In 2021, the IMDA lauched the Better Data Driven Business (BDDB) programme that aims to help SMEs in Singapore to gain deeper consumer insights for their business and to scale up their businesses through the responsible use of data. While this may sound simple to techies, this is actually complicated for the average SME owner to understand.
This is why I would like to try to put it into simpler terms.
In the course of business, SMEs come across data from various sources. One significant source of data is Customer data, including customers' personal data. In this time where PDPA has been trending, SMEs need to know how to manage such customer data safely, but also put such data to good use. Therefore there are 2 main objectives:
How can SMEs safeguard their customers' personal data? No SME would want their customer data to be leaked or get stolen, and get into trouble.
How can SMEs use such customer data effectively to help the business to grow?
This is when the significance of secured IT systems come into play.
Data collected must be stored safely and securely.
If data needs to be shared externally, how can we ensure that such data are transferred responsibly according to PDPA obligations, and also safely.
At NCODE, all our systems go through robust security tests such as vulnerability assessments, penetration tests, and source code reviews.
However, keeping data safe is only the beginning. The next step is to make use of this data meaningfully in order to help the business to grow. This is where Data Analytics comes in. In a nutshell, finding meanings and trends in data can help the business in several ways:
Grow product sales. How can a business make use of its data to boost sales and increase revenue?
Acquire new customers. How can you find useful information about your customer segments?
Retain & Engage your Customers. How can SME's understand the preferences of your existing customers?
Improve HR Planning. How can SMEs analyse human resources data and enhance the workforce
Lower Inventory Costs. How can you improve demand and supply matching with data?
There are so many more useful ways that data can be leveraged on to help your business to grow, and the above are just the tip of the iceberg.
Chat with any of our our friendly IT Consultants today to find out more about how IT Systems and Data Analytics can help your business.