Who is using Big Data to forecast industry trends, pursue growth hacking and improve customer relations? Banks and financial institutions; insurance companies; retail; manufacturing; healthcare and real estate – almost any industry can harness business intelligence solutions through key data findings.
Big Data is in the cloud just waiting to be mined and analyzed by enterprises for market insights. But this is a tedious and time consuming task, if it’s even affordable to small and medium-size businesses (SME’s) and solopreneurs. The truth is, accessing Big Data like Google BigQuery, US Census or patent & trademark information to enhance market research is often out of reach for most Davids that aren’t Goliaths.
More than 90 percent of US businesses are defined as SME’s, according to the Small Business Administration. Additionally, there are more than 40 million solopreneurs in the US – e-commerce marketers, consultants, contractors, freelancers, etc., who perform all tasks including business development, sales & marketing, invoicing and tech support for their companies.
When the pandemic began and soon showed no signs of stopping, many small businesses forced into lock-down began to move their brick and mortar operations online, if they hadn’t done so already. Yet still more than 70 percent of small businesses shut down during the pandemic and never reopened.
Solopreneurs and SME’s need more resources to perform tasks efficiently, especially if hiring more employees in today’s harsh economic climate isn’t an option.
How can SME’s 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 empower users with a new way to work with universal access to comprehensive datasets usually reserved for the wealthy Fortune 500 companies that can afford to pay for new software applications and the consultants that come with it.
But for those companies and consultants in the 90 percent SME category, new AI tools and “sidekicks” recently developed help increase productivity by automating tedious, time-consuming tasks at scale, freeing up more time for operations and innovation.
With covid-19 limping across the continents, ships still stuck in ports, and war raging in Ukraine, working smarter and more strategic are keys to success for any sized business.
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-driven sidekicks that work in the cloud.
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