Administration. Additionally, there are over 40 million solopreneurs in the United States – e-commerce marketers, consultants, contractors, freelancers, etc., who perform all tasks including business development, sales and marketing, billing and technical support for their businesses.
When the pandemic started and quickly showed no signs of stopping, many small businesses forced into lockdown began moving their brick-and-mortar operations online, if they hadn’t already. Yet more than 70% of small businesses closed during the pandemic and never reopened.
Individual entrepreneurs and SMEs need more resources to perform their tasks efficiently, especially if hiring more employees in today’s tough economic climate is not an option.
How can SMBs and solopreneurs collect and evaluate data that will help them operate more efficiently and boost lead generation? The solution is automation powered by artificial intelligence! Automation and AI tools give users a new way to work with universal access to comprehensive datasets typically reserved for wealthy Fortune 500 companies who can afford to pay for new software applications and consultants who accompany them.
But for companies and consultants in the 90% SMB category, new AI tools and newly developed “buddies” help boost productivity by automating tedious and time-consuming tasks at scale, freeing up more time for operations and innovation.
With covid-19 crossing continents, ships still stuck in ports, and war raging in Ukraine, working smarter and more strategically is key to success for businesses of all sizes.
About the Author
Armen A. Avakian, MBA, is Chief Business Development Officer (CBDO) of Hexact, Inc., no-code, point-and-click business intelligence solutions. Founded in 2019, Hexact is on a mission to empower businesses of all sizes with AI-powered companion tools that run in the cloud..
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