Data is essential for every business whether big or small. The art of data acquisition and analysis enables corporations make more informed and impactful decisions. Even more crucial is data acquired as events or activities related to a particular business or market occurs. The importance of obtaining timely and accurate information about your product, consumers, competitors or the market, in general, cannot be overstated. With a business environment that is increasingly dynamic and unstable, corporations need to keep abreast with current happenings and trends in their various industries to stay competitive, and one way to keep up with this dynamism is through real-time data acquisition.
Actively monitoring industry or market trends as they occur creates endless possibilities for businesses. One of such is the ability to check for potential disruptions and possibly readjust strategies to suit a particular objective better. Gone are the days of waiting for an extended period to obtain data or report from a specific activity. Presently, data can be collected on the go as an event or trend occurs, making it possible for the business to make more timely decisions.
The advent and development of new technologies have played a significant role in ensuring the ease of obtaining data in real time or as events in the market unfold. Sales and market trends can be monitored daily to gain insights into a particular market. Take for example a business facing low sales and is looking to run a marketing campaign to reach its consumers and improve product sales. With a solution like Sproxil’s technology, the campaign can be monitored in real time to measure its immediate impact on the market better. Sproxil portal captures data that shows consumer purchase activities and patterns, giving users the opportunity to identify their consumers, their location, frequency of purchase, best sellers, etc. This information provided enables the business run more targeted promotions to reach its specific market, influence consumers’ usage behavior with loyalty programs and secure Return on Investment for market spends.
Hence, for a business to remain competitive, it has to stay abreast of the changes in its market environment, and be able to take immediate or prompt business decisions that will positively impact on its sustainability and growth. It is worth stating that only the businesses that respond swiftly to the ever dynamic macroeconomic factors through insightful and useful data gathered will be around for the more challenging times to come.
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