In times as ambiguous as these, having access to data and knowing how to filter and analyse it is key to making good decisions and minimising the risk of each action. But this data is anything but easy to handle, considering that “almost 90% of data has been generated in the last three years and for 90% of companies, unstructured data is their biggest obstacle”.
The ability to extract value from these macro data through processing and analysis is called ‘Big Data‘. It is a complex process to execute, but a very important step when it comes to adding benefits and competitiveness. Recently, these technologies have been democratised and SMEs that did not have the necessary resources to take this step now have access to a wide range of data collection and decomposition tools without requiring a massive increase in resources or a large budget.
In this post we will highlight the main benefits of Big Data in the process of internationalisation of companies. We will talk about how Big Data helps businesses to successfully internationalise and optimise their export processes.
Benefits of internationalisation with Big Data
The data devices allow to visualise a complete information scene about the organisation, which makes them the central axis of any growth or market expansion decision. The Big Data helps companies to internationalise without having to be present around the world, making them capable of knowing and acting in foreign markets without the need to commit substantial resources. Some of the main benefits of macro data in this aspect are:
Customer and Opportunity Detection
Using business intelligence tools, powered by Big Data, gives your company the ability to identify and monitor emerging trends and opportunities in current or new markets both locally and abroad, without the need to invest in expensive and outdated mergers/acquisitions or market research.
Production process improvement
In an increasingly global and interconnected environment, Big Data examines each component of the factories, integrating the components of the different areas and creating alternative plans to address problems. This represents a great improvement in process agility and supply chain optimisation. This increase in production capacity and product customisation makes it easier for your company to grow.
Efficiency and asset performance gains
Machine records contain resource performance data and the IoT has connected assets and sensors capable of measuring, recording and transmitting performance in real time. The information that is extracted from the data allows you to understand the state of your company and the real possibilities for growth, while improving efficiency.
Real information about customers, markets and competitors
Big Data provides deep analysis of the business environment, decoding customer behaviors and emerging trends that are about to become a mass phenomenon. Companies have historically been managed by intuition and experience, but now data democratises that management and provides certainty in supply and demand patterns.
Global data organisation
The democratisation of this data has made it no longer an impediment to host and process large amounts of data at low cost. This has broken the barrier of “large data”, closing the gap between large companies and SMEs. It is no longer mainly about the amount of data we are able to process, but about the ability to discover new things with this data.
Ways to grow with Big Data
The first step you must achieve to successfully use Big Data is to identify a specific end goal and a strategic action plan. In addition, you must understand that data does not belong to one area or another, but must be the center of the entire organisation. There are two main ways to expand your market with Big Data, one is growth through E-Commerce, and the other is as follows:
Export and Import Optimisation
Macro data analysis provides information on which countries are demanding the product you offer, how much of the product has been purchased, and in which countries demand will increase. It also provides data on where, to whom and even at what price the competition is selling or buying and how much of the product. This type of research provides you with a global vision from which to make wise decisions and above all avoid risks when creating import or export strategies.
On the other hand, the Big Data optimises the export logistics of your business, facilitating the following points:
- Control of quality ratings – both of suppliers and final product for exports, ensuring a flawless delivery of quality product.
- Minimisation of inefficiencies – reduction of waste and inefficient processes in manufacturing and logistics
- Process improvement – quantifying expenses, customs and other processes involved in exports/imports for greater control.
- Benchmarking of results – comparisons with the sector average to improve competitiveness.
The Big Data does not understand about size
The Big Data has gone from being something technological to a strategic driver that should lead the business and growth of your company. “With a marginal cost close to zero, your company becomes more competitive, grows better and faster,” says Esteve Almirall, professor in ESADE’s department of operations, innovation and data science. The growth of small and medium-sized companies must be guided by in-depth knowledge of the company’s situation and environment.
Many businesses claim to lack the knowledge and experience to leverage the science of data, or are concerned about violating data protection regulations. The Big Data and integrated operations platform Nexus Integra guides you on this path, no matter the size of your business, so that you get the most out of your assets and leverage the value of your data in a fully conscious and ethical manner.
If you are interested in knowing all the benefits that Big Data can bring to your business, don’t miss our Big Data E-book, where we tell you in detail how data intelligence is revolutionising the business environment, giving rise to a new interconnected and intelligent industry.