When it comes to global business operations, understanding global markets is extremely important to your success. Getting your eyes on global business data can really influence how you choose to create, implement, and adjust your strategies as needed. Luckily big data has come to rescue for global businesses in the form of global business intelligence.
We are going to take a look at how a business can use business intelligence data to create new opportunities for growth and find new avenues to expand their company’s reach.
Adjust Marketing Efforts
One of the major factors of a successful business is your marketing efforts. Marketing helps markets get comfortable with your company name and tells the market you are here to impact the local economy.
So how do you know where to expand your marketing efforts? Global business data. This data can give you insight into an economy’s health, growth potential, and cost analysis for entering those markets. These are all important factors when it comes to expanding your marketing efforts. Getting into a newly blossoming economy’s can mean a huge potential for influencing the area.
Adjust Inventory Levels
If you are already part of the economy in question, you can still put global data to use for you. If you compare your inventory sales to the global economic data, it can help you stock appropriately in the area. If the economy is booming, and you keep selling out of stock, you need to put more inventory in the area. If you aren’t selling your inventory in the area, you need to stop sending so much to those areas. Since having the right amount of inventory is crucial to the local success of the brand.
Find New Market Opportunities
Many businesses look to expand into new markets. If they aren’t using global business intelligence, they are more or less throwing darts at a map on where they should land. By implementing the use of global business data, you can make calculated decisions on where to expand next. Since you have access to economic standings in different areas around the world, you can find the areas your industry is booming. When you identify those opportunities, you can start the investment process of moving into those areas. The result is a better chance of hitting the markets running and becoming a major player in the area.
Expand Shipping Plan Options
Many different companies use supply change management processes to create plans for getting their products from point A to B is the fastest and cheapest way possible. Once you have a solid route, your business will start to flow naturally, but what happens when that chain breaks? If you don’t have different plans in place to account for this potential, you are leaving your customers in the dark.
This is where you can put your global data to use for your company. Instead of letting the supply chain break and ruin your process, you can make backup plans. By having a few different plans for moving your product in your arsenal, you can keep your operations running smooth. If the supply chain breaks during a shipping process, you can route the orders to your alternate locations if plan A fails to deliver. Plan B or C can step in to pick up the slack and make sure your clients are happy.
Locate Local Partners In Target Markets
Many companies use local partners to complete their business transactions in certain markets. This is typically reserved for those times that locals don’t take well to foreign own businesses, but it can also be your direct strategy if that’s the route the business wants to take. The major issue with these setups in finding the right local partners to operate through.
Global business data and intelligence can help you get rid of the question markets surrounding a company because it gives you access to local public records for the area. That means you can find new startups or the long-standing industry leaders in the market. The data itself makes it easier to find the right partners to work with instead of finding a partner that can simply get the job done, even if it’s not entirely correct.
Putting Global Business Intelligence to Work for Your Company
Implementing global business intelligence won’t be a walk in the park. It really comes down to being able to relate what is happening in those areas to your internal business operations. If your company is looking to expand into global markets but isn’t trying to use global big data to do so, make sure you do what you can to get the teams to incorporate it into their decisions. Being able to make calculated decisions around expansion or removal of your company in an area is basically impossible without big data if you want to continue to make a profit. You can enter markets without it, but it’s like walking into a building blind… it could be on fire, but you can’t see it without the proper tools. Yes, that might be extreme, but it’s the truth.
Talk to your supply chain team to make sure they are using global data to make their plans for the company outside of your country. If they aren’t, introduce them to the invaluable data that can revolutionize how they create their strategies.
