Find out what your customers want and be the first to it. Never lose sight of the best opportunities ever again.
The new economic model is becoming a threat to slow-footed companies. Without a clearly articulated data-driven strategy, many companies struggle to figure out where the best business opportunities lie. So much so that companies that struggle to find an edge in engaging with their customers have their days numbered
Adding this lens to strategy setting has become increasingly important. More so when a company operates in a market that is highly saturated. To operate a viable and profitable business, companies need to embed big data and analytics deep into their organizations. Business units and functions need to be well informed of market information and insights. Come the end of the year, this analytical rigor critically determines a business’ bottom-line.
Take a recent news headline for example. The Edge Markets recently reported that 13.7 mil Malaysians do not have social security protection. While the headline makes for a telling argument, this presents a huge opportunity for insurers.
Against the backdrop of a wider global market, the Department of Statistics Malaysia (DOSM) can help local businesses gather the data they need to develop strategies that turn their data assets into a true competitive advantage.
Most of the data that DOSM offers is available as open data. These datasets comprise a wide volume of contextual data. Demographics, economic data and the list goes on extensively. However, you can even go further and request the data that you specifically need.
Interestingly, this service is offered at a very low price where you can also subscribe on a monthly basis. For as low as RM20, you can step up your analytical rigor to capture the best business opportunities that are out there, and be the first to leverage them.
For your business to grow, strategizing with data is critical. Although many businesses do not have the resources to build their analytics capability, datasets that are readily available for cheap can be accessed at a very low price, with the help of the government.
Today, a wealth of untapped opportunity is waiting for your business as you use the data at your fingertips more effectively. With what these datasets can give you, you no longer have to worry about losing sight of the best business opportunities to outdo your competitors.
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