All business leaders share a common goal – transforming an idea into a money-making business. In the past, businesses depended on well-established business models and strategies to gradually realize their goal over months and sometimes years. However, many startup businesses are streamlining their path to success by pairing a data-driven business model with cloud-based data analysis resources. This path mirrors Amazon’s much lauded and accelerated road to success.
All businesses can increase their revenue and overall business success by incorporating data analytics into their business model. Adopting a data analytics application can help you avoid guesswork and focus solely on what your customers actually want.
However, it can be difficult for more established businesses to adapt to data analytics and cloud-based solutions with years of data stored in traditional databases on physical hardware. SlashDB is an API add-on that acts as a shell that can be dropped on top of existing data, helping more rooted businesses be as fast-moving, entrepreneurial, and data-driven as startups.
Here are three ways that SlashDB can help prevent you from losing your competitive advantage to lighter weight startups.
1. Increased Efficiency
SlashDB acts as a central data hub (by reference, not a copy), allowing you to get directly to the heart of your reports without sinking hours of time into collating information from multiple data sources. SlashDB also provides real-time data analytics, giving you answers to the questions you have about your business. With this up-to-the-minute data, you can make better decisions more quickly than ever before. Basing your decisions on real-time data allows you to capitalize on emerging trends in consumer data – keeping you ahead of your competitors.
Takeaway: SlashDB serves as a single access point for multiple, disparate data sources.
2. Focus on Customer Behavior to Better Serve Them
SlashDB is simple to use and allows employees in every department access to crucial data on customer engagement and satisfaction. Using SlashDB for your data analytics solution can give you and your employees a bird’s eye view of what your customers like and dislike, as well as meaningful insight into modifications and improvements they would like to see.
Capitalizing on this data allows you and your team to focus on the reasons that your customers are choosing not to upgrade or selecting certain services you offer over others. This deep knowledge of customer behavior allows you answer key questions, such as:
- What framework improves the performance of marketing efforts?
- What concern is stopping the customer from making the purchase? Is it the price, or does the marketing copy leave too many questions unanswered?
- What products and services should be retired in order to focus more on products and services that customers are buying?
Takeaway: Easy-to-use data access for employees in every department.
3. Solidify Strategies and Plans for the Future of Your Business
Data helps analyze key business influences, including customer impact and marketing verticals. This data helps predict marketing trends, potential revenue streams, and industry-wide positions that can help you scale your business in the future. Since data is updated from disparate sources in real-time with SlashDB, you can pinpoint emerging trends before your competitors do, allowing you to modify your products and services ahead of industry standards. With this edge, you can make more accurate plans for future development and marketing, as well as create a polished business strategy to share with your business partners.
Takeaway: Real-time data updates that capture emerging trends.
SlashDB as Your Data Analytics Solution
An API add-on such as SlashDB is an optimal solution for established businesses to keep up with lighter-weight, cloud-based startups. SlashDB automatically assigns each data resource a URL so that related data are hyperlinked with a URL from one data point to another. For example, customers are automatically linked to invoices. This linking allows a search engine crawler to crawl out to every piece of hyperlinked data and build an index of retrievable data. This provides SlashDB users with the ability to ask the search engine questions in a natural language, such as “customers with upgrades pending” or “customers who purchased multiple products and services,” and the search engine responds with URLs to data matches found within the index.
Takeaway: Search engine ready with natural language capability.
This heightened search capability allows SlashDB users in all business sectors to effortlessly select a single piece of data from thousands of records. This degree of granularity will help you increase your business insights while also providing a logical foundation on which to base your business decisions and strategies, while keeping you as light-weight and agile as cloud-based startups.