The rapid changes in today’s world can have major consequences for small businesses. Increased competition and price pressure require effective processes and flexibility to run a profitable business. Being able to assess customers’ solvency and creditworthiness before accepting them has a direct impact on your company’s total risk and cash flow.
By making conscious decisions, you can not only avoid unnecessary risks but also create new business through the ability to optimize risk. Knowledge on existing customers opens up great potential to define precise target groups and thereby make sales and marketing activities more effective. For small companies with lean organizations, the right information and analyses can be crucial to daily operations.
Rapid changes and increasing complexity not only entail challenges, though. They also bring new opportunities. With access to data, relevant insights and the right tools, the changing world opens up potential to increase your competitiveness and stay one step ahead. By making decisions based on relevant and current data, small companies can streamline their resource use, increase their ROI and improve profitability. Smart data makes this possible.