3 Ways Information Gives You a Strong Competitive Advantage

If we are to mention any positive impact of the 2020 pandemic, no doubt innovative technology would be on top of the list. Also, the economic downturn leads to many people establishing their own businesses. With the increase in business and the increase in technological innovation, companies that are always on the lookout for information benefits greatly. How did this happen?

Improved consumer insight

One of the ways information can help to give you an edge in the market is through improved consumer insight. Usually, if you are up to date on business information, you would find out that business analysts have a way of predicting when consumers would be in dire need of certain goods or services. This implies a period of increase in demand. Assuming your company deals in the goods affected, this is a period for bulk production. 

In addition to this, business tools like Phocas help you to find out how often a customer patronizes your business. This information can help you in coming up with strategies that would make the customer keep patronizing you.

Increase productivity

Another great way information can help a business have a strong competitive advantage is by increasing business productivity.  For instance, businesses that are familiar with data analyst information stand a better chance of being more productive than those that don’t pay attention to this.

Helps in sales forecasting

With the right information about their clients and customers, a company can easily predict when a client will place his or her next order or the kind of products customers would need at a given period. This kind of information guides the business in what to manufacture at a given period. Forecasting sales is one of their vital reasons why information is needed in running a business.

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