3 September 2018
SMEs, make data work for you – Dato’ Seri Ivan Teh
SMALL companies should learn to leverage data analytics to make better decisions to grow their business.
While SMEs are becoming more aware of the need to go digital, Fusionex International group chief executive officer Datuk Seri Ivan Teh notes that they are not moving fast enough in terms of utilising data to improve their business models to keep up with the times.
In the digital era, the use of technology enables companies, particularly retailers, to collect all kinds of data including customer preferences, purchasing behaviour and buying appetite.
The right use of data can help them better retarget products for their customers and employ the right strategies to increase performance.
“You can see what worked for them in the past. But there could be a hybrid model that strengthens the whole business model altogether such as adding on subscriptions, deferred payment, rental models, having online channels and online payments.
“All these things can come together as a perfect storm for companies who want to take advantage of this new era and opportunities,” he says.
Fusionex, a data technology provider, helps companies unlock value and derive insights from data. According to Teh, data is growing at 650% over the next few years. And in Malaysia, there is good potential for local businesses to step up their game with data given the reasonable infrastructure here and our strong broadband and mobile phone penetration.
Citing an example from its own portfolio of clients, Teh explains that data can help a company reach out to its customers more effectively.
“We worked with an apparel store, which said they have lots of members. But where are your members? They are names on pieces of paper. You can’t engage with them that way.
“So we provided them with a platform where their customers can transact, pay and collect points online. This will allow you to market to your customers. And within the first six months, we helped them go from zero digital footprint to a proper customer database with 350,000 members.